Millennials are making waves in the housing market- find out what they are thinking!
It’s no secret that as the millennials enter the housing market they bring their own wish list and set of expectations. As the new generation of homebuyers grows make sure you keep up with the statistics and know exactly what millennials are looking for.
- Start with the facts- A study by TD Bank found that currently 20% of people looking to buy a home are searching for their first home. Also, within the next one to two years 46% of millennials will be looking to become first time homeowners. Don’t get left in the dust as the millennials take the first time homebuyer market by storm!
- Give them what they want- 68% of millennials want a home that is move in ready, while 43% of millennials want to purchase a home located in the suburbs. Millennials also look for a home with a nice backyard or pool, an attractive design and one that is energy efficient with smart technology. Quite a wish list for the young generation!
- How to make it happen- Millennials are keeping their options open when it comes to how they plan to finance their first home. 62% plan on putting down a down payment of 20% or more and 56% plan to buy their first home with a spouse. Millennials have listed their top options for financing a home with a 30 year mortgage or 15 year mortgage.
Are you ready to jump into the housing market with the millennials? Contact a member of our Housing Buzz Team for more information on homeownership or how to finance a home!