This week’s blog is mostly geared towards millennials but will hopefully be a fun read for all. In some ways, this current generation is changing the way homes are bought and sold. Yet, perhaps surprisingly, some of the fundamentals have stayed the same despite cultural, economic, and technological shifts.
This recent Washington Post article discusses some of the trends among young homebuyers and features a fun interactive survey to click through to compare your preferences to others.
Millennials are spearheading a return to urban neighborhoods among homebuyers. For decades, the trend was city dwellers fleeing cities for life in the suburbs. But cities offer certain things that are very attractive to young buyers. Cities generally have a broader selection of dining and cultural experiences that is harder to find in the suburbs. They also can allow for pedestrian-friendly experiences. Where public transit is available, many residents can forego the need for an automobile and save that expense.
Millennials are often well-informed on the advantages of homebuying but some may feel it is out of reach. They imagine they will need a daunting 20% down and a 790 credit score to even think about buying. We have found that many people can qualify for home ownership that previously thought otherwise. For example, that actual median downpayment for a home purchased in the US is closer to 6%. The Star Team has several excellent lending partners we can recommend. These vendors can help people figure out their mortgage qualifications and budget. Contact us and we can begin this exciting journey with you.
Another change in the real estate marketplace is the ubiquity of online tools that allow homebuyers to see what is available in their area without leaving the warm glow of their laptop or smartphone. Zillow, Trulia, and Realtor.com are all popular tools. This can make today’s homebuyer even better informed than their parents were when they purchased their first home. Interestingly, however, even though they have much more technology available to them, 92% of recent homebuyers under 35 used an agent. This makes sense. For one thing, a buyer’s agent offers many advantages at no cost to the buyer. Buying a home is a complicated process and having an expert at your side can save you from costly mistakes. Look for a future blog here on the advantages of a Realtor for both buyers and sellers.
While this article focuses on big cities, smaller communities can apply these same principles to attract this new generation of resident. Vero Beach is well-positioned in many ways for these changes. Vero has a wide array of cultural experiences for its residents and visitors. It has a thriving restaurant scene. It also avoids the traffic problems of many communities who grew faster than their infrastructure could adapt.
As we said in a previous blog, the only constant in life is change. The places we live, even Vero Beach and the surrounding areas, have changed over time and will continue to do so. Good city planning and the people in our community can make sure these changes are the kind that keep Vero a wonderful place to live.
The Star Team, 772.321.7644