Owning a home is the great American dream! When it comes to buying a home, most of your clients naturally begin by combing through thousands of online listings, oohing and aahing as they find homes they ♥. While the process varies from client to client, that first-time home buying feeling only happens once. And when it comes to that group, here are the facts:
- First-time buyers account for 52% of the future buying potential
- Despite being plagued by student loan debt and in a different headspace than previous generations, Millennials are ready to buy with the majority of current first-time home buyers being in this generation
- Older Millennials (25-34) dominate current home shoppers, making up 33% of the market
As with all buyers, first-time home buyers are aware of the long-term financial commitment that comes with homeownership. However, while they know what features and amenities they want in a home and are expecting a mortgage payment, they may not know about the additional “hidden” costs associated with buying a home. Remember, these buyers are completely new to the process and are looking for an agent who knows their stuff! In fact, according to the National Association of REALTORS®, 74% of Millennials said that help understanding the purchase process is the most beneficial part of having a real estate agent. This is your chance to demonstrate your value! We’ve made that easy for you by creating the infographic below for you to share directly with your first-time home buyer clients.
Interested in learning more tips about how to best work with first-time home buyers and specifically the Millennial market? Watch our recent webinar to learn how you can market to this group more effectively to win their business and create a valuable long-term relationship. You’ll get answers the following questions…
- What are Millennials looking for in a real estate agent?
- What can I do to improve my online presence?
- How can I communicate with Millennials more effectively?
- What tools can I use to streamline these tasks and win over the Millennial market?