Do you think that millennials aren’t interested in or financially stable enough to purchase real estate? Think again. Homeownership has increased 2.6% in the last quarter (3.8% year over year) and we’ve hit 10 straight weeks of positive year over year growth. According to the Census Bureau, “The homeownership rate of 67.9% was 3.8 percentage points higher than the rate in the second quarter 2019 (64.1%) and 2.6 percentage points higher than the rate in the first quarter 2020 (65.3%).” This means, the idea that student loan debt hinders homeownership is incorrect. As millennials are getting older, like every generation, interest in settling down and buying homes is becoming more relevant. As we have learned during COVID, the want and need to own a space with more room, backyards for dogs (and Tik Toks) is also a driving factor for many people to purchase homes. Add in the low interest rates and it’s almost perfect.
The Mortgage Banking Association is also reporting a 21% year over year increase this week in mortgage applications. The fact of the matter is, economics for housing are being driven by demographics and incredibly low mortgage rates.
Now is your time to get your real estate listings in front of potential home buyers and sellers, particularly if your listings appeal to millennials who are browsing social channels. If this isn’t reason enough, drop us a line and we can explain the importance of online real estate presence, how to target the right potential clients and expand your business in an effortless way.