As a real estate professional, I often get asked about the biggest demographic group that's currently buying homes.
Well, the answer might surprise you:
In fact, they make up the vast majority of buyers on the market. So, if I want to get these potential buyers off the fence and into homeownership, I need to focus on their motivations, not just on getting more business.
Here are the top three reasons why millennials are buying homes.
1. Millennials want to build equity in their own home instead of building someone else's equity through rent payments.
This is a powerful message that needs to be a part of our marketing campaigns. Have you ever stopped to think that every time you make a rent payment, you're helping someone else build their wealth? What if you could start building wealth for yourself and your family by owning your own home? Homeownership is within everyone's capability, and I can help...
How old were you when you moved out of your parents' house? And how old were you when you purchased your first home? New information from the National Association of REALTORS shares the latest data with us on the averages in the US. The average age of someone leaving their parents' house today is... drum roll... 26 years old. And the average age for them to purchase their first home is 34.
So I'm gonna challenge you. Put this out on a social media post and ask that question:
When's the first time you moved outta your parents' house? When did you buy your first house? You're gonna get a ton of responses. Then answer the question yourself like I did recently, and I got a huge response on this, and my answer was, I moved out at 17. I bought my first house at 19.
Then you might dig deeper and say, what's preventing you from taking that next step? If you have some people say, well, I'm not a homeowner yet. Get into that...
People that are doom and gloomers that think the sky's following, everything's going wrong, the market's never gonna come back are dead wrong. For one specific reason. And I'm gonna tell you why:
First of all, interest rates are coming down, demand's coming back. There are all kinds of leading indicators that say our spring and summer markets are gonna be incredible. But let me give you just a piece of information, which was shared with me recently, which I thought was absolutely fantastic and got me excited about the upcoming surge of activity we're gonna see in the next 5-10 years. We're gonna have this incredible run that's gonna be starting very soon. And I want you to be a part of it.
It's all about generational population basics. When we look at the baby boomer generation, which when I started in real estate, everything was about the baby boomers because they were just calming through the pipeline, buying up...
Jim would like to talk to you about your real estate business with a complimentary 30 minute coaching session.
During the call be prepared to discuss - Your goals for the next twelve months. Your time management and priority management strategies. Your willingness to change and adapt to a changing market landscape, and your biggest choke points - what's really holding you back
The road to transformation starts with small steps. Take your first towards a better real estate business today...