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Myths about Millennial Buyers and Sellers

Posted by Taylor Thompson in Blog, News | 0 comments

NSDCAR REALTOR® member Jackie Camacho, a San Marcos resident, grew up in North County and graduated from Mission Hills High School (class of 2007). She purchased her first property at age 22 in 2012. Then, in August 2014, she earned her real estate sales license. She has been with Realty One Group since March 2017. Along with teammate Lazaro “Laz” Castillo, more than 80 percent of her real estate clients are millennials. Jackie recently shared her thoughts about serving millennial clients in her real estate practice.

— Don’t ignore us:

Today’s millennials represent the largest group of potential homebuyers, and older agents should not discredit the younger generation. Just because they show-up in jeans and flip-flops doesn’t mean millennials are not serious and qualified. Don’t ignore them. Do not be skeptical of them. Zillow said that millennials make up the largest segment for first-time buyers, and half of them are under age 36. Zillow also said that 66 percent of millennial homeowners are white, 17 percent are Hispanic or Latino, 10 percent are African American, 7 percent are Asian or Pacific Islander.

— Millennials are savvy clients:

Before talking to a potential millennial client, you can assume that they have already done lots of research on their own. There are so many online resources available that in most cases they already know about their favorite neighborhoods, what houses are selling for in those areas, what parks and stores are around. They already know that homeownership is a powerful way to build wealth and they are overpaying such high rent rates. And, they tend to be money savvy, when they have a goal they save for it.

— What millennials need from real estate professionals:

You can assume that millennials are desirous to own a home, they just may need more guidance and direction.  They desire to own a home because they know that a home can provide emotional stability, safety, financial independence and it’s a time-proven path for wealth accumulation. Millennials have not turned their backs on homeownership. But, their vision may be clouded by misinformation. They may need education about the home buying process. They want to dialogue and know how to make homeownership possible. What kind of financing is available, down payment assistance, and your expert opinion on where their budget places them. So, I would encourage my fellow NSDCAR members to take every opportunity to explain the benefits of homeownership, including stability, price appreciation, a secure path to wealth and asset accumulation, to name a few.

— How to communicate with millennials:

80 percent of our clients are millennials, and our initial point of contact 80 percent of the time is either through a text or a social media platform, such as Facebook, Messenger, Instagram or Snapchat. The first contact with a millennial buyer will probably not be by phone call because millennials have so many options for communicating. They may not have the time for lengthy phone conversations. A text would be better and a speedy reply is expected.

— What’s important to millennial buyers:

 Most millennial buyers already have a good idea of what they’re looking for. Because some are delaying starting a family, we have had buyers who placed a higher priority on whether the backyard is big enough for their dog. Others want their home to be energy efficient. Others are concerned about proximity to coffee shops, grocery stores and retailers.

— What’s preventing millennials from homeownership:

 In addition to low inventory and affordability concerns, a recent Experian study revealed several reasons why potential millennial buyers are delaying or avoiding homeownership. Some of them want more flexibility to relocate than owning a house might allow. Others have little desire to carry as much debt as is required to purchase a home. Still, others worry about their ability to afford a home with sizable student debt. According to Pew Research, a growing number of millennial women are prioritizing their education and careers over marriage and buying a home.

— Why I like to work with millennial clients:

Other than the fact that I am one, I get a great sense of satisfaction and fulfillment when I help others with their goal of sharing in the American dream of homeownership. I’m excited about my job and look forward to it every day

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