This year, more than half of all homes will be bought by millennial first-time home buyers and “boomerang buyers” according to an exclusive survey of buyers by realtor.com®.
We all know what millennial means but the questions is, “Who is the boomerang buyer?”
These buyers were part of the 10 million Americans that were forced into foreclosure when the housing bubble burst, which this great recession ended in 2009. The waiting period for a foreclosure is usually seven years. Now these rebound buyers are
back on their feet and ready to purchase again and are most likely to finance an FHA loan. Studies show that the average age of this buyer will be in their late 40’s into the 50’s.
Financial Institutions will need to gear content towards letting them know that the mortgage process has changed since they purchased their last home. Remember, lending standards were beyond loose and they may even have bought the home with no down payment. They need to know that most mortgages require down payments today.
The millennial generation of first-time home buyers will keep focused on safety, privacy, and more space, indoors and out. That’s because millennials’ top reasons for buying a home are that they’re getting married or moving in with a partner, growing tired of their current living space, or planning an addition to the family. Maybe even all three!
Here are the top 10 things the 2018 buyer is looking for:
- Updated Kitchen and Bathrooms
- New Finishes
- Open Floor Plans
- Space for a Home Office
- Good Location
- Low Maintenance; such as wood floors and granite counter-tops
- Technology. Wireless Service and Internet Broad Band
- Low interest loan rates with lower down payment percentages
- Energy Efficient appliances and windows
- Staging; they need to see home staged, they do not want to guess what and how space can be utilized
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