Millennials
Greater Fort Wayne Business Weekly in comments about millennials writes “Nearly 40 percent of millennials were living with their parents, siblings or relatives in 2015.” That is the highest rate in 75 years, according to an analysis of census data by Trulia, which tracks real estate sales.
The 2015 rate, 39.5 percent, was the highest since the peak year, 1940, just after the end of the Great Depression. The high rates have resulted in a lower demand for housing among those in the millennial generation.
Higher rents in many major cities and tougher lending requirements, especially since the mortgage crisis that began in late 2007 and the Great Recession that followed, made financing housing more difficult for many millennials.
There is good news about Millennials
The LA Times recently wrote, “Call them the prodigal millennials. Various reports suggest that young couples and singles in their late 20s and early 30s are beginning to enter the home-buying market. They have been attracted by mortgage rates in the 3% to 4% range. Government efforts to ease credit requirements have helped as well as deep frustrations over rising rents without creating equity.
Millennials are a sizable group; almost 74 million people. The Pew research center defines millennials as between ages 18 to 34 in 2015. The oldest “Millennial” was born in 1981. The group is projected to number 75.3 million. That’s bigger than the 74.9 million Boomers or the Gen X population. Immigration is expected to add to the total. The millennial population is projected to peak in 2036 at 81.1 million.
How will the technology invented by the millennials be used to sell homes.
Working with millennials will be tough. If you want to specialize in this demography, you must do certain things:
- Develop your niche, and stick to it. If you want listings by millennials, niche the neighborhood, not the city. Go deep, not broad.
- Be completely transparent, all the time. This generation has a knack for sifting fakeness like sifting flour of its impurities. Honest, transparent people are qualities of successful agents.
- Hustle, and then hustle some more. You will need to sharpen your skills as a buyer’s agent. Sharpening your skills means putting in the smart work for custom, automated property searches. It means doing some creative sleuthing to find “coming soon” listings before they hit the market — or even before they become “coming soon.”
- Be available by text, email, etc. They generally won’t phone you, they are beyond that.
Look for more growth. Based on an online survey, Fort Wayne was named one of the best for Millennials. Ranking in the top percentile in areas such as cost of living, housing (rent and ownership) and low unemployment, Fort Wayne quickly rose among the ranks of its peers.
JT Integrity Properties is here to help homeowners out of any kind of distressed situation.
As investors, we are in business to make a modest profit on any deal, however we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
Give us a call today at 260-202-2222 to let us know what YOU need help with!