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Young adults impact the real estate industry

On Behalf of | Oct 24, 2016 | Residential Real Estate |

As members of the millenial generation come of age, many are beginning to enter the real estate market in California and other states. They have grown up with access to massive amounts of information through digital sources, and real estate decisions can be greatly impacted as these young consumers look at buying and selling their properties. Of course, these resources are also greatly used by older generations, but millenials appear to be driving the market.

Life circumstances of millenials can play a significant role in their decisions about buying or renting residential real estate. Many of these consumers rent for longer periods of time before considering buying. However, their spending on home purchases tends to be comparable with that of baby boomers. Nearly half of millenials buying homes are choosing to live in suburban communities. Although more than half of this group works on saving toward down payment needs, nearly one-third find it necessary to borrow or tap into their retirement funds.

Social networks are important to millenials as they shop for new homes. Sites like Zillow are also frequently used by these individuals for evaluating properties that meet certain criteria. Because of the competitive nature of home shopping in this context, many individuals don’t actually purchase the first property for which they make an offer. For those buyers and sellers from older generations who are not as comfortable with digital real estate resources, it can be particularly important to work with professionals who have excellent tech strategies and skills for promoting or finding a residential property.

People who are going through a first home purchase might not understand the legal implications of various documents encountered during the process. As a result, they may want to have an attorney review them in order to make sure that they do not contain any provisions which could be a potential problem in the future.