While some millennials have begun to enter the real estate market, for the most part, this generation has held off on buying a home for the first time due to a variety of economic and cultural factors. One of these is the uncertainty with which millennials live relative to baby boomers who could typically expect to spend their careers with a single company and then retire. This leads to a fear of committing to a 30-year mortgage, according to surveys reported by Realtor.com.
EXIT Realty Midwest, in Spirit Lake Iowa encourages all of their agents to take these concerns seriously and help their buyers overcome them by:
- Talking Up Short-Term Investment: Millennials move far more oftenthan members of any generation before them, making many hesitant to buy a home. Why commit to a mortgage payment if they may have to move in three years? As an agent, your job is to help them understand that holding the home and selling it can turn a profit, even in the short term, providing returns that renting never will.
Emphasizing Long-Term Advantages: Unlike previous generations, millennials are scrupulous savers and are very interested in ensuring their own financial stability. While the prospect of a 30-year mortgage may seem intimidating, it's also one of the best investment vehicles most people have access to.- Understanding Their Financial Concerns: Millennials are economically skittish, meaning that many worry that they can't afford to buy a home. However, in almost every market, owning your own house is actually cheaper than renting, even after accounting for taxes, insurance, and other expenses.
Every real estate agent with EXIT Realty Midwest receives the best training in the industry, from leaders who understand what it takes to make a real estate agent successful.
If you are interested in buying a home or selling a home in the Iowa Great Lakes area, please contact me anytime. Steve Krause, REALTOR Spirit Lake Iowa, 51360. 712-330-0390.
