Real Estate is challenging in the sense that you have to always be paying attention to economic indicators to help buyers and sellers make sound decisions.
Currently a trend to be mindful of is that Millennials are not purchasing homes. This means that those in the market to buy a home are most likely not first time home buyers, which means it isn’t their first rodeo. This also requires home sellers to outfit their homes to those more seasoned home buyers and not so much for the young professionals like so many think they need to do.
- Women are having less children. They don’t need a large home to live and they don’t need to expand into larger spaces at an early age like generations past.
- High rents and student debt have caused this generation to be behind the curve when going to buy a home.
- Rising stress among the generation is causing their purchasing behavior to go towards temporary or small purchases this way they avoid dissonance. This actually has caused the rise then in Yoga and Meditation based businesses.
Having this in mind tells you that you have to make the purchasing of a home more streamlined and simple, so it doesn’t deter the millennial and you must understand that this generation most likely won’t be looking for a home until later in their life. Which simply means that home amenities need to be conducive to that life stage.