Millennials are Finally Getting into the Home Buying Market
With the housing market steadily on the rise, millennials are beginning to get their hands on more and more houses. A report by Zillow shows that 50% of home buyers are under the age of 36 which is great for the real estate industry, as the average age of first-time homebuyers has been on the increase for years.
A Millennial’s Preferred Method
A survey by CentSai indicates that 75% of millennials would prefer to have a local real estate agent help with their home buying process rather than an online equivalent, with 71% saying they would prefer working with a local mortgage lender. This comes as a surprise to many, who chalk millennials up to being technology obsessed, but it turns out that they prefer the local knowledge and personal touch that mortgage professionals have to offer.This doesn’t mean that using technology isn’t an integral part of the real estate process. Both millennials and Gen X home shoppers were most likely to use online services while browsing homes, but they were also the most likely to use a real estate agent for the purchasing process, at 92% and 88% respectively.
Such a high percentage of buyers opting to work with real estate agents when buying or selling, especially among millennials, has led to the lowest number of for-sale-by-owner transactions ever, at just 8% of the total.
No matter how you choose to find and buy your dream home, Butler Mortgage is here to help. We have been helping Central Florida families like yours get the financing they need for more than 20 years. We can help you find the perfect mortgage for your needs and qualifications. For questions, or to speak with one of our representatives, call us today at 407-931-3800.