{"id":10306,"date":"2014-02-05T12:34:20","date_gmt":"2014-02-05T17:34:20","guid":{"rendered":"https:\/\/bhgrealestateblog.com\/?p=10306"},"modified":"2024-12-30T11:08:54","modified_gmt":"2024-12-30T16:08:54","slug":"working-millennial-home-buyers-part-1","status":"publish","type":"post","link":"https:\/\/bhgrecareer.com\/bebetterblog\/working-millennial-home-buyers-part-1\/","title":{"rendered":"Working with Millennial Homebuyers, Part 1"},"content":{"rendered":"<p>In a recent piece in RISMedia&#8217;s\u00a0<i>Real Estate<\/i>, <a href=\"http:\/\/rismedia.com\/2014-01-02\/generation-next\/?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=eNews\" target=\"_blank\" rel=\"noopener\">Generation Next<\/a>, Sherry Chris, president and CEO of Better Homes and Gardens Real Estate, explores the Millennial generation, and our findings on who they are, what they want, and what they\u2019re looking for in a real estate agent.<\/p>\n<p>In the first installment of this Clean Slate two-parter, we spoke to three recent Millennial homebuyers to learn firsthand, whether their real estate experiences match what we found in our Better Homes and Gardens Real Estate <a href=\"http:\/\/www.bhgrealestate.com\/Views\/MediaCenter\/News.aspx?id=3058\" target=\"_blank\" rel=\"noopener\">national survey<\/a> of 18- to 35-year-olds. Our conversations echoed those findings.<\/p>\n<p>They had good jobs, but they all scaled down their expectations to secure a mortgage. None wanted a cookie cutter house. They didn\u2019t mind fixer-uppers. But each homebuyer\u2019s experience reveals a different insight into what this generation looks for in a real estate agent.<\/p>\n<p><b>Text Me, Maybe<br \/>\n<\/b>Take the couple who bought a house on a lake in Morris County, New Jersey.<\/p>\n<p>George is a 27-year-old medical student who didn\u2019t qualify for a loan due to his low income. He\u2019ll earn a high salary in a few years after he graduates, but he and Tina, his 28-year-old girlfriend, didn\u2019t want to wait.<\/p>\n<p>Luckily, Tina has a job as a marketing manager. She secured a loan to purchase the $220,000 house, a 1940s-era bungalow near an enormous reservoir that she intends to fix up for around $25,000.<\/p>\n<p>She owns the house. But they share the bills, paying around $500 less a month in mortgage payments and taxes compared to their prior rent.<\/p>\n<p>What did Tina and George like about their REALTOR\u00ae? His loyalty and tenacity.<\/p>\n<p>\u201cHe always tried to get me whatever he could from the seller,\u201d said Tina. \u201cHe always had my back.\u201d<\/p>\n<p>Their REALTOR\u00ae communicated with Tina and George the way they wanted to be communicated with. They liked how he sent them text messages, e-mails and scanned PDF documents.<\/p>\n<p>\u201cHe was very tech-savvy,\u201d she said. \u201cI didn\u2019t have to get on the phone with him or fax things to him, which I loved.\u201d<\/p>\n<p><b>Seventh Time\u2019s the Charm<br \/>\n<\/b>Jess and her husband, Geoff \u2014 both 32 \u2014 also liked how their REALTOR \u00ae was on their side. Both were concerned about agents trying to close a deal quickly to gain a commission.<\/p>\n<p>\u201cShe never really made us feel like she was in a hurry,\u201d said Jess. \u201cShe was never going to let us buy a house we weren\u2019t happy with.\u201d<\/p>\n<p>Jess works for an international non-profit, traveling often to Bangladesh, India and Nepal, while Geoff is a nurse\u2019s assistant. Despite their combined incomes, sellers were asking more than they could afford.<\/p>\n<p>\u201cWe knew going into our house purchase that we wouldn\u2019t be able to buy something state-of-the-art,\u201d said Jess. \u201cWe knew upgrades were a must in the near future. We were looking forward to doing it ourselves.\u201d<\/p>\n<p>They put in seven \u2014 yes, seven \u2014 offers on properties over the course of eight months before they bought a single-family home in Durham, NC, for $180,000. Their agent was patient.<\/p>\n<p>\u201cThere were times we wanted to quit,\u201d said Jess. \u201cOur REALTOR\u00ae always said, \u2018It doesn\u2019t hurt to spend ten minutes to go look.\u2019\u201d<\/p>\n<p>Sensitive to their needs and always sending them relevant industry information, their REALTOR\u00ae also helped them focus on affordability.<\/p>\n<p>\u201cOur REALTOR\u00ae was really good about staying on top of mortgage rates and what home prices were going for.\u201d<\/p>\n<p><b>Delayed in Manhattan<br \/>\n<\/b>Even Craig, a well-paid 26-year-old advertising executive with enough cash for a down payment on a Manhattan condominium had to wait a year before he was approved for a loan.<\/p>\n<p>Craig is a British citizen, so he lacked a credit history in the US. \u00a0Despite using a mortgage broker supplied by his employer, banks told him to come back in 12 months.<\/p>\n<p>\u201cThe hardest thing was securing the mortgage,\u201d he said. \u201cIt was this Catch-22 where I couldn\u2019t get a loan, because I never had a loan.\u201d<\/p>\n<p>A year later, he met a REALTOR\u00ae whose tech capabilities won him over. \u201cHis website was incredible,\u201d said Craig. \u201cIt had the functionality to look at apartments by price range, size, etc.\u201d<\/p>\n<p>The website sent Craig an alert when a condo appeared on the market that fit his needs. He jumped on the opportunity and, oddly, discovered it was the single-bedroom condo next door to the one he was renting in the same building near Gramercy Park. He bought it for $900,000.<\/p>\n<p>\u201cIt seems to have happened by fate,\u201d Craig said.<\/p>\n<p>Stay tuned for the second installment of this article, as we focus on some of the pain points Millennials may experience during the first-time homebuying experience.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a recent piece in RISMedia&#8217;s\u00a0Real Estate, Generation Next, Sherry Chris, president and CEO of Better Homes and Gardens Real Estate, explores the Millennial generation, and our findings on who they are, what they want, and what they\u2019re looking for in a real estate agent. In the first installment of this Clean Slate two-parter, we [&hellip;]<\/p>\n","protected":false},"author":181,"featured_media":10342,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61,71,81,91,161,181],"tags":[10531,14891,27081,27101,33981,41911],"class_list":["post-10306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commentary","category-customer-service","category-education-2","category-featured","category-next-generation","category-real-estate","tag-customer-service","tag-first-time-homebuyers","tag-millennial-homebuyers","tag-millennials","tag-real-estate","tag-survey-findings"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Working with Millennial Homebuyers, Part 1 - Better Homes and Gardens Real Estate Be Better Blog<\/title>\n<meta name=\"description\" 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