New Buyers and Some New Technology TooDate: July 30, 2019
The millennials are coming, the millennials are coming, the millennials are coming!
Hunker down Baby Boomers, wait your turn Centennials and for the rest of us, it is time to welcome the newest generation of homebuyers to the neighborhood.
Millennials are taking over the home buying market
According to Realtor.com, in January 2017, Millennials surpassed Generation X as the group that was responsible for the most new mortgages. Since then, Millennials’ share of the mortgage market has continued to rise. By the end of 2018, Millennials represented 45% of all new mortgages, compared to 36% for Generation X, and 17% for Baby Boomers.
housingwire.com | Alcynna Lloyd, Millennials have officially entered the housing market
Millennials are changing home remodeling too
According to the 2018 True Cost Report by HomeAdvisor:
- Millennials are not only more likely than any other generation to remodel any part of their homes, but they’re twice as likely as baby boomers to complete bathroom and kitchen remodeling projects.
- Millennials have completed the most home projects in the past 12 months — 72% more, 42% more, and 18% more projects than the silent generation, baby boomers and Gen Xers, respectively.
- Five in six millennials plan to spend as much or more on home improvements in the coming 12 months as they did last year, with more than half of millennials expecting to spend more.
builderonline.com | Millennials take the lead in home improvement projects
Tech Savvy Homeowners want a Smart Home
I was recently passed along an interesting article from our VP, Sue Jacobson, that highlights some new smart home technology that millennials (or any tech savvy homeowner) may want in their homes. I invite you to take a look at this article through the link below to peruse the variety of items you could put into your home to make it more functional, more secure and even save you some money!
15 Smart Home Products Millennial Homebuyers Actually Want
residentialproductsonline.com | Amanda Hermans
My personal favorite:
Imagine your home learning you and your families habits, your likes in lighting and temperature, your timing of arrival and departure and always ready to help you at the sound of your voice. If you think having Alexa around to help is nice, this takes it to the next level and then up another!
Stay tuned to this blog for more trending news, tips, tricks and helpful ideas to make your home life they way you want it to be.