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Millennials: Who are they and what do they want?
They're more educated, techno-saavy and cautious about buying property
Apr. 6, 2014 |
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Written by
Anna Jeffries
Advocate Reporter
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NEWARK — They’re part of a generation that expects to
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They are the millennials — the generation of Americans born between
the early 1980s and the beginning of the new millennium. And as they
transition into their 20s and 30s, they are making decisions about
buying homes that are catching the attention of local real estate
agents and experts.
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One major difference between millennials and their parents is their
caution and skepticism about buying property, Itzhak Ben-David, a
finance professor and the academic director of the Real Estate
number
of
Center at Ohio State University, wrote in an email.
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“There is academic evidence that people who grew through periods
of depression
are more risk averse later in their lives,” he wrote.
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“They’ve experienced the down-market and will be cautious in the
future.”
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That sense of caution seems to have led to a generation of
homebuyers who are more educated about investing in a home, said
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Melissa Johnston, a sales associate at Coldwell Banker King
Thompson in Newark.
“They realize they need to be prepared to purchase a house,” she
said. “They are watching their credit better. They are saving.”
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When they do decide to take the plunge, local young homebuyers are
looking for a mortgage payment that won’t deplete their monthly
budget, she said.
“They are a group that likes to have disposable income. They don’t
want to be house poor,” she said. “They want nice stuff in their house
rather than a big house with nothing in it.”
Many of them are planning on spending a lot of their leisure time at
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home and are factoring that into their decisions, added Ed Martin,
also a sales associate at Coldwell Banker King Thompson.
Most millennials get the information they need about buying a home
online and have used websites or apps to look at homes before they
even sit down with a real estate agent, said Jeff Kreager, an agent
with REMAX Premier Choice in Granville.
They expect their real estate agent to communicate with them via
email and text messages, he said.
In a few seconds on their smartphones, they can look up information
about a house’s history and value or the school district in the area.
“As a Realtor, you sort of have to up your game,” Kreager said. “They
can get new listings the second they hit the market on their phone.
There is a good chance they will see a house before I do.”
As they start looking, most young homebuyers are very clear about not
wanting a house that needs major repairs, Johnston said.
“For the most part, they are looking for houses that are pretty much
move-in ready,” Johnston said. “They feel comfortable with painting
and decorating but are very cautious about high-ticket items.”
Many of them bring their parents and other close family members to
look at the house before they make their final decision, said Aaron
Parks, a property manager for Century 21 Frank Frye Real Estate.
“I’m selling it to the whole family,” Parks said. “I want everyone to
approve.”
Before Brock Hutchison, 24, and his wife, Lindsey, 25, bought their
house in Heath in June 2013, they relied on Martin and their parents to
help them make decisions about the house’s infrastructure and
appliances.
They knew they wanted a nice house that wouldn’t require a lot of
work, Brock said. One property with a hole in the back wall was ruled
out immediately.
The couple cut cable TV and lived in a small apartment for a while to
save as much as they could for their down payment, Lindsey said.
They carefully made a budget and made sure they could stick to it
before they started looking for a house, she said.
“I think the biggest thing was we were finally secure in our jobs and we
were happy where we were,” she said. “If we didn’t feel stable, we
definitely wouldn’t have bought.”
After an online search and several months working with Martin, they
found a house in their price range in a neighborhood they loved.
Their mortgage fits in their budget, and they still have money to travel
and tackle their student loans.
“The main thing is making sure you can afford it, making sure you’re
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Millennials: Who are they and what do they want? | The Newark Advocate | newarkadvocate.com
not buying something so expensive that you are going to be house
poor,” she said.
ajeffries@newark
advocate.com
740-328-8544
Twitter: @amsjeffries
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