Young First-Time Buyers Are Saving for Their Dream Homes

Young First-Time Buyers Are Saving for Their Dream Homes

Young First-Time Buyers Are Saving for Their Dream Homes | MyKCM

Young buyers (Millennials & Gen Z) have waited longer than previous generations to enter the housing market for their first home. However, this hasn’t stopped them from dreaming about the home they will eventually buy. Many spend hours searching listings and building Pinterest boards of their favorite home features.

According to a survey from Open Listings, 70% of single renters are more likely to spend their Sunday nights swiping through house listings than dating profiles.

All that time window shopping has led 45% of millennials to expect the first home they buy to be their “dream home”! They are willing to wait longer, save more for a larger down payment, and are pickier about the listings they want to tour and the features that they want to see in their first home.

Waiting a little longer to buy a home than their parents or grandparents did has also helped young buyers become more established in their careers prior to making such a large purchase. Lawrence Yun, NAR’s Chief Economist, recently commented,

“Older millennials are now entering the prime earning stages of their careers, and the size and costs of homes they purchase reflect this. Their choices are falling more in line with their Gen X and boomer counterparts.”

In some areas of the country, high competition in the starter home market forces young buyers to wait longer. The extra money they save during that time opens their search to bigger, more expensive homes.

If this trend continues, older millennials will skip the starter home altogether, going straight to a trade-up or premium home instead.

Bottom Line

If you are one of the many young renters planning on buying your first home soon, let’s get together to help determine what type of home will best suit your present and future needs.

Posted on June 20, 2019 at 6:38 pm
Michael Fanning | Category: Mindset

Michael’s Holiday Book list.

Just wanted to give you all some of the books I have read this year that I found to be packed with some great ideas on making life and business a huge success. Each book is linked to Amazon.

This Book Positivity really lets you understand the power of your thoughts and how your thoughts vibrate out into others.

This book helps you identify if your environment that you create is built for success or failure.

Steve Sims talks about going after what you truly want in life. Not settling for what others may think you want.

    

These two books work great. The Five Minute Journal is a book you should start and end every day with. The Productivity Planner allows you to do and focus on the goals for each Day, Week, and Year.

Last but not least. One of the best books on Negotiation I have read. This book help me to build a better relationship with my 15 year old son.

Posted on December 21, 2018 at 7:17 pm
Michael Fanning | Category: Mindset

Words really do matter.

Can we start to use some different words in our industry that can make us sound a bit more professional?

 

 

Posted on July 26, 2018 at 6:30 pm
Michael Fanning | Category: Mindset

Power in Words.

Words we need to stop using in Real Estate.

If we want to show up like a Real Estate Trusted Advisor then we need to stop using certain words.

  1. We do not have DEALS!  In this industry, I hear this word all the time. This is one of the biggest transactions in a person’s life so let’s call it what it is. We have Transactions.
  2. The last time I checked any services or resources I provide for my clients has a fee attached to it. When I pay this fee on your behalf it isn’t automatically free to my client. It still costs money; therefore it becomes complimentary for my clients.
  3. When I visit my financial planner, she refers to me as a client not a customer. When I am representing you in a Real Estate transaction you are my Client.
  4. When I provide specific services to you in the capacity of a Real Estate Trusted Advisor there is a specific Fee that I charge. This is not a commission it is a Fee.
Posted on October 26, 2017 at 5:14 pm
Michael Fanning | Category: Mindset

My success is up to me.

 

I think this video is powerful in explaining that we are the only reason why we succeed or fail. I have taught over 3500 Real Estate agents about building daily and weekly habits that will allow them to succeed. What is interesting is you don’t often hear is “I didn’t work”, what you hear is ” The program wasn’t right for me.” I is interesting that when I see someone succeed it is because they decided to work and commit to actions that would give them a positive outcome over time. When we fail, it’s isn’t because of the program it is because we decided to not commit.

Posted on March 16, 2017 at 10:29 pm
Michael Fanning | Category: Education, Mindset