Millennials In Real Estate

2016 Rise in Millennial Home Buyers 

2016 will be a year for the Millennials. As one myself, I have seen a lack of both buyers and agents that are categorized as Generation Y since I began as a Broker. Those of us born between 1980-1995 are setting a new standard. We are getting married later, having kids later and so its only logical that we would be buying homes later in life as well. For Oregon especially, the rise in Millennials buying homes will create a much needed kick that we saw beginning in 2015. Central Oregon is a popular destination for the younger generation. With the plethora of outdoor activities, it is home like no other. Everything from the booming breweries to Mt. Bachelor make Central Oregon paradise for many.  

Because many Millennials are waiting to settle down and become a homeowner, they are securing themselves financially. With credit standards beginning to normalize again, it makes now the perfect time for first time home buyers to take the leap. Also, with jobs improving, it is giving the home buyer the opportunity to become financially secure and in turn, find lower rates and easier mortgages.

The Millennial boom is especially true in Oregon. In 2015, Oregon was the most popular moving destination. This is no surprise with the younger generation being drawn to places like Portland and Central Oregon.

With this also comes change for the real estate industry. Only 3% of agents are under the age of 30 (this includes me for another 15 days or so). Many agents are finding a shift in the way they do business. No longer is it as common for a day to be spent driving around and looking at homes. Most Millennials will do all the research first and be fairly well educated in what they want before the process even begins. 50% of buyers will research homes online and 26% buy this way. Agents have become an important resource to help weed through the clutter. Explaining details, negotiating deals and executing contracts.

Bottom line, if you are a Millennial, its time to get on it! Now is the perfect time to start busting out the Iphone and the Ipad. Text your agent, send a couple emails, you will be well on your way to buying your first home!