04 May Tips for the Millennial Who Wants To Buy a Home with Cincinnati Real Estate Agent
As Baby Boomers are retiring, the Millennial Generation is stepping up. Right now we account for $1.3 trillion dollars in annual buying power in the US according to a study done by the Boston Consulting Group. The way that things were marketed to the Baby Boom generation doesn’t usually impress this extremely social media driven generation. Generation Y is changing consumer marketing. The Millennial Generation is much more engaged with brands through social media and mobile devices that any other generation. In the same article by the BCG, Millennials reportedly were more likely to be influenced by celebrities, friends, family, and even strangers, than to trust expert advisors, such as doctors and financial advisors.
So, let’s face it, the home buying process hasn’t exactly caught up with the way that we do things. Give it time and it will. But for now we must bridge the gap. Here are some of my tips for Millennials buying their first home.
- Find the right agent. So your fiancé’s 65 year old great uncle has been in the real estate business for like a hundred years. That’s great. I’m sure he knows exactly what he is doing. But there may be a huge communication gap there. Make sure the Realtor that you’re working with isn’t just knowledgeable about real estate, but knowledgeable about how you like to communicate and be serviced. Don’t expect to text your fiancé’s great uncle at 10:30 at night about that house you just saw on Zillow and expect him to get a showing set up for you right away. He’s probably already in bed.
- Find the right lender. Working with the right lender, just like working with the right agent, makes a huge difference for the same reasons; how you expect service and communication. Some lenders work on a 9-5 basis and you won’t ever hear from them afterhours. But there a lot of great lenders who will put your needs in front of their schedule when necessary. Don’t settle for a website or a 1-800 lender, ask friends, family, or your agent for referrals. If you get a weird vibe from a lender right off the bat or have trouble getting a hold of them early in the process, it may be worth putting in a phone call to someone else. Working with the right people can completely change the outcome of your buying process. Trust me.
- Find the right technology to help you. And make sure your agent can roll with it too. Technology I feel is where most real estate falls behind. But not at TREO. We teach you how to search properly using the different sites available to you. And when it comes to signing documents, we easily sign our paperwork via email. Because, do you really want to have to run and meet your agent every time they need a paper signed? Let’s get real; you have better things to do. Like Instagram a pic of how much your dog loves the new sofa you just got for the house you’re buying. #dogsofinstagram #newcouch #loveit
- Listen. There’s going to be a lot of things about this transaction that you do not fully understan… a lot! Your agent and your lender are going to be your go to people for questions. When they are explaining the next step of the process or how your spending behavior needs to change, pay extra attention and ask questions until you know exactly what’s going on. No one likes surprises in the home buying process because they are never, ever good. But don’t go and act surprised when your loan just gets denied by underwriting because you financed that $3,500 sofa (that your dog loves so much but now you have to return), and a new $1,500 70 inch TV after your agent and your lender told you to not incur any more debt before closing (and you forgot). #sorrynotsorry
- Real Estate Doesn’t Have to be Scary. If you nail steps 1-4 above, you will find the buying experience to be just like glorified shopping. The reason horror stories exist in this industry are because most buyers don’t have the right combination of agent, mortgage lender, technology and understanding of communication. If any one of those factors is a bad fit, it could cost you your dream home. At TREO, we make an effort to ensure that every aspect of your transaction is smooth so you can maintain that excitement of ‘going pending’ all the way through to the closing. #saveyodramaforyomama
Reach out to me today and let’s get you off on the right foot and into your new home.