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What Realtors need to know about Millennials

8 Oct 2018


Housing

And what mortgage lenders should tell them

FACT: Nearly half of Millennials (now between the ages of 20 and 37) live in suburbs.

FACT: New Home Inventory is low… very low. However, builders are trying to find a way to increase construction of new, entry-level homes to accommodate the growing need. This is good news as would-be buyers have been frustrated in their search for a home that meets their needs  – and their budget.

FACT: A large portion of Millennials – slightly less than half – are already purchasing their second or third homes. (Wow!)

Working with Millennial buyers

First, communication is key.

Millennials are well connected and have a large network. Their neighbor, relative or friend of a friend likely knows (or is) a real estate agent.

However, they value key components and are not as likely to simply accept a referral without doing their research.

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City of Elk River Economic Development
13065 Orono Parkway | Elk River, MN  55330
phone 763.635.1000