Millennials’ Home Financing Expectations
Despite narratives of millennials disinterest in buying homes, the reality is that one-third have already purchased their first home and they are rapidly becoming more affluent. Millennials are a rising force to be reckoned with and will have clear expectations and demands when going through the home financing process.
A recent article in Forbes states that they expect a Frictionless Journey™. As they are digital natives that never experienced life without the internet, mobile phones and digital advertising they will use these resources to construct a seamless pathway from research through closing. Every touchpoint along he home buying journey will need to connect.
They also understand how their home will need to integrate with their lifestyle beginning with its location and focusing on transportation routes, retail, entertainment options and schools.
Millennials will be demanding and well educated when they enter the process compared to previous generations. It is up to us, within the industry, to greet them as they enter that pathway and ensure their success and generate their referrals which will continue to fuel our growth from their friends and families.