In 2015, 1/3 of total home sales could be attributed to the age group known as millennials. This market share is only expected to grow in 2016. Millennial homebuyers have different expectations than other demographics and need to be prioritized in today’s market! Let’s take a closer look at this influential group of people.
1. Major obstacles keeping Millennials from buying a home
Debt! Many millennials year-olds are faced with student loans, and have had less time to build savings when compared to older generations. Despite their inability to provide a substantial down payment, they are eager to purchase and find homeownership to be an important milestone.
Ease their financial strain by directing the conversation to what makes a home a good investment. You can also inform your buyers about how Axia can help overcome this major obstacle:
- Programs such as Credit Optimizer can help buyers get on a better financial track, which includes understanding and managing debt.
- Wide variety of loan options to suit many different financial situations, including down payment assistance options.
2. Millennials expectations
Millennials value efficiency, convenience and honest communication. They are coming prepared with knowledge and research, but many don’t know the steps involved to getting started. There is still very much a need for a trustworthy person to help make sense of it all. To reach this “always on” generation, get comfortable with the idea of communicating over text, email and even Facebook chat!
Axia communicates information effectively with printed marketing, on the web and on mobile devices!
- Axia is positioned to capture millennials as they search for homes online through strategic partnerships with companies like Zillow and Realtor.com.
- Axia’s Certified Home Buyer Program creates a streamlined pre-approval process and educates a homebuyer, providing a realistic expectation in regards to the loan process.
- The Axia App puts the power in the hands of the homebuyer, featuring a payment calculator, convenient document scanning, milestone notifications and more!
3. Marketing to Millennials
According to the National Association of Realtors, studies show that 9 out of 10 millennials use Facebook and 47% of Americans say Facebook is their #1 influencer of purchases. Additionally, 50% of millennials searching for a home online use their phone, and 26% of these searches end up at the closing table!