Realtor - Amanda S. Davidson: Tips For Millennial Home Buyers

Tips For Millennial Home Buyers

Tips For Millennial Home Buyers

Millennial home buyers are defined as someone who is in the 18-35 year age bracket. Many millennials have thought about purchasing a home but, due to rising home prices and student debt haven’t taken the leap.

 

Although millennials have seen the struggle in real estate during the recession the dream of home ownership is still alive and well. The majority of millennials want to buy a home and there are options available for that to become a reality but, it takes proper planning and a little patience.

 

Real estate should be viewed as a long term investment. There will always be ups and downs but, if you’re looking at it from a long term view and are in a good financial position it’s something to seriously consider.

 

Deciding between renting and buying is a big decision. Think about the long term and years from now you will likely be glad you opted to buy instead of rent.

 

Real estate is not a get rich quick scheme. It takes hard work and patience.

Tips For Millennial Home Buyer Tips

Millennial Home Buyer Tips

Work With An Agent You Trust

This tip really applies to every home buyer but, as a millennial you’ve most likely never bought a home before so it’s extremely important you pick an agent you can trust. Your agent will (and should) know more than you and because of that, you will be relying on their advice. Ask for referrals from family and friends who have purchased a home before. Then interview different agents and ask questions before you select the agent you feel is best suited to represent you.

 

Think about what you’re looking for in an agent and base your questions around that. Does the agent have references? Do they actively sell homes? This is an important one because if they do it means they’ll have a pulse on the current market conditions.

 

Ask how many clients they work with at one time. You need an agent that can work with your schedule and devote time to helping you. If they’re overwhelmed with clients that’s probably not the best fit. Do they practice dual agency? You want your own exclusive representation.

 

As a first-time home buyer, you need someone that can answer all of your questions in a timely manner. Don’t settle for just any agent, you deserve the best representation.

Home Buying Tips For Millennials

Pinpoint Locations and Neighborhoods

A big part of buying a home is to determine where you want to live. Location, location, location might sound cliché but, the old saying is spot on.

 

You can always change how your home looks but, you can’t change its location. Understanding how to pick a neighborhood you love is important. The location of a home impacts value and the ability to sell down the road; check out the guide to learn more about the importance of walkability, crime, and schools.

 

Type Of Home
Buying a home requires a decision on what type of property fits your lifestyle. Condo, townhouse, or single family are the most common options but, not always the only options depending on what area you’re in.

 

When deciding on a type of home think about how many people (if any) will be living there. Do you need or want a yard? Do you travel a lot and want a low maintenance property? Are you looking for amenities such as a pool or fitness center?

 

Asking yourself these types of questions will help you decide what type of property is best. Remember to think long term, not just about your immediate needs.

Home Buying Tips For Millennials

Know Your Numbers

Purchasing a home comes with costs that you might not be aware of. There are different fees that you’ll want to account for. Expenses will occur before you actually own the home such as home inspection costs and the appraisal fee.

 

Obtaining a mortgage comes with fees that will be a part of your closing costs. These are just a few of the costs that come with purchasing a home.

 

There will also be moving fees and expenses that come after buying a home including maintenance and utilities.

 

Knowing your numbers up front and planning for the long term will save you a lot of stress and keep your budget on track.

 

Closing Thoughts For Millennial Home Buyers

Buying a home is a big decision. It’s one that requires careful thought, planning, and patience. Take your time and do your research.

 

Assembling a trustworthy team of experts to guide you through every step and waiting to buy a home that you love will benefit you for years to come.

 

 

 

 

Amanda Davidson Real Estate Group

 exp realty

 

 

      

 

AMANDA DAVIDSON  
l ASSOCIATE BROKER l  
l AMANDA DAVIDSON REAL ESTATE GROUP BROKERED BY eXp REALTY l

C  703.431.3755   |   O  703.988.3151  |   W  www.amandadavidson.com

A  20130 Lakeview Center Plaza #400 Ashburn, Va 20147




Comment balloon 37 commentsAmanda S. Davidson • May 13 2019 02:10PM

Comments

Hi Amanda... exellent tips... then again, these are great tips for just about any home buyer, not just the millennial.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage ) 5 months ago

Good morning again Amanda. This is an excellent and precise post. Great handout for millennial buyers.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 5 months ago

Great tips and a worthy blog post/subject as always!  Keep it up!

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) 5 months ago

I concur with the above comments. Great tips for any buyer. However, as you mention, young buyers often miss all the hidden costs of home ownership. Taxes, insurance, and ongoing maintenance, not to mention those repair or replacement surprises. Being able to comfortably manage a mortgage and house-related costs is so important to our well-being. Worrying about money and cash flow is no fun.  

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) 5 months ago

Those are great tips for any home buyer and millennials will certainly benefit from the experience in real estate that you have!

Posted by Brian England, MBA, GRI, REALTOR® Real Estate in East Valley AZ (Arizona Focus Realty) 5 months ago

Yes Amanda, all will benefit from these tips, and the top one is to have an knowledgeable agent on your side.

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Home and Condo Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) 5 months ago

Hi Amanda S. Davidson - Your tips show that you are the broker for Millennials. You really understand their needs. Any potential client would be lucky to have you and your team represent them but Millennials will benefit greatly from your experience. 

Posted by Sheri Sperry - MCNE®, (928) 274-7355 ~ YOUR Solutions REALTOR® (Coldwell Banker Residential Brokerage) 5 months ago

Hello Amanda - as I was reading your tips for millenial home buyers I had the same thought as Nina Hollander.  A good tip for every home buyer.  

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 5 months ago

Hello Amanda,  Great tips and more millenial home buyer should be reading this.  

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) 5 months ago

Millennials in my area see that renting is more expensive than buying and deciding to go the homeownership route. 

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) 5 months ago

Amanda, these are great tips for home buyers, especially the millennials.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty) 5 months ago

Amanda awesome advice, now if I may add when they find a good Realtor they need to be loyal to that Realtor and communicate back...Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) 5 months ago

Good morning Amanda - excellent blog and you are the go to person for millennial home buyers.  I know they are going to be buying in big numbers now.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 5 months ago

Prospective home buyers will be in very good hands when they seek your advice and use your professional real estate services.

Posted by Roy Kelley (Realty Group Referrals) 5 months ago

Nina Hollander thank you! 

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group Brokered By eXp Realty) 5 months ago

Sheila Anderson thank you!

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group Brokered By eXp Realty) 5 months ago

Kristin Johnston - REALTOR® thank you so much!

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group Brokered By eXp Realty) 5 months ago

Debb Janes EcoBroker and Bernie Stea JD I completely agree. Purchasing a home is just the start of owning it and I think that often gets overlooked. 

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group Brokered By eXp Realty) 5 months ago

Brian England thank you!

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group Brokered By eXp Realty) 5 months ago

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 I completely agree. Having a knowledgeable agent on your side is a game changer. 

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group Brokered By eXp Realty) 5 months ago

Sheri Sperry - MCNE® thank you so much! I think it helps that I am one but, as long as a buyer connects with a trustworthy and experienced agent they'll be successful. I've heard too many horror stories of someone going online and working with an agent they know nothing about lately. I really appreciate your kind and supportive comment. 

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group Brokered By eXp Realty) 5 months ago

Michael Jacobs thank you :) 

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group Brokered By eXp Realty) 5 months ago

Will Hamm thank you!

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group Brokered By eXp Realty) 5 months ago

Debe Maxwell, CRS I think that's a wonderful thing!

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group Brokered By eXp Realty) 5 months ago

Rebecca Gaujot, Realtor® thank you!

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group Brokered By eXp Realty) 5 months ago

Endre Barath, Jr. oh so true ... that could be a post in itself. The lack of loyalty seems to increase each year and sadly it's from anyone and everyone. 

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group Brokered By eXp Realty) 5 months ago

Grant Schneider thank you!

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group Brokered By eXp Realty) 5 months ago

Roy Kelley thank you! I hope you're having a great week. 

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group Brokered By eXp Realty) 5 months ago

Great education for this market segment ....rent increases are certainly a consideration ! 

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) 5 months ago

Sally K. & David L. Hanson thank you! They sure are, I hope more millennials decide to look into buying. In this area, there don't seem to be nearly as many who are even though rent is anything but, cheap.

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group Brokered By eXp Realty) 5 months ago

Not sure how this list would differ if I was buying a house.  But on inspections I find that most millenials have very unrealistic expectations and demands.

Posted by Jay Markanich, Home Inspector - servicing all Northern Virginia (Jay Markanich Real Estate Inspections, LLC) 5 months ago

It's a little scary to me that this is the generation that is plugged in to the Internet - seemingly ALL the time.

That makes them most likely to fall for the iBuyer propaganda that tells them they can learn all they need to know on line.  No - they need that buyers' agent!

Posted by Marte Cliff, Your real estate writer (Marte Cliff Copywriting) 5 months ago

Loved your tips, and absolutely no buyer or seller should ever get left behind! ;-)

Posted by Brad Andersohn, ActiveBrad - 707.646.1876 (Executive Director of Education at eXp Realty) 5 months ago

Brad Andersohn I completely agree and thank you! 

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group Brokered By eXp Realty) 5 months ago

An interesting comment we were talking about in my office re: the older , wealthy milleniel buyers--they do not want one huge home. They prefer two smaller homes--with the second one being a getaway location.  

Posted by Mary Hutchison, SRES, ABR, Experienced Agent in Kansas City Metro area (Better Homes and Gardens Real Estate-Kansas City Homes) 5 months ago

Hi Amanda:

This is such wise advice for millenial home buyers. And really anyone planning to buy a home would benefit from your information and tips!

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) 5 months ago

Jeff Dowler, CRS thank you! I hope you have a great week!

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group Brokered By eXp Realty) 5 months ago

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