How Millennial Homebuyers Are Changing the San Diego Real Estate Market
Studies over the past decade assumed that the San Diego millennial generation was uninterested in owning property. Recently, however, these studies have been proven wrong by the increasing number of millennial homebuyers who are starting to take over the San Diego housing market. According to the National Association of Realtors, buyers under 34 years of age made up 32% of all homes purchased in 2014. Although their parents’ median age for purchasing homes was their early twenties, San Diego millennial homebuyers have pushed back this large purchase until their early thirties. This generation is changing the San Diego real estate market for the better in more ways than one.
These younger San Diego buyers are known for using technology to their advantage in all aspects of life, so it is no surprise that they are using it to help them optimize their San Diego home buying experience. Most of these buyers in their 20s and 30s want to text or email but rarely do they want to talk over the phone. This change in communication style is allowing for quick, to-the-point questions and responses, adding a new level of efficiency to the agent-buyer contact. They are also using apps and websites, such as Realtor.com or Zillow.com, to find their perfect home more often than older San Diego buyers. While this can be helpful for these San Diego millennial homebuyers when they are looking to find listings in their area, experience shows that listings on Zillow.com are often out of date, which is where their agents can assist.
One area that San Diego millennial homebuyers rely on their agents for is helping them sort through and authenticate all the information they gather when searching the web for home listings. The good news for agents is that the San Diego millennial generation is more likely to use real estate agents then older homebuyers, possible because they prefer to avoid unnecessary surprises throughout the process.
A warning to you if you are a San Diego millennial looking to buy a home: beware of using an agent who is representing the seller as well. This can put you at risk of spending more then you may have with your own representation.
When looking for an agent, most San Diego millennial homebuyers tend to search the web for reviews before they even call an agent. Additionally, many potential buyers will look for testimonials on an agent’s website. Once they find an agent they feel is trustworthy, they tend to become comfortable sharing any and all data about themselves that is requested by their agent. As long as they have found a trustworthy agent, there should be no harm in sharing documents to help move along the purchasing process.
San Diego millennial homebuyers also use their agents’ expertise to help them make decisions about what aspects of a home will be easily repaired and what will be more time consuming. This helps them to rationally decide whether the work needed to make a potential property into their dream home is worth the time and cost of the changes or needed repairs. They look for agents who will provide them with referrals to valuable resources, like contractors and vendors, to make these desired changes to their home. Experienced San Diego agents, like me, will guide first-time buyers in the right direction and make sure that they have access to any valuable resources they see as necessary.
While only a few years ago the leading belief was that San Diego millennial were uninterested in buying homes and settling down, it is clear now that this view was wrong. It seems that student loan debt and a desire to travel and experience their lives before buying a home has driven this generation to simply postpone this large purchase. San Diego millennial families are now starting to grow and they are looking to find a more spacious and permanent home to make their own.
If you are a San Diego millennial homebuyer who is looking for a trusted San Diego real estate agent to represent you, give me a call at (619) 741-0111. My team and I would love to help you find the perfect home for you and your family!
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