Month: July 2017

Market Trends: Millennials and Real Estate

 

Millennials and the housing market.  Besides inflation and the woes of the condo industry, it seems that millennials have taken over the headlines in real estate news. The big question is WHY do we care about millennials and how they affect real estate?  According to Inc.com, millennials currently make up 66% of the first-time home buyers and 34% of overall home buyers.  These numbers are significant! It would behoove sellers and professionals in the real estate industry to understand and cater to the trends of the millennials as to not miss out on this vast amount of buying potential.  As the most informed home buyers (since they use the internet more efficiently than any other generation), we have a lot to learn about their home buying demands as well as their regrets.  Here are some tidbits that could impact how one would market to the millennial home buyer.

Expectations of the Average Millennial Home Buyer

  • Professional online photos. According to Inc.com, 76% of millennial buyers will drive by a property after seeing photos online and over 60% will do a walk-thru after seeing professional online photos.
  • Turn-key property. Most millennials are not looking to spend time and/or money into a fixer-upper.  It is best, when able, to complete necessary upgrades (kitchen and bathrooms) and repairs prior to listing a home on the market. 46% of millennials state that they want a luxury kitchen and 75% expect to have new appliances according to Inc.com.
  • Convenient commutes. 65% of millennials state that a close commute to work is the most important factor when buying a home.
  • Energy Efficiency, Home Office, and New Technology. These items can also be factors when choosing between possible properties.

Trends of the Average Millennial Home Buyer

  • Their first home is just a stepping stone. Only 11% of millennials feel that their first home is their permanent home. They tend to keep their first home for only 6 years compared to 10 years which is the overall buyer average.
  • Suburbia living is IN. Nearly 50% of millennials live outside of the urban neighborhoods.
  • More Denver millennials own a home compared to other cities. 2% in Denver vs. 32.1% in other cities.
  • Purchasing homes below market average. “The average home a millennial is purchasing in Denver cost $291, 299, below the overall market average of $362, 542…”

Regrets of the Average Millennial Home Buyer

  • Buying when the market was affordable.  4 in 10 millennial renters who haven’t bought a home regret not buying when the market was still at the bottom of the upswing.
  • Size does matter. One in 10 millennials buying in urban neighborhoods have expressed that they wished they had purchased a larger home.
  • Financial stability woes. About 17% regret not waiting until they were more financially secure before purchasing a home.
  • Not enough remodeling. Despite the desire to purchase a move-in ready home, 24% wish they had done more extensive remodeling before moving into their new home.

Looking to Buy, Sell, Rent, or Invest in residential or commercial real estate? Call Your Neighborhood Realtors, TJC Real Estate & Management Services, Distinctive Properties and TJC Commercial, your full-service real estate team for the scoop on Denver real estate opportunities!

 

 

Brought to you by Sondra Lockett-Cameron, Marketing Coordinator for TJC Real Estate and Management Services.

Photos courtesy of Jack Ingle via StockSnap.io

TJC Real Estate & Management Services • 303.324.6988 • info@tjcrealestate.com

Your Neighborhood Realtors® Since 2005

© 2017

 

 

References:

Inc.com: https://www.inc.com/john-white/how-millennials-are-changing-the-housing-market.html

Denver Post article by Aldo Svaldi: http://www.denverpost.com/2017/06/28/denver-millenials-buying-property/

Denver Post article by Aldo Svaldi: http://www.denverpost.com/2017/07/13/millennials-carry-more-regrets-after-buying-a-home-survey-finds/

 

 

 

 

 

 

 

 

 

 

THEBIGWONDERFUL 2017 @ OhHeyStanley this Weekend!

Looking for a date night or some family fun this weekend?

Hit up TheBigWonderful at the Stanley Marketplace in Aurora at 2501 N. Dallas Street. The urban festival starts today, so get your tickets now!

What is TheBigWonderful? According to their website, “TheBigWonderful is Denver’s most original urban festival that celebrates Colorado’s eclectic culture to the fullest. Founded in Rino Arts District in 2014, the quarterly weekend festival incorporates a Beerfest, Bands, and a huge day & night Bazaar featuring Denver’s best eating & drinking & pop up retail. TheBigWonderful activates otherwise vacant urban lots into a thriving arts & small business partner. This year we have partnered with Revision (www.revision.coop) as a nonprofit partner. A portion of the proceeds from Beerfest tickets will go towards developing local leaders, growing community food systems, and building a locally-owned economy right here in Denver.”

Here is the full weekend scoop:

Tonight, July 7th:

BeerFest takes place from 5-9pm with unlimited sampling of over 20 breweries, ciderys, distilleries and wineries.

Bands will be playing 5 – 11 pm.  Don’t miss My Blue Sky (an Allman Brothers Band Tribute), Pickin’ on Blind Melon and Pickin’ Dad Rock featuring Tori Pater.

Rolling Smoke and Ethiopian Food Trucks will be available to purchase good grub.

Purchase tickets here! Tickets at the door will be $59.

July 8th:

Night Bazaar runs from 4-8 pm featuring great music, food trucks  and craft vendors.

Bands will be Pickin’ On Tom Petty, Pickin’ On Sublime and Pickin’ on Ween!

Purchase tickets here!

July 9th:

Day Bazaar will be there from 10 am to 6 pm featuring more great music, food trucks and craft vendors.

Bands include great tributes to Bob Marley and Pink Floyd!

Purchase tickets here!

For more information, visit www.TheBigWonderful.com.

 

This Stapleton update is brought to you by TJC Real Estate and Distinctive Properties, Your Neighborhood Realtors.  Looking to Buy. Sell. Rent. Invest in residential or commercial real estate?  Call us today!

 

Post by Sondra Lockett-Cameron, Marketing Coordinator for TJC Real Estate and Management Services.

TJC Real Estate & Management Services • 303.324.6988 • info@tjcrealestate.com

Your Neighborhood Realtors® Since 2005

© 2017