Millennials Are Changing The Home Buying Market

Millennials Are Changing The Home Buying Market

Millennials Are Changing The Home Buying Market:

-They’re opting for digital searches, deluxe homes, and the suburbs-  

 

As Millennials enter the housing market in greater numbers, they’re approaching it in a much different way than previous generations of home buyers. They’re bringing with them a new set of values and expectations.  

With a population of 83.1 million, Millennials now outnumbers Baby Boomers and represent more than one-quarter of our nation. The Pew Research Center defines a millennial as anyone born between 1981 and 1996.

Millennials also make up the fastest-growing segment of today’s homebuyers, according to a recent National Association of Realtors® report. The movement in the market by this generation is likely due to growth in their careers, higher income, and paying off student loans and other personal debts.

Although the most common reasons for recently purchasing a home differed between generations, the desire to own a home of their own was the main reason for  Millennials choosing to buy at this time.

“There’s been an influx of millennial home buyers as older Millennials have had some time to grow in their careers and pay off student debt,” says Stuart Eisenberg, national director of real estate and construction practice for accounting firm BDO USA.

Younger Millennials, meanwhile, more often rent as they begin their careers, but according to Eisenberg, the generational shift in home buying is just getting underway.  

Technology has transformed the way real estate is done 

Digital advancements have transformed the way real estate is done. Among millennials, utilizing the internet and mobile devices to find, view, and buy homes has become the norm.

Having grown up in a digital environment, millennials don’t want to spend days touring homes in person. Instead, they expect to shop for homes the same way they shop for everything else—online.

In fact, according to a Real Estate in a Digital Age report, 99% of millennials start their home search online and 58% found their current home on a mobile device. This figure is nearly double that of Baby Boomers using the internet to browse homes.

Digital advancements have also transformed the role of real estate agents. In the past, a REALTOR’s value came from providing important information about properties.

Now, the true value of a real estate agent is through their negotiation skills, professional relationships with other agents, ability to facilitate the transaction, and keeping up with marketing strategies in a fast-paced digital world.

Another digital impact is in how agents list homes. Tech-savvy Millennials are leading agents and brokers to introduce features like live streaming and video rather than traditional photographs, which have become the norm. 

Millennials, technology, and communicating with REALTORS®

Millennials also differ from previous generations in terms of how they use technology to communicate with REALTORS®. Texting represents the most immediate back-and-forth line of communication.

This generation uses text messages to express interest in a property, schedule appointments, and ask questions, while phone calls are typically reserved only for more urgent or pressing concerns.

NAR research suggests that agents are adapting to this demand for electronic communication, with 90% of agents communicating via text and 94% using email. Another 34% chat with clients through instant messaging. 

Millennials are choosing the suburbs and deluxe homes 

Although it’s taking them longer than previous generations, millennials are now buying homes and moving out of the city in larger numbers.

A recent Zillow study shows that almost half of Millenials (47%) prefer to live in the suburbs as opposed to the big city or rural areas. This generation of buyers want homes, but they don’t want just any old homes.

They are finding better options farther out from the city and are increasingly skipping starter homes in favor of something more deluxe. Roughly 45% of homebuyers aged 30 to 39 paid $300,000 or more for a home, according to the latest figures from NAR.  

In conclusion 

Millennials are now buying homes in droves and their habits are proving to shape the housing market in new and exciting ways. This generation’s preference for technology has changed both the way people shop for homes and the job of real estate agents – and could lead to a more streamlined home buying process. 

Partner With Oakland County MI REALTOR® – Tom Gilliam

REALTOR® – Tom Gilliam is your expert to buy or sell your home in Oakland County, Michigan. In Oakland County, MI, you need to find an experienced agent who knows the community.

Tom currently lives in the Oakland County area and is very familiar with the local market, neighborhoods, schools, and community issues. His office is located in the heart of Farmington Hills, with five additional offices throughout the southeast metropolitan area.

Tom is always ready to help families find the perfect home in the Oakland County area they want to live, whether it’s Farmington Hills, Novi, Birmingham, Troy, Rochester Hills, West Bloomfield, Bloomfield Hills, Ferndale, Royal Oak, Northville, Novi, Troy, Rochester, or Rochester Hills.

Give Tom Gilliam – “Your number one Oakland County Michigan REALTOR®” – a call today!

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Direct: 248-790-5594
Office: 248-737-6800
Email: Homes2MoveYou.com
License #314578 

Article sources: 

https://www.nar.realtor/research-and-statistics/research-reports/real-estate-in-a-digital-age
https://www.corelogic.com/intelligence/find-stories/the-top-four-ways-millennials-are-changing-the-housing-market
https://www.nar.realtor/sites/default/files/reports/2017/2017-real-estate-in-a-digital-age-03-10-2017.pdf
 https://www.nar.realtor/sites/default/files/documents/2021-home-buyers-and-sellers-generational-trends-03-16-2021.pdf
https://www.forbes.com/sites/theyec/2021/06/01/how-millennials-are-changing-the-mortgage-and-home-buying-market/?sh=34cca84e690b

Searching For The Best REALTORS® in Farmington Hills MI?

Searching For The Best REALTORS® in Farmington Hills MI?

Searching for The Best REALTORS® in Farmington Hills MI?

If you currently in the market to buy a home in Farmington Hills MI, you’ll need to choose from among the most qualified REALTORS® in Farmington Hills MI to help you with your purchase. There are so many moving parts to real estate and finding a great house is just one piece of the puzzle. You need a skilled agent in your corner who can help you navigate the market, uncover the best homes in Farmington Hills for sale, make sure you get the most value for your money, pull together all the details of the transaction, and get you the best deal possible.

Offering over 20 years of experience, Farmington Hills MI REALTOR® – Tom Gilliam is able to provide his clients with the kind of knowledge, skills, dedication, and personalized service they need when purchasing Farmington Hills MI real estate. Highly knowledgeable, Tom can help educate you on the best neighborhoods and communities in Farmington Hills, the types of homes and features offered, the top builders in the region, school districts, area amenities, commute times, local community developments, and so much more.  

Tom can help streamline your property search by putting together a list of homes in Farmington Hills for sale that are the best fit based on your preferences and needs. He would love to speak with you to discuss the type of home you have in mind and answer any questions you might have about Farmington Hills MI real estate, pricing, financing, and more. Get started on finding your dream home today by contacting Tom directly at (248) 790-5594 or you can get in touch by email.


On our easy-to-use website, you’ll be able to search Search the MLS for homes in Farmington Hills MI for sale – listings updated every 3 minutes. View photos of available properties, find detailed real estate information, create a free account, save your search, and receive notifications of new listings that match your specific home criteria delivered directly to your email. Be sure to scroll down below to find out about current market trends and why homebuyers should consider living in Farmington Hills:

Search Homes in Farmington Hills MI for Sale

If you would like more information on any of the homes in Farmington Hills MI for sale, or to set up a private showing, please contact Farmington Hills MI REALTOR® – Tom Gilliam. Tom is very familiar with the market and is always the first to know when new inventory becomes available (and coming soon listings), ensuring that his buyers have access to the most desirable homes and securing an offer. 

Farmington Hills MI Real Estate Market Snapshot

The current median list price in Farmington Hills MI is $335,000, down 4% from March to April. Farmington Hills’ home resale inventories are at 41, which is a 2% increase since March 2021. The median list price per square foot in Farmington Hills is $166, with no change since March 2021.

 

Today April 2, 2021

1 Month Ago

1 Year Ago

Active Inventory

41

40+2%

121-66%

Median List Price

$335,000

$349,900-4%

$299,000+12%

% Distressed 

0%

2%

0%

Median Days on Market

16

15+6%

46-65%

Median Home Size

2,398

2,381

2,141+12%

Median $/Sqft

166

166

141+17%

Buying a Home in Farmington Hills MI with a Skilled Agent

Partnering with a skilled and knowledgeable agent like Tom Gilliam can prove invaluable when shopping for a new home. Tom will set up an initial consultation with you to gain a good understanding of what characteristics and features in a home and Farmington Hills neighborhood are important to you. 

He will then sift through multiple databases for homes in Farmington Hills MI  for sale that best match your specific home criteria, and schedule private showings for you to see them in person. While this may seem like something that is easy enough to do on your own, it can actually be a very time-consuming process without the help of a qualified agent. Tom may also be able to uncover Farmington Hills Michigan real estate and coming soon listings that you might not be able to find on your own. 

Search Homes in Farmington Hills MI for Sale

Think of Tom as an extra set of hands (and feet) that can help you with the legwork of the home search process and coordinating appointments for showings. Tom will also do a comparative market analysis to ensure the home you are interested in is priced according to current market value to ensure you’re getting the most value for your money.

All real estate transactions involve staggering amounts of paperwork that can often be confusing. Tom will make sure that all necessary paperwork is filled out and filed correctly as well as review any contracts you sign to makes sure that you’re getting exactly what you think you’re getting.

If you are ready to get the process started, Tom would love to speak with you to discuss the type of home you have in mind and answer any questions you may have about properties for sale in Farmington Hills MI, pricing, financing, and more. Feel free to contact Tom directly Tom Gilliam at (248) 790-5594 or you can get in touch by email.

The Benefits of Living in Farmington Hills, Michigan

Farmington Hills is a small, affluent city in Oakland County, MI, and part of the northwestern suburbs of Metro Detroit. Recently ranked as the fifth-best city in the state to live in by the Chamber of Commerce (a digital-based company), TIME Magazine also picked Farmington Hills as the best place to live in Michigan based on strong economic and educational performance, convenience,  and pleasant way of life.

With a total population of 80,823, the average household income in Farmington Hills is $106,572.00 and the Median Household Income $83,268.00. The median home value with a mortgage in Farmington Hills is $258,900.00 and without a mortgage is $254,000.00.  Buyers will find a wide range of homes in Farmington Hills for sale to choose from including entry-level homes to multimillion-dollar estates.

Affordability in Farmington Hills provides abundant opportunities for families to move here and enjoy a strong sense of community with access to top-rated public schools. Thriving in business and leisure activities, Farmington Hills is fueled by a strong economy and is home to several large corporations providing hundreds of jobs.

Top employers in the city include Botsford Hospital, Robert Bosch Corporation, Quicken Loans, Cengage Learning Gale, and Chrysler Financial Services among other great companies. The Nissan Technical Center and Nissan Trading Corp. are also located in Farmington Hills as well as Hitachi Automotive Services, Hino Motors Manufacturing, and branches of Panasonic, Mercedes Benz, and Greenpath. 

Search Homes in Farmington Hills MI for Sale

Downtown Farmington is a vibrant, walkable destination with over 160 businesses from banks, bead stores,  photography and yoga studios to a variety of eateries and one-of-a-kind shops. For parents with school-age children, most of the community is served by the highly-acclaimed district of Farmington Public Schools, shared with nearby Farmington and filled with top-rated schools.

Other public school districts serving Farmington Hills include Clarenceville Public Schools and Walled Lake Consolidated SchoolsThe city also contains branches of Oakland Community College and Wayne State University, and is the home of the Michigan School of Professional Psychology.

Farmington Hills has several neighborhoods and community parks including Heritage Park, featuring trails for hiking and cross-country skiing during the winter months, a splash pad, playground, volleyball courts, and an in-line hockey rink. The beautiful 18-hole Farmington Hills Golf Club is one of the best-golfing venues in the area. With an active youth and family services division, a strong educational system, and involved, service-oriented community members, Farmington Hills continues to evolve and grow, and just get better and better for its residents.

Suburban Mobility Authority for Regional Transportation (SMART) operates local and regional bus transit in Farmington HIlls. Major thoroughfares in the city include (M-5), Orchard Lake Road, 12 Mile Road, 8 Mile Road, Northwestern Highway, I-696, and I-275. There are several freeway interchanges connecting local roads to the two interstates. The closest major airport serving the community is Detroit Metropolitan Wayne County Airport, about a 30-mile drive from the center of town. 

Partner With one of the Most Trusted REALTORS® in Farmington MI – Tom Gilliam 

Tom Gilliam is proud to be one of the top-rated REALTORs® in Farmington Hills MI, offering his guidance and expertise to homebuyers and sellers for over 20 years. Tom understands that buying or selling a home is a significant financial and life decision and that you are looking for someone you can trust. As your agent, Tom will protect your interests, advocate for you, negotiate on your behalf, and always go the extra mile do ensure the best results possible.

Get the process started today by contacting one of the most trusted REALTORS® in Farmington Hills MI – Tom Gilliam at (248) 790-5594 or get in touch by email.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Direct: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578 

Housing Inventory Growth Upward In Oakland County 2019

Housing Inventory Growth Upward In Oakland County 2019

The housing inventory in and around Oakland County, Michigan has been a struggle for most buyers the last few years causing higher prices and less inventory for eligible home buyers. Although the housing inventory in Oakland County, Michigan increased in January 2019, the inventory remained averagely lower dropping by 381 homes from 3,629 in December to 3,248 in January.

Housing Inventory Getting Better For Buyers

While the current inventory remains dependent on affordability in 2019 as far as housing inventory and the housing market, there are signs that some areas are showing signs of an improving housing inventory situation, with year after year increases in inventory percentages and the low inventory situation in Oakland County, Michigan according to Realcomp II Ltd.

For the past few years, historically low housing inventory has been driving up competition (and prices) for real estate in markets across the country including Oakland County, Michigan. But it looks like 2019 is going to see that (finally!) start to shift in a different direction, which is great news for home buyers. While gains are expected to be modest, housing inventory is at least going to be heading in the right direction in the upcoming year.

According to Realtor.com’s 2019 Housing Forecast, national inventory increases are projected to hover right under 7% for 2019 (which is in stark contrast to last winter when inventory hit the lowest level in recorded history). Some types of properties will see more growth than others—while entry-level buyers will see only modest changes in inventory, higher-priced properties (and higher-priced markets) should see a more notable change in available inventory in the upcoming year.

The Inventory Improvement Takeaway

If you’ve been thinking about buying a home but haven’t been able to find a property in this competitive market, it looks like things are finally starting to shift in your favor—and (hopefully!) finding a home in 2019 is about to get a lot easier.

 

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