What Makes a Home Marketable in 2016

Posted: 3/9/2016
Author: Marcin Ladowski

If you’re looking at selling your house this year, or you’re in the real estate business, there are some important trends to keep an eye on that might help you in how to market your home more effectively.

One important thing to keep an eye on is the home buying habits of millennials, who are now the largest group of home buyers in the country. This demographic is increasingly going to need to rely on the use of first time homebuyer grants. Let’s take a look at why these people are moving, and what they’re generally looking for.

First Time Home Buyers are Moving for Work

Many first time home buyers are moving to urban centers like Miami, Jacksonville, and Orlando in search of better opportunities. Emphasizing commuting distances is therefore especially important.

Additionally, it’s important to realize that millennials are earning a full 30% less than older generations did at their age, because of the financial crisis and a subsequent recovery that largely didn’t improve wages for young workers. As a result, buyers are more willing to move into inexpensive areas despite possible issues with the home or neighborhood.

Millennials are Settling Down

Stereotypically this group “doesn’t grow up”, and isn’t interested in pursuing the typical America dream of settling down and starting a family, but current trends are showing that this was a financial phenomenon more than a cultural divide.

As millennials reach their 30s, the older part of the generation is starting to look for calmer areas to settle down and start families. As we mentioned before, they’re doing this because of their age, not because they can afford it. That means smaller and less expensive homes are in much higher demand than newer and larger houses.

Get Ready for Paperwork

More than in the past, sellers can expect to work with buyers who are relying on mortgage assistance like government loans, mortgage grants, or fha down payment assistance.

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