I’m so glad I’m not of the Millennial generation.
Not only are Millennials accused of being self-involved, phone-addicted, Instagram-obsessed losers who borrowed thousands for a college education studying “Strategies of Digital Gaming,” and “Graphic Books in Literature” (comic books), can’t find a job and are resigned to living in their parent’s basement. Now, a new study reported in USA Today claims the poor waifs are jealous of their own kind who have managed to buy a house.
The survey states that Millennials are motivated by FOMO, or “Fear of Missing Out.” The article says that, “fear of missing out — has become one of the forces spurring many Millennials to finally buy a home, according to a Bank of America survey of 2,000 adults early this year.”
The catalyst of all this angst is, of course, social media. Seeing all their friends posting photos of their new digs and raving about the joys of home ownership on Facebook and Instagram has ramped up the jealousy factor and created yet another strike against Facebook and friends. USA Today states, “While social media has some influence on first-time home buyers generally, it has a particular hold on Millennials, or those born between the early 1980s and early 2000s. Millennials make up 65% of all first-time buyers, according to a survey by the National Association of Realtors (NAR).”
Unfortunately, another story in the news points out that today’s hot real estate market is driving real estate prices through the roof, with a short supply of homes for sale and a glut of buyers willing to make an offer sight unseen and gladly engage in bidding wars.
My suggestion for Millennial buyers is to start with a lender first, find out what they can afford and get qualified for a mortgage, however small. Then meet with a Sit down with a REALTOR®, and find out what properties are available out there in the locations the buyers need. Starting with the help of these two experts to make a plan is the best way to avoid “missing out” on home ownership.
Global Property Systems says:
Contact any Global Property Systems REALTOR® to start your search. Contact our preferred lending expert Barry Goldenberg. Barry is Senior Mortgage Loan Originator for Luxury Mortgage. Or call him direct: 516-393-9511.