ORLANDO, Fla. – Millennials are the largest buying force in the housing industry, according to the recent 2019 “Home Buyers and Sellers Generational Report,” released by the National Association of Realtors® (NAR).
This generation of buyers, between the ages of 21 and 38, account for 37 percent of all home purchases, the report found.
Older millennials – those ages 29 to 38 – make up the largest share of married buyers, at 69 percent, and are the most likely to have children under the age of 18 living at home, at 58 percent. Their top motivating factors for buying include the desire to own their own home (42 percent), the desire for a larger home (15 percent), relocation for a job (9 percent), a change in familial status (7 percent), and the desire for a home in a better location (6 percent).
Older millennials have a median household income of $101,200, according to NAR’s report, and purchase homes with a median price of $274,000. That’s comparable to Gen Xers, who have a median income of $111,100 and purchase homes with a median price of $277,800, and younger baby boomers ($102,300 and $251,100, respectively).
Millennials are the generation most likely to make compromises on their home purchases, the report found. They also plan to stay in their homes for 10 years – a shorter time than Gen Xers, who plan to stay 16 or more years.
Millennials also rely on real estate professionals when completing a home purchase, with younger millennials between the ages of 21 and 28 being more likely than any other age group (87 percent) to use an agent’s services.
Some of the top benefits that millennials said real estate agents provide are:
- Help to understand the process (72 percent)
- Point out unnoticed features/faults with property (58 percent)
- Negotiate better sales contract terms (49 percent)
- Provide a better list of service providers, such as home inspectors (49 percent)
- Improve buyer’s knowledge of search areas (41 percent)
- Negotiate a better price (35 percent)
The report found that millennials place high value on communication with their real estate agents. They value agents who personally inform them of all activities; send updates as soon as a property is listed, price changes and a warning if one goes under contract. They also like communication via text message or email, providing they address their specific needs.
Among features on agents’ websites, millennials found these to be most important: photos, detailed listing information, floor plans, information on recently sold properties and virtual tours. They found videos (23 percent) and real estate news or articles (8 percent) the least helpful, according to the report.
Additional millennial highlights from NAR’s report
- Commutes are a major factor in millennial real estate decisions. Commuting costs were one of the top factors weighed when choosing which home to buy.
- They often have financial help. Buyers aged 38 and younger are the most likely to receive a gift from relatives or friends to help with their downpayment to purchase a home.
- One in five younger millennial buyers is unmarried, and the share of single first-time buyers is growing.
- They’re fleeing the nest. Thirty percent of younger millennials lived with their parents prior to buying their own home.
- They’re searching for affordability. One in five younger millennials purchased a home in rural areas, and 13 percent in small towns. Those figures are the same for younger baby boomers.
- They want to stay close to family. Younger millennials – just like baby boomers and those from the silent generation – are the most likely to say they want to be near friends or family when they buy a home.
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ORLANDO, Fla., April 22, 2019 – Florida’s housing market reported more pending sales, higher median prices and increased inventory (active listings) in March compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 25,013 last month, about the same level as March 2018.Read More »
ORLANDO, Fla., April 9, 2019 – Don’t wait to enter Florida Realtors® annual Environmental Award program, or you may be green with ENVY when the winner is chosen. Popularly known as the “ENVY” award, the honor goes to a development that best preserves Florida’s natural quality of life. The award may be given in two categories: one for residential development and one for commercial development.Read More »
Residents of Chipley and other areas in the Panhandle struggled in the aftermath of Hurricane Michael with the devastation caused by downed trees, flying debris and other damage. Cindy Birge, a local Realtor, saw many needs and joined forces with fellow residents and other Realtors to help community recovery efforts.
CHIPLEY, Fla. – Cindy Birge is no stranger to hurricanes and powerful storms. After all, the broker-owner of Elite Realty in Chipley and member of the Central Panhandle Association of Realtors® has lived her whole life in the Panhandle. Hurricane Michael was different, she says.Read More »
ORLANDO, Fla., March 22, 2019 – Florida’s housing market reported higher median prices and increased inventory (active listings) in February compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 18,966 last month, up 1.9 percent compared to February 2018.Read More »
CANNES, France, March 13, 2019 — Florida Realtors and the Dubai Land Department today signed a joint Memorandum of Understanding (MoU) during MIPIM 2019, the international real estate and property investors conference held March 12-15, 2019, in Cannes, France.Read More »
Orlando Realtor Benjamin Urrutia, shown at far right wearing a gray suit with a red tie, proudly represents the Maitland Rotary Club, which partnered with the Bogota-Occidente Rotary Club to raise money to help underprivileged children in his home country of Colombia. A former member of the Bogota-Occidente Rotary Club Urrutia visited Colombia this past fall to present equipment and money to the cause.
ORLANDO, Fla. – Community service has always been important for Benjamin Urrutia, a sales associate with Charles Rutenberg Realty in Orlando.
“I came to Orlando in 2003 after living in Colombia and Chicago,” says Urrutia. “While in Colombia, I was a member of the Rotary Club of Bogota-Occidente, so once I was in Orlando, I joined the Rotary Clubs of Maitland to serve my community.”
Urrutia is doing more than serving his Orlando community. He’s also helping underprivileged children in his home country of Colombia.
“There is a large population of underprivileged children with the syndrome of cleft lip and palate,” he says.” Without medical intervention, life will be hard for them.”
So, he and other members of the Maitland Rotary Club came up with the idea to partner with the Bogota-Occidente Rotary Club to help those children by donating money to buy equipment for a rural school in Bogota. Once that money was raised, the group moved to their second goal – to fund an organization called Fisulab, which provides medical and psychological help to children and teens who have a cleft lip and palate. Fisulab was founded in 2000.
“It does more than medical care,” says Urrutia. “They have family workshops where they talk about the different aspects of cleft lip and palate, such as social consequences, how to deal with grief and a walk-through before and after surgery.”
He says, “It’s so important to help these children assimilate into the community.” With Urrutia’s help, the Maitland Rotary raised some $37,000 to donate to Fisulab.
He recalls, “I was able to visit Colombia in October 2018 to present at the official ceremony when we delivered the equipment and money.”
What Urrutia saw moved him.
“It was exciting to see kids who were now adults and had been through treatment – kids who learned to talk again and were now engineers, psychologists and nurses,” he says. “They were able to overcome their handicap and become productive members of society.”
He was especially taken with a “fellow who was now an architect and plays the piano. He had such a hard time when he was younger trying to pronounce words correctly, and now he’s a success,” Urrutia says.
While this project is now completed, Urrutia has encouraged the Maitland Rotary Club to take on a clean water initiative.
“We would like to repair the desalination plant in a rural area of Colombia inhabited by Indian tribes,” he explains. “The area is so close to the ocean. Without a working desalination plant, the water is brackish and of inferior quality.” Their goal is to raise $27,000 for the project.
For Urrutia, it’s all about serving others.
He says, “It is part of our job as Realtors and within the Rotary International Creed to serve others above oneself. I believe deeply in that creed.”
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Florida Realtors® and the Spanish International Realty Alliance® (SIRA) Sign Cooperative Agreement for the Future
CANNES, France, March 12, 2019 — Florida Realtors® and the Spanish International Realty Alliance® (SIRA) today signed a joint Memorandum of Understanding (MoU) during MIPIM 2019, the international real estate and property investors conference held March 12-15, 2019, in Cannes, France.Read More »
ORLANDO, Fla., Feb. 21, 2019 – Florida’s housing market reported more new listings, higher median prices and increased inventory (active listings) in January compared to a year ago, according to the latest housing data released by Florida Realtors®. However, uncertainty over mortgage interest rates, the stock market and the federal government’s shutdown may have affected home sales, which were lower than the level of sales a year ago. Sales of single-family homes statewide totaled 15,526 last month, down 6.2 percent compared to January 2018.Read More »
ORLANDO, Fla., Feb. 12, 2019 – Florida’s housing market wrapped up 2018 with more sales, higher median sale prices and more new listings compared to the year before, according to the latest housing data released by Florida Realtors®.Read More »