By Bianca Wright
“Knowledge is power” Literally, having information allows you to make a better decision period. However, having too much information may pose as a negative on your ability to execute a decision or to be decisive at all. According to John White of Inc.com, in his Article titled “How Millennials are Changing The Housing Market” he mentions how this generation has the most information available on the housing market compared to generations before. He also elaborates on how Realtors may need to change their approach in helping buyers find homes in order to capitalize on the opportunity to work with millennial buyers.
So where to begin with this? As a Millennial (a person born between 1980-2000 according to Time Magazine) I agree that we do live in an age of information thus allowing for better decision making, taking more calculated risk and well… I’m going to be extra candid and say it also encourages us to be more mindful. Maybe that’s too far but it’s hard for people to get away with saying “I didn’t know”...yes you did, you liked it on Facebook. This is a great day and age that we live in however, knowing exactly what you want in a home is less than half the battle. Honestly, it’s probably 10% of the home buying process. Once you know what you’re looking for, the rest is all about locating a property that fits your budget. Actually, let me reverse that statement. The very first step is knowing your budget so you’re not swimming upstream with no place to go. And yes, this is what Realtors see when you want to go out and look at homes without a pre-approval letter from your lender.
It is hard for me to take the opposition of something that I am allegedly apart of, being a millennial that is, but as a licensed Agent, working in the field of Real Estate, far to often people get discouraged by what they can’t have. Purchasing a home is more than just creating a vision board of what you like. Have your lender put together a vision board of your finances, that will be a great start!
In short, Millennials know exactly what they want. With so much information instantly available, it is very easy to google anything and see it in front of you, on the screen that is. Seeing is believing as many people say however, in this case knowing is believing and I believe I can’t purchase an $800,000 dollar home in the Bay on an FHA Loan alone due to loan limits because I know FHA will only finance my home purchase up to $636,150 in high cost areas according 2017 FHA Loan limits. This is not something people are aware of when starting the Home buying process. Should they be aware of it? At some point yes if they are serious and motivated.
Have you ever hung the phone up in someones face because you knew they were about to reveal a big secret to you and you didn't want that burden of knowing. Having so much information available to you is kinda like that. You are placed in a position where you are somewhat responsible for knowing what you are getting yourself into.
I cover Real Estate Market information, RE Investing, legislation, loans and other stuff :-) My Goal is to bring facts to the table in hopes to open up a dialect among real people. Far to often the topic of Real Estate is perceived to be foreign when in fact it directly affects all of us. So lets talk about something that matters.