More Millennials Are Buying Their First Homes

West Virginia realtor Patricia (Trish) Sanderson assists buyers and sellers through her work at Crestar Realty. As a realtor, it is important for Patricia Sanderson to keep up with trends in both the West Virginia and national real estate markets. One trend affecting the national market is the increase in millennials looking to buy their first homes.

Research shows that after a long slump that coincided with the recent economic downturn, an increasing number of millennials, defined as adults between the ages of 18 and 34, are beginning to consider purchasing their first homes. As the job market grows and wages rise, millennials currently renting now have the income they need to invest in hones. Several trends have been noted related to this growing group of buyers:

- Millennials tend to skip the proverbial “starter home” in favor of larger, more expensive homes. 

- Perhaps due to a lack of ready cash, millennials are avoiding fixer-uppers and gravitating more toward homes that have been fully updated and are move-in ready. 

- Amenities valued by millennials include large, modern kitchens and bathrooms, green features, open floor plans, strong Internet and cellular service, and a good location.

- This age group relies heavily on mobile technology and is extremely well informed. Most millennials research properties extensively before visiting them. 

- Most millennials utilize real estate agents to assist them in the homebuying process.

- When looking at homes, many millennials rely on the opinions of their parents. Realtors often end up showing homes to large groups of people that include close family and friends.