How To Hook Millennial Buyers? Tell Them Real Estate Is Like Sex
Have you ever heard of the slogan “Sex and Real Estate: Get Lots While You’re Young”? this phrase points out that if you want to become a millionaire by age 65, all you have to do is buy $1 million worth of real estate in your thirties, with 30-year mortgages, and then pay the mortgages of over time.
The main point is to convince millennial that they should stop being renters and buy their first home now.
There three great ideas we would love to share about buying a home today, in early 2015.
- There is no need to wait while you save money for a down payment.
Mortgage world is rapidly changing today. And down payment requirements are going down. For example, now in many cases it is only 3 percent of the sales price or even 0 percent for veterans.
Potential millennial buyers tend to self-qualify, or even worse, disqualify themselves for a mortgage. Meet face-to- face with mortgage professional is the best thing to do. If help is free, why don’t you take it?
- Projected needs should be satisfied, when they search for a home.
People usually go through similar life cycles. They should always plan ahead and not but a one-bedroom condo if they are planning to get pregnant next year.
- Home as a long-term investment.
The biggest mistake is to sacrifice future housing security by doing a cash-out refinance. It’s better to pay mortgages down over time.
If millennials buy today, we can guarantee they won’t be disappointed over the years. They will be bragging about the 2015 price they paid as a perfect decision, compared to where values will almost be in 2025.
Basically what we are trying to say is that we need trying new approaches until the millennials buy in sufficient numbers to stop the homeownership rate in America to decline.