Though the misconception that it requires a 20% down payment to buy a home is prevalent, there are many facts that offer great prospecting opportunities for lending companies, loan officers and their referral partners:
Society is constantly changing, evolving and moving forward, which can be a real nightmare for mortgage lenders. Not only do they have to gather intel on the largest faction of potential homeowners, but they also have to find a way to target them. Now, the industry is currently saturated with millennials who are ready and waiting to join the property ladder.
Millennials have postponed buying homes for a long time, choosing instead to rent or live in multi-generational homes (like in mom and dad’s basement.) Even so, the dream of homeownership has hung on the horizon. Finally, many are taking the leap. That’s exciting, but now that millennials are part of the picture, it significantly changes how we approach the real estate market. From building homes to showing them, we have to consider how millennials operate in the world, and take into consideration what they are looking for. Specifically, developers need to ensure that the homes they are building are designed around what a millennial is looking for.