Finally, Millennials are tipping their toes into the real estate market and here’s how you can help them with a real estate data API on your website.
The housing market is hot. According to Redfin, home sales rocketed up 9% in March compared to a year ago. The typical home was under contract in just 49 days, compared to 60 days in 2016.
It certainly took long enough. The real estate industry has seen some incredible highs and lows in the past decade.
But for real estate brokers and agents, these are the good times.
Why? Because Millennials, that generation that went through the Great Recession and saw the value of their parents’ homes plummet, at long last are seeing the light about home ownership.
The timing is perfect. This generation of workers is starting to move up in the ranks as far as pay scale. They are also getting married. Starting a family. Rental rates are getting ridiculous. Interest rates are still very low, but they are climbing. Conditions are ripe for owning a home.
Studies show first-time home buyers now see buying a home as a good investment because:
– they are building equity
– they believe they will get a future return on their investment
– they prefer to own their own space
– they like how they can control their own space and make changes as well
The Millennial generation is different, however. They are very skeptical. Some brokers and agents will just try to tell them that everything is fine and real estate is still the best investment.
However, smart brokers and agents will have solid home sales data embedded on their website to make their case with hard facts.
That includes: Recent Homes Sales Data. Market Trend Charts. Demographics. All sorts of convincing information.
Because here’s the problem with a hot real estate market – prices steadily march their way upward, making it scarier and scarier for a young person to commit. Sure, you could have purchased a home back in 2008 for a song, with historically low interest rates, but those days are gone.
That’s where Home Sales Data can be a tipping point.
Real estate data is key in a booming market
For example, Joey Coachella wants to quit paying exorbitant rent for the 800 square foot apartment he lives in. He’s got a good job, pays his bills on time, keeps his eye on his credit score and saves money for a down payment.
He’s ready to buy. But as a Millennial, he has different needs
As one housing expert said, “Millennials expressed a higher level of dissatisfaction with their communities and local housing options than did other demographics. They say that neighborhoods lack convenient outdoor space to run, walk, bike and exercise.”
More than 60% of Millennials want to live in areas where they can use their car less.
Like his peers, Joey prefers neighborhoods that are “walkable” or “bikeable” where he can easily get to a coffee shop or restaurant without climbing in his car, driving all over the place and then trying to find a parking spot.
He also wants to live near his job. Or he will want to be close to a public transportation hub.
Promote your listings that are “walkable” and “bikeable.” With a user-friendly WordPress real estate website, you can easily insert these terms into your content. There are super valuable keywords that will be picked up by Google and Bing when people use these terms to search for properties.
Go a step further. As a real estate broker or agent, you can address these location issues with map search tools similar to the ones provided by Home Junction.
That tool shows different points of interest on a map in relation to a property. Say, for instance you have listed a property that is within walking distance of downtown. You can create a screenshot of this property showing its location on a map and blast it out on social media and other outlets.
Show how this is a “walkable” and “bikeable” property. Point out the amenities nearby – cool coffee house, great sushi restaurant, popular bar.
When Joey finally gives you a call, that’s when the Homes Sales Data on your website will come in handy. Chances are a property that is close to downtown, is going to be more expensive than others out in the hinterlands.
Joey might like the property but is reluctant to commit to the higher price and the 30-year mortgage that goes with it.
But with your Recent Homes Sales Data chart, specifically geared for that neighborhood and not just the zip code, you can show Joey how home sales are taking off in that area.
There are other key points you can make with a full basket of local Real Estate Data. Demographics for example. Draw attention to how this is an upscale neighborhood that is attracting professionals and pushing up home prices.
Illustrate how this property will not only be a residence, but also an investment that should pay off if the Market Data trend line continues. There is no reason why it shouldn’t. You can also show Joey home sales data and trend lines in neighboring markets, assuring him there aren’t any better deals across town either.
If he wants to lock in the offer price, he has to make a move now. With your real estate data, he will have a comfort level knowing he did his research and is making a sound decision.
Millennials are different. This is the first generation that learned techno-speak at an early age and practice it every day. They will know how to search for data. They will believe data presented to them in a credible way on a credible website.
Talk to them in their language with trustworthy Real Estate Data that is embedded on your site and makes you a trustworthy source of information.