Everyone seems to be talking about Millennials and how to attract them to your home (listing). “Millennials are the new buyers,” “Market to Millennials,” millennials, millennials, millennials. And yes, in fact, the latest Home Buyer and Seller Generational Trends report – compiled by the National Association of Realtors – shows a consistent finding for the last four years: Buyers 36 years and younger (Millennials/Gen Yers) are the largest share of home buyers at 34 percent (down from 35 percent in 2015 year).
(If you’re into statistics the Home Buyer and Seller Generational Trends report is actually a pretty interesting report. READ IT HERE)
Seems like “they’ve” forgotten the power of the Boomer generation – those of us between 52 and 70 – who make up 30 percent of the home-buyers in the current market; only four percent less than the much ballyhooed millennials.
However, the stats are completely reversed when it comes to home sellers. Boomers are large and in charge, making up 41% of the home-sellers in today’s market. Millennial home-sellers lag behind at only 18%.
If you live in Rochester, MN and you are or will be a member of this Boomer home-seller group, and if it’s been some time since you’ve dealt in real estate, take these three steps first to ensure a smooth road to the successful sale of your Rochester home.
If you’ll be buying another home, planning ahead is imperative. The loan process can be potentially more challenging since you already own one home, if you’ll need a simultaneous close (timing the closing of both homes at the same time), the process becomes even trickier.
The “should I sell or buy first” predicament has several solutions, which I’m happy to share with you.
If you’ll be buying another home, get the financing going
Now that you know how you’ll deal with your current Rochester home you’re better positioned to determine the loan you’ll need for the new home. It’s time to choose a lender and get professional advice and a loan pre-approval.
Keep in mind when comparing mortgage rates, the advertised rate typically doesn’t reflect the rate with fees and points included. Ask for the Annual Percentage Rate and use that to compare loan offers.
Get Your FREE No-Obligation Home Valuation Report by Clicking Here
Hire a real estate agent
If you’ll be undertaking two transactions (buying and selling), it’s important to take some time when deciding which agent to hire. Now is not the time to base your decision on familial or friendship ties. These are transactions that can either positively or negatively impact your finances and require the services of an experienced professional.
I understand baby boomers typically have high expectations of those they choose to represent them and it’s important you never compromise and you make these expectations clear to any agent you interview. Sure, all real estate professionals should provide estimable customer service but, sadly, they don’t. Ask for references and then check with these former clients to ensure their expectations were met in a timely and professional manner.
If you expect prompt returns of your phone calls, quick action to view homes for sale or crystal clear communication every step of the way, make it known to your agent.
This is a vibrant and an important time in your life and you should only work with an agent who understands this and does everything possible to assist you, according to your dictates, down the road to your new life.
I’m here if you have questions
Just click on any of the contact forms here on the site or give me a call. I’m happy to provide any help I can in answering your questions. Check out my brief home selling system here. If you’d like to read more home selling articles here on Your Rochester just CLICK HERE.
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