The next generation of homebuyers has different expectations of the real estate process, and who can blame them?
They are facing a different set of realities from their parents.
The average Gen Y currently has, on average, $27,000 in college loans to repay, which they may spend the better part of a decade doing — exactly at the same time when past generations were usually saving up for a down payment, writes Doorsteps, a real estate search site.
As a result, the real estate industy has to revamp itself and reimagine how the home selling process will transition in the coming years.
Doorsteps, a real estate search site that develops relationships between buyers, sellers, lenders and service providers, has created a very informative infographic to show the shifting landscape.
Based on data presented, it seems first-time homebuyers are more willing to compromise on the house, but not on the neighborhood.
And many first-time homebuyers cut out luxury items (42% of those surveyed) and entertainment (35%) to save for a home.
The average age of the first-time homebuyer is 31, so for those of us right out of college pursuing the American dream of owning a home, we have a ways to go.
Finally, first-time homebuyers are extremely open to considering buying a home in foreclosure — a whopping 65% — in fact, even more so than repeat buyers.
