Millennials!
No matter how much backlash they get from GenX for being too modern or from GenZ for not being modern enough.
They have paved the way for many!
And they were the OG trendsetters in many cases.
Especially the internet!
GenZ often thinks that the internet is their thing. However, the internet first commenced in the 90s.
Plus, they are changing some dynamics of many industries. The housing market is one of them.
How?
Now, that is a question that we will be answering soon!
You can get the answer in much detail https://www.teifkerealestate.com/
In this excerpt below, we will be discussing more on the fields of why millennials are investing in real estate and what are the new changes that they are bringing.
Why Are We Seeing Millenials In Real Estate
Here are some of the common reasons why we see more and more millennials getting interested in real estate.
According to experts, they should-
1. The Lockdown
If there is one thing that the lockdown has taught it, that is the importance of a house with a stable roof overhead.
We cannot say when such a situation will follow mankind again. However, there is no harm in being too prepared about it.
Thus, many millennials are investing in real estate rather than renting our properties time and again.
It is a form of security when it comes to habitat.
2. They Want To Reduce Tax
Yes, you can reduce taxes and even cut down on your monthly EMI interest. Plus, you can also get the home loan’s principal amount as a tax deduction amount.
If the value of your loan doesn’t exceed a certain amount, first-time homebuyers can claim tax benefits.
3. It Is A Good Investment
It is an excellent investment, no doubt, but the reason why millennials are so hyped about real estate is that it is safe.
It is not as risky or volatile as the stock market or Cryptocurrency (which is also growing in the craze as of now).
There are very few unexpected risks, and even if there are, you can combat them with the proper investment. Plus, it is not really a very fluctuating market, so you shouldn’t be scared.
4. Extra Source Of Income
You can either buy a few real estate properties and then rent them; this is like an extra source of passive income which could secure your future.
Especially in this market of unemployment, it is very difficult to secure something stable with your active job.
This is why real estate has become a favorite for everyone among the millennials. Especially after the COVID19, they are desperately looking for something which will help them get this sense of stability and continuous source of income.
5. Secure Retirement
For us millennials, all this hard work is also so that we can enjoy our retirement even after enjoying our youth.
Now, our active income could be very well for the purpose of enjoying our youth. However, when it comes to the passive source of income which comes from real estate, it is all for retirement.
Real estate is a favorite because of its security and the fact that it is a less risky platform. Most of your passive income will stay with you until retirement.
How Millenials Are Changing The Housing Market
When it comes to the housing market, there are a few trends that we are seeing coming up after millennials have started investing in real estate.
These are mostly that are seen in the real estate trends now!
1. Digital Marketing
When digital marketing is being used for almost everything, then why should real estate not be a part of the game.
New millennial real estate agents are making full use of digital marketing in order to attract more customers.
And most importantly, the rightful customers!
Now, they are using things like-
– Social media.
– SEO.
&
PR, to promote properties, and it is not just about the traditional methods anymore.
2. Tech-Based Decision
Many have shifted completely towards taking some tech-based decisions and also bringing IoT and Virtual reality to the housing market.
Realtors are asking people to improve their listed houses with the help of smart home technologies, as they are known for increasing sales in the past few years.
Plus!
Now many real estate companies are giving virtual tours with the help of virtual reality glasses. This has become even more common after the pandemic and complete lockdown.
3. Communication Made Easy
Communication has been made easy with the help of all the digital tools.
Now, even the owners are able to talk to the realtor and the potential customers easily with the help of collaboration tools.
No more waiting for months to hear from your realtor anymore; you can get all the information with the press of a few buttons on your cellular device.
Plus, millennials are very much into making things more transparent and getting everyone on board, rather than keeping things too confidential.
4. Compare & Contrast
As a millennial who is planning to invest in real estate, you should never accept the first price or even the first property (unless you really love it and there is no flaw).
Other than that, you should always go to the internet and compare and contrast all the important pieces and facilities for the other properties nearby.
Research is very important for millennials before they believe in someone’s word and takes a decision.
5. Ever Information In Fingertip
Yes, every piece of information is at your fingertip, and millennials are more into being well aware of any industry that they would be investing in.
Yes, there are experts. However, believing blindly in experts can also lead to being a victim of scams.
These scams could be prevented with the right information.
Millennials Rules!
Millennials are changing many industries with their visionary ideas and innovative minds, and we are all here for it.
They might deal with a lot of backlash from the generation before them and their generation after.
However, it is their unfiltered and resilient nature that is helping them move forward, even in real estate.
Article Submitted By Community Writer
