About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.

Don’t Let Down Payment Obstacles Deter Millennial Buyers

Ah, the elusive millennial homebuyer…

Our industry has spent most of 2014 analyzing why this demographic hasn’t bought a home (Student debt? Unemployment? They want to rent?) and even more time researching millennial goals and beliefs to forecast what’s next for housing.

In fact, it’s hard to come across any housing story (include this one) that doesn’t mention the importance of millennials. The choices they make — rental or homeownership — will direct the immediate future of housing.

But, how do we crack the code to reach and help millennial homebuyers?

According to research by Zillow, adults age 22 to 34 are more eager to own a home than older Americans. In addition, the Demand Institute found that 75 percent of millennials believe owning a home is an important long-term goal. One key sign of increasing home buying interest: A Google consumer survey found that half of millennials visited real estate websites in July (up 30 percent from the previous year).

The desire to own is high; their primary challenges are inventory and home financing, according to the National Association of Realtors’ 2014 Profile of Home Buyers and Sellers. If Realtors could help eliminate one challenge for millennials, more could buy today, or at least begin the journey. We already know that the down payment is the biggest problem for first-time homebuyers, and we also know that home financing is critical for millennials. Many buyers are, however, falsely holding onto the belief that all home loans come with a hefty down payment and stringent qualifications.

Realtors have the power to change that narrative. By helping buyers investigate their down payment options, you become an advocate for today’s missing millennial homebuyer.

To read the full article, click here.

About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.