When he came down on Christmas morning he was so excited. He exclaimed with all this horse sh-t, there must be a pony in here somewhere! The eternal optimist; talk about seeing the glass half full.
With all the talk about Millennials, there must be some business in there somewhere. A recent survey done by loanDepot revealed that although many Millennials want to buy a home, they are a little anxious about affordability.
Only about 18% of those surveyed believe they can afford a home. This from a generation that is supposed to be so informed.
Millennials are still not up to speed on the home buying, and home financing process. Based on the survey:
- 63% are concerned about the required down payment; (they probably think they need 20%)
- 48% weren’t quite sure where to start; 56% said they resorted to a google search (yikes!);
- 43% believe they may have a poor credit history, and
- 38% think that may have too much current debt, including student loans.
It’s clear from these results that there is quite a bit of anxiety, as well as, misunderstanding. It is also clear there is also an opportunity.
These consumers want to own a home. They’re just not sure how to go about doing it. It’s not something they were taught or learned in school, nor can they find reliable info from friends through social media. They need a little help.
Who better than mortgage lenders to provide that help. It is obvious to me that this generation still needs to be schooled on how to go about purchasing, affording, and owning a home.
The company that can provide that information is going to get a whole lot of business. That could be you.
Remember, this generation speaks a different language. They do their research online and care more about what’s behind a company than all the glitz and glamour.
They look for stability, honesty, and transparency. They want their information clear and concise and available when they want it and how they want; usually online.
You need to be there with more than just products, rates, and fees. But, that all comes later after you have attracted their attention.
Web sites and social media can help. But, lenders need to understand the needs of the Millennials; education.
Once they understand and are aware of the options now available for home financing they will buy. Until then, they’ll sit on the sidelines and search google for answers. They may find some answers but from what sources and how factual is the information being provided?
You may think this a bunch of horse manure, but there just might be a pony in there somewhere!