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Younger homebuyers work harder than most to find the right home

Posted by Mehran Aram on Tue, Apr 9, 2019 @ 06:04 AM

When it comes to searching for the right place to live, millennials are willing to put in the leg-work. According to a Zillow Group Consumer Housing Trends Report, millennial home buyers are extremely motivated – going on more tours, doing more research and more willing to make repairs than older generations.

The average millennial goes on 4.4 home tours, more than their older counterparts. 42.7 percent of millennials go to at least two open houses, far higher than Gen X’ers (30.4 percent) and baby boomers (24.9 percent).

Millennials also do more research including reading online reviews of agents, visiting their broker’s website and studying the market.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: Millennials, Zillow, Mortgage rates, open house, Millennial Homeowners, Consumer Housing Trends