Las Vegas Real Estate News

Who Are The Future Homebuyers?

According to a new report from Realtor.com, the new homebuyers will be women, millennials, and Hispanics.

Their researchers looked at the first names of people on real estate deeds. This allows them to estimate who is buying homes and where.

Seven of the top ten names on new real estate deeds

Seven of the top ten names appearing on real estate deeds are women. Names like Hannah, Alexis, Taylor, and Brooke are the names that show up most on new deeds.

What does this mean?

There will be a change in the ways that homes are sold. Women, as a group, have a different set of priorities than men. The lawn might not be as important as the layout of the interior.

Furthermore, there will need to be a significant change in how young women are treated. Since most of these names are millennial names, these women are in their 20s and 30s. That means that the days of “why don’t you send your husband by to talk about the money part,” are long over. Women oversee the money and in the next 20 years, the buying power will shift to women.

new homebuyers

The Millennial Wave is real

Deeds with millennial names increased 5.3 percent in 2018. This is the largest generation since the Baby Boomers and they are rapidly controlling more of the economic power. Millennial buyers are significant in Kansas, Indiana, Louisiana, Missouri, and Utah. Affordable homes are the key. In places where prices are high, like the coasts and Texas, millennials are not buying.

What does this mean?

This is the generation that saw their parents and older siblings decimated by the housing crisis of 2008. Now, 10 years later, they want homes with value, not just high price tags.

Watch for solid job markets to attract this generation as with other generations. To know how to price a home, look at the help wanted ads for jobs that pay well and require college degrees.

Hispanic Buying Power Continues to Increase

Hispanic buyers are continuing to have a huge impact on the market. From Texas to California, Florida, Illinois, and New Jersey, the number of Hispanic names on deeds grew by 4.1 percent. Even partially Hispanic names grew by 3.7 percent. Not all the buyers are coming over our Southern border; many arrive from the Caribbean, especially Puerto Rico.

What does this mean?

It means that in order to sell a home, especially in the states listed above, a listing should be bilingual. Often, it’s not that the buyers don’t speak any English, but they are more comfortable speaking and negotiating in Spanish. A bilingual real estate agent will of a long way to helping you sell your home faster.

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