millennials real estate

Millennials use their smart phones extensively in the homebuying process and use apps for research. Photo: Garry Knight

For years, millennials have largely been thought of as renters, not buyers, but that has changed. Millennials, born from the early 1980s to the early 2000s, now represent the largest group of homebuyers in the U.S. at 32 percent, taking over from Generation X, according to the 2015 National Association of Realtors (NAR) Home Buyer and Seller Generational Trends study, which evaluated the generational differences of recent home buyers and sellers.

This matters because the way millennials buy real estate is markedly more technology-driven than older generations, and Realtors need to adapt to their style if they want to keep up, says David Maez, Broker and Co-Owner at VIVO Realty.

“There’s lots of frustration among older agents in working with the millennials, but they’re not going away and agents need to learn to adapt,” Maez said. “It’s exciting because of all of the technology that’s available to us to make it easier to buy and sell properties. How people buy properties is going to continue to evolve on the technology level.”

millennials real estate

Take, for instance, the telephone. Many Realtors are used to speaking with clients, but millennials are much more into texting.

“With millennials, you have to communicate how they want to—they are big on texting and many don’t even answer their phones,” Maez said. “Some agents have had success using Facebook messaging because [their millennial clients] are not checking their email, either.”

The smartphone is key to a lot of the differences in millennial real estate patterns. More than half of them search for homes on their mobile phones and 26 percent of those buy a house they found that way, according to research from NAR.

(more…)

Millennials texting

Millennials use their smart phones extensively in the homebuying process and use apps for research. Photo: Garry Knight

For years, Millennials have largely been thought of as renters, not buyers, but that has changed. Millennials, born from the early 1980s to the early 2000s, now represent the largest group of homebuyers in the U.S. at 32 percent, taking over from Generation X, according to the 2015 National Association of Realtors (NAR) Home Buyer and Seller Generational Trends study released today, which evaluated the generational differences of recent home buyers and sellers.

This matters because the way Millennials buy real estate is markedly more technology-driven than older generations, and Realtors need to adapt to their style if they want to keep up, says David Maez, Broker and Co-Owner at VIVO Realty.

“There’s lots of frustration among older agents in working with the Millennials, but they’re not going away and agents need to learn to adapt,” Maez said. “It’s exciting because of all of the technology that’s available to us to make it easier to buy and sell properties. How people buy properties is going to continue to evolve on the technology level.”

NAR graph

Take, for instance, the telephone. Many Realtors are used to speaking with clients, but Millennials are much more into texting.

“With Millennials, you have to communicate how they want to—they are big on texting and many don’t even answer their phones,” Maez said. “Some agents have had success using Facebook messaging because [their Millennial clients] are not checking their email, either.”

The smartphone is key to a lot of the differences in Millennial real estate patterns. More than half of them search for homes on their mobile phones and 26 percent of those buy a house they found that way, according to research from NAR.

(more…)

gentrification demonstration

As Silicon Valley buyers moved in to San Francisco, prices for rentals and single-family properties have pushed sky-high. As Candy reported, the bus routes that shuttle employees to and from the Facebook and Google campuses have been protested and picketed by folks fed up with increasing cost of living and being pushed out of the city.

But two laws that went into effect this year to slow speculation and perhaps curb the high rate of evictions under the Ellis Act, which allows owners to evict renters in the case they no longer wish to be landlords. The city is prohibited from issuing permits on Ellis Act properties for 10 years after an eviction, or for five years if the owners chooses to move back into a property.

Realtors have filed suit, saying the law restricts property owners from seeing the full benefit of their real estate ownership. Here’s what they said in the SF Examiner story:

“The San Francisco Association of Realtors supports the rights of private property owners for the free use of their property as their needs suit them. This legislation only exacerbates the problems families face in finding adequate housing and drives out the families that have created the diversity we want and celebrate in our city,” said Walt Baczkowski, the trade group’s CEO, in a statement.

The question still remains — at what point does the city step in when housing prices grow so out of control to threaten the very makeup of the city? If you haven’t already, read Candy’s thoughtful breakdown on the matter and tell us: Do Realtors have a leg to stand on in this fight? Or is the city’s mandate too harsh in that it impedes development?

 

We’ve recently made the change to Facebook comments on our blogs, and we wanted to take a moment to explain why we decided to change the comment format, and how it works.

Commenters can now login via Facebook or Twitter — we are working on Google+, LinkedIn, and other social media accounts. When you opt for one of these social logins, your comments don’t have to be subject to editorial moderation before posting.

We don’t shy away from controversial topics here on CandysDirt.com, no sir, we do not. Once in awhile we hear from peeps who want to turn a legitimate House Porn analysis or  an intelligent discussion about the real estate issues our region faces into ad hominem attacks and ugly arguments behind the guise of Internet anonymity.

Over here at CandysDirt.com, we don’t like ugly

We’ve never cherry-picked comments on this blog. As a matter of fact, we’ve published several comments that even the comment’s author thought would be relegated to the circular file. You can’t be a blogger in this age if you don’t have both thick skin and the ability to laugh at yourself. Likewise, personal attacks, profanity, outright lies and libel are the only comments we’d filter out.

But we’re never willing to settle for just OK. We’re the region’s leading source of real estate insider news for a reason — we’re always striving for bigger and better. In an effort to elevate the discussion even further, we’re holding comments to the same level of accountability to which we hold ourselves. Quite simply, they are a guest in our home. We love having them here, we want to wine and dine ’em and hear everything they’ve got to say. Get it off your chest ’till those implants burst! But just don’t get ugly on us.

Like any transition,  it won’t be easy at first as we knock out the kinks. We’re also seeking a way for non-Facebookers to get in on the fun.

We have built something pretty special here and we are growing like a 6-year-old kid who tells his mom “my legs are hurting.” Our goal is to build an online media company that everyone who reads and shares CandysDirt.com can be proud of.

Disagree? Like the new Facebook comments? Well, comments are open!

Wow. In seven short years we have gone from 71% of buyers seeking properties on the web to a full 99%. The sharp agents now are also posting homes on Google, FaceBook, YouTube and Twitter. And internet advertising is a fraction of what it costs to advertise in magazines and newspapers. Plus it saves trees!

Last week I told you how New York state is gigging out of state home owners for state taxes even if you don’t sleep there. Head west to the Rockies for this tall tale: the Colorado Association of Ski Towns, or CAST, is holding off on plans to¬† hunt down vacation rental owners who aren’t remitting lodging taxes or paying necessary business license fees.¬† An Austin, Texas based company called Home Away, the parent company to VRBO.com (Vacation Rentals By Owner), has threatened legal action against CAST if it begins to use a newly developed software program to gather information from online vacation rental advertisements, cross-referencing that information with town records. They want to do this to find out who is illegally renting out their property. Actually, let me re-phrase that: who is renting out the property he or she owns but not telling the state and remitting taxes or fees.
People do this? Of course. Home Away, the largest vacation rental site,  claims this software tracking program violates its Terms of Use by “scraping” personal information off its website. Web scraping is automatically collecting information from websites. Web scraping is closely related to its cousin,  “web indexing,” a technique regularly employed by most search engines, such as Google.

Web scraping focuses more on the transformation of unstructured web content, typically in HTML format, into structured data that can be stored and analyzed in a central local database or spreadsheet. In other words, they can spy on home owners through snitching Home Away’s data and then go flog them.

Virginia-based Eye Street Solutions, the software company that developed this program, says it’s perfectly legal and they track Internet sites in the same way as Google.
Better hurry up and lease:¬† the CAST towns have asked Eye Street to get out the lawyers and come up with indemnification language for all the contracts signed between the towns and Eye Street, Burford said. Then they’ll go back to snooping on homeowners to see who is leasing, and who is not.