About 7 percent of Millennial renters in the Dallas metro area expect to rent forever, America’s priciest real estate markets revealed, an architectural lecture is set for Dec. 3, and a $1.5 billion mixed-use development is underway in Lewisville, all in this week’s roundup of real estate news.

 

About 7 percent of Millennial renters in the Dallas metro area expect to rent forever, America’s priciest real estate markets revealed, an architectural lecture is set for Dec. 3, and a $1.5 billion mixed-use development is underway in Lewisville, all in this week’s roundup of real estate news.

Small Percentage Of Dallas Millennial Renters Plan To Never Own A Home

Apartment List recently studied Millennials and their plans for homeownership, finding that many are content with life as a renter.

Olyvia Ruhlmann of Apartment List released the following findings, specific to the Dallas area:

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Panelists Corey Clothier (Mobility e3), Rod Schebesch (Stantec), Kelley Coyner (Mobility e3) and Tom Yardley (Stantec)

 
We’re starting to see the impact that self-driving, autonomous vehicles will have on real estate development. It corresponds, interestingly ,with the same trends we saw in the recent WalkUp Wake Up Call for DFW: these will be two major real-estate-driven boons to our local economy that will change the landscape of our cities over the next few decades.
 
If you’ve been following the autonomous vehicle conversation, you know there are LOTS of different companies working on AV technology with a variety of different applications, from long-haul platooning to neighborhood delivery robots and everything in between. Experts from Mobility e3 & Stantec broke down the real estate impacts of AVs at a panel discussion hosted by Munsch Hardt law firm.
 
Bottom line, the AV technology with the greatest impact on local real estate development will be the AVs adept at navigating high pedestrian densities. That is, once the novelty wears off and people stop jumping out, playing with, and laying in front of them, making for a very long and jerky ride. There are a few companies honing this technology for high-density, mixed-use areas where originations and destinations are within relatively close proximity. Navya is one. It’s a French company that built one of the first driverless vehicles and has been operating a driverless shuttle minibus in Las Vegas. They just delivered a public bus fleet to Oslo, Norway.
 
All but one of the prototype vehicles in use in the U.S. now are small vehicles carrying 4-8 passengers.

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ribbon cutting

Ribbon Cutting for the new playground at Griggs Park. Nolan Marshall stands with Katy Slade, Philip Kingston, Paul Simms and his daughter.

“Griggs Park is one of the features that makes Uptown more sustainable. Uptown has a tendency to over-invest in private infrastructure and under-invest in public infrastructure,”noted District 14 Dallas City Councilman Philip Kingston at the Tuesday ribbon cutting of Griggs Park’s new playground. “This will soften the hard edges that tend to be created in high-density neighborhoods.” 

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Lombardy lane ArlingtonDid your parents help you buy your first house? I know that down payment money is not supposed to be “borrowed,” but it can be a cash gift.

Of course, with a Fannie Mae loan, you can put down as little as 3 percent for a down payment, but there are strict limits on the prices of properties.  I think this cute $165,000 1950s ranch in Westwood, Arlington would work. The giant mortgage service company that is publicly traded but also quasi owned by the Federal government went on a quest to find out what kind of assistance young adults get from their parents, and how that assistance impacts their likelihood of buying a home.

We are all bemoaning the drop in homeownership among young adults: since the Real Estate bust, homeownership rates of households headed by 25- to 34-year-olds has fallen by nearly 10 percent, to 36.9 percent in 2014, when it was almost 46 percent in 2006.Lombardy lane Arlington.jpg kitchen

Of course, 2006 was the era of easy peasy money, no income documentation loans, etc. It clearly helped young home buyers.

So do kids buy more real estate if mom and dad make it easier to get a loan because they help with the down payment?

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6934 Hammond ext

6934 Hammond Ave. $869,000

Is Dallas becoming LA?

We have been harping on this for quite some time, but now the mainstream media seems to have taken a whiff of real estate smelling salts. First-time homebuyers (who don’t get lump sum down payment help from Mom and Dad) are out of luck finding affordable homes and will continue to be out of luck, maybe forever.

More Millennials are buying homes, but are you prepared to serve them?

More Millennials are buying homes, but are you prepared to serve them?

Millennials may not have been homebuyers in the past, but it seems they’re quickly coming around to the idea – especially if you look at recent stats.

In fact, according to comScore data, 65 percent of Millennials looked at real estate sites or apps in August alone. The reason? For some, it was income increases, for others it was rising rents, great interest rates, and just general unhappiness in their current living situation.

Whatever the cause, it seems Millennials are ready to buy – if only they can find the time to look, the right property and the money for a down payment.

But while they deal with those hurdles, it’s time for the industry – real estate agents in particular – to start preparing for their arrival. Millennials aren’t like the buyers of the past, and they won’t be happy with the traditional hassles of the homebuying process. If you want to please this generation, it’s time to make some changes.

Have a Millennial buyer? Want to make sure you please them? Here are four ways to get it done:

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One of the current listing on Airbnb in downtown Dallas offers this nighttime view. Photo: Airbnb

One of the current listing on Airbnb in downtown Dallas offers this view for $72 per night. All photos: Airbnb

“Try before you buy” is a hard concept to implement in the world of real estate. But a new partnership between Airbnb and realtor.com aims to do just that for potential homebuyers, letting them experience a specific neighborhood before purchasing there.

The partnership is particularly focused on millennials, who now represent the largest group of homebuyers in the U.S. at 32 percent, recently taking over from Generation X. This age cohort, born from the early 1980s to the early 2000s, is about 79 million strong, and their purchasing power is estimated to be $170 billion per year.

The Airbnb-realtor.com partnership aims to reduce some of the unknown factors associated with relocating to a new community. Here’s how it will work: Visitors to realtor.com will see an “Airbnb before buying” option for certain properties, and the choice will also appear on the homepage and on for-sale listing pages. Potential buyers will be able to book accommodations on Airbnb ranging from single-family homes to condos, lofts, and other properties located near their chosen neighborhood.

“As we offer a variety of unique accommodations in neighborhoods across the country, we’ll be able to allow potential home owners the special opportunity to experience those neighborhoods as if they already live there,” said Chip Conley, Airbnb head of global hospitality and strategy.

Millennials are extremely technology-driven in their home-buying efforts, according to the 2015 National Association of Realtors (NAR) Home Buyer and Seller Generational Trends study. This partnership plays perfectly into that, allowing them to make all arrangements online.

“I think it’s brilliant—this could give [millennials] a taste of a neighborhood and change them from renter to buyers,” said Jay Forrester, a Realtor with Ebby Halliday Preston Center.

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There are about 79 million millennials in the U.S., and their purchasing power is estimated to be $170 billion per year. This powerful demographic, born from the early 1980s to the early 2000s, now represents the largest group of homebuyers at 32 percent, taking over from Generation X.

But when it comes to millennial homebuyer behavior, it can be difficult to distinguish fact vs. fiction. We looked at information from a recent Pardee Homes and BUILDER survey, information from realtor.com, and the National Association of Realtors to cut through the noise.

millennial homebuyers

Photo: National Association of Realtors

We know that millennial homebuying behavior is different than older generations, like texting vs. calling when contacting their Realtors and extensive use of real estate apps to do their research (be sure to check out our blog post, 6 Ways Millennials Are Changing Real Estate Business for Everyone, to get the full breakdown.)

But what are the specific preferences of this new breed of homebuyer? Read on for 5 unexpected facts about millennial homebuyers and what they want in their home.

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