Buying Homes On Their Own Terms
They prefer short-term investment over life-long dwelling, central location over roomy floor plans, and they often choose walkability over safety.
Meet the Millennials, a generation that now makes up more than 30 percent of all first-time homebuyers, and is driving the conversation when it comes to what they want in homes and neighborhoods on all levels of the national real estate scene.
Speaking of scenes. We let Peter Grimm, long-time real estate agent in Washington, DC paint us a picture of what his Millennial clients (about 30 percent of all his clients) look for in their first home.
“They often look for a trampoline property,” Grimm says. “They want to get their foot in the door and build some equity before the market is out of reach.”
This is true for Gavin Cepelak, 34, a client of Grimm’s who in 2012 bought a single-family three-bedroom home in Kingman Park in Northeast Washington, DC – an up-and-coming neighborhood.