How do I know millennials are serious about becoming homeowners? This spring, I did a home loan for a 19-year-old and his wife, who is also 19.
Sound crazy? Hardly. Over the past year, I have noticed a sharp increase in the number of young adults who want to buy their first homes. As a lender who specializes in home loans for millennials, it’s encouraging to see. And what’s more, I can tell my generation is focused, responsible and ready to sign on the dotted line.
The takeaway for the Hampton Roads business community? Never count out a young adult, despite his or her age. In May, Pew Research Center reported millennials are now the largest generation in the workforce. It’s a seminal moment and one we should all take to heart.
Homes, banking, cars, retail…whatever the industry, millennials increasingly have the buying power to make an impact on our local economy. That’s why you, as a business leader, should rely on three key strategies when you work with them:
1. Be honest and transparent
2. Be accessible (emails, texts and tweets)
3. Maintain a useful website or blog (show them you understand Internet marketing)
Let me tell you a bit more about Steven and Tesa, the 19-year-old couple. Steven moved from Ohio to join the Navy. He’s stationed on a ship in Norfolk and quickly realized it’s more cost-effective to buy a home than continue to rent.
During the loan process, Steven impressed me again and again. Whenever I needed information, he brought it right over. Each time he pushed out to sea for trainings, he told me when he expected to return and then sent an email when he was back on shore.
Steven and Tesa also asked smart questions, which showed me they understand the financial commitment of a home loan. For instance, Steven asked about funding fees and closing costs, two topics he researched on his own (millennials love Google) and then came to me for clearer answers.
At the closing table, I watched Steven sign the paperwork on his very own house in Chesapeake.
It was a proud moment not just for the young couple but the Hampton Roads economy. We need millennials to invest in our local community and hopefully build their lives here, too.
So the next time a 19-year-old (or any young adult, for that matter) walks through your doors, treat the conversation with the utmost care.
The future of our region depends on it.