{"id":53973,"date":"2016-09-29T05:00:16","date_gmt":"2016-09-29T12:00:16","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=53973"},"modified":"2020-10-06T12:58:38","modified_gmt":"2020-10-06T19:58:38","slug":"q3-2016-redfin-agent-survey","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/q3-2016-redfin-agent-survey\/","title":{"rendered":"Hope is on the Horizon for Millennial Homebuyers as the Market Eases"},"content":{"rendered":"

One of the most formidable obstacles facing millennials in today\u2019s housing market is having enough cash saved for a down payment, especially given their substantial <\/span>student loan debt<\/span><\/a> and <\/span>high rents<\/span><\/a> eating up a large portion of their income. But the findings from our latest survey of more than 750 Redfin agents conducted this month suggest that there is hope for those\u00a0who want to become homeowners but worry they don\u2019t have what it takes to compete. <\/span><\/p>\n

When asked what the typical down payment was for successful homebuyers in their market, more than half of the agents surveyed cited a down payment amount below 20 percent. One in four agents reported their buyers being successful with a down payment between 3 and 5 percent. Success with a low down payment is even possible in highly competitive markets. Twenty-two percent of Redfin agents in California — a state notorious for bidding wars and high prices \u00a0— \u00a0said their clients were successful with 3 to 5 percent down.<\/p>\n

\"Down<\/figure>\n

\u201cThe conditions that challenged first-time and millennial homebuyers this spring are starting to ease,\u201d said Redfin chief economist Nela Richardson. \u201cThere are fewer bidding wars and less of a need to escalate significantly above the list price to get an offer accepted. The pace of the market is also slowing, which helps buyers since they can now afford to be patient. Sellers are getting used to the idea that all-cash buyers and investors have given way to traditional buyers who need financing to purchase. They are demanding less from buyers than they were just a few months ago, which means a wider spectrum of buyers and down payments can be successful now.\u201d<\/p>\n

Sage advice from the experts<\/h3>\n

Now that the market is becoming a more inviting place for buyers, we asked agents to share advice they\u2019ve given to their clients this year. Roddy de la Garza, a Redfin <\/span>real estate agent in Los Angeles<\/span><\/a> said:<\/span><\/p>\n

\u201cI work with home-sellers and have reviewed thousands of offers. One major piece of advice I always give to sellers is that the highest offer is not necessarily the best. You have to look at the whole package. If a buyer has a low down payment but comes in with a fully pre-approved and underwritten loan agreement from their lender, and agrees to waive the appraisal contingency, that\u2019s practically\u00a0as good as cash.\u201d<\/p>\n

Many of the agents we surveyed agreed. Seventy-four percent said that in the past year they have advised buyers to get a fully pre-approved and underwritten loan package prior to making an offer. Sixty-one percent told sellers the highest offer isn\u2019t necessarily the best — heartening news for buyers who don\u2019t meet the high financial standards that the current conventional wisdom has set for them.<\/p>\n

We also asked Redfin agents what advice they would offer specifically to millennials given the unique challenges of their generation. Here\u2019s what they had to say:<\/p>\n

\u201cTalk to a lender now and become educated on all of your options, even if you don\u2019t think you\u2019re able to buy. You might be surprised at the possibilities,\u201d \u00a0said\u00a0<\/span>Tracy Salisbury, a Redfin \u00a0 \u00a0 \u00a0 <\/span>real estate agent in Seattle<\/span><\/a>.<\/span><\/p>\n

\u201cSet realistic expectations for your first home. Buying a small, starter home that\u2019s not move-in ready can be the first step to ending up in your dream home further down the line,\u201d said\u00a0<\/span>Molly Moran, a Redfin <\/span>real estate agent in Tennessee<\/span><\/a>.<\/span><\/p>\n

\u201cIt\u2019s simple really — do your best to spend less than you earn. Buying a home means building wealth and if you are willing to make some compromises, <\/span>your mortgage payment will likely be less than your rent,\u201d said\u00a0<\/span>Ali Ban, a Redfin <\/span>real estate agent in Hawaii<\/span><\/a>.<\/span><\/p>\n

About the Survey<\/b><\/p>\n

Redfin\u2019s survey was conducted between Sept. 15 and Sept. 18, and includes responses from 762 agents in 38 states and Washington, D.C.<\/p>\n","protected":false},"excerpt":{"rendered":"

Millennial homebuyers have good reason to be optimistic about homeownership, according to Redfin agents <\/p>\n","protected":false},"author":13253,"featured_media":46565,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8],"tags":[66,72,68,97],"coauthors":[],"class_list":["post-53973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-agents","tag-downpayment","tag-local","tag-millennial"],"acf":[],"yoast_head":"\nHope is on the Horizon for Millennial Homebuyers as the Market Eases - 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