Buying commercial or residential real estate can be a challenge for anyone, no matter when they were born.
For the millennial generation, however, this major purchase is not one undertaken lightly. Today, more than ever, younger buyers approach the process of buying a home, condo or townhouse with extreme caution.
The Tenuous Relationship Millennials Have with Real Estate
Having lived through the real estate market crash of the mid 2000s, many millennials watched parents or family members lose their homes to foreclosure. At the very least, they witnessed home values plummet and hard-earned equity disappear almost overnight.
As adults, this demographic — generally regarded as those individuals born between 1981 and 1996 — is intent on not repeating history.
Many swore off the prospect of purchasing a home at all, especially while the employment market remained in a state of upheaval. Today, however, this discerning generation understands the , especially when compared to renting.
They’re ready to take a chance, but only if the purchase meets their exacting criteria.
A New Generation of Residential Real Estate Buyers
Millennial home buyers are extremely conscious of value and not interested in overvalued property. And they aren’t buying homes they can’t afford.
As for amenities, younger buyers demand an area that supports work/life balance. This means access to parks, recreation, entertainment and the arts. Intent on spending money within their own community, they seek locally owned restaurants and shops.
And, intent on lessening their impact on the environment, millennials prefer access to public transit and short commutes to work.
Yorba Linda Offers a Wealth of Attractive Options
Southern California has much to offer buyers of all ages, but it’s ideal especially for younger buyers.
Our area’s values have remained constant and have resisted the inflation that plagues other area of Orange County and the Inland Empire. And since the community is an employment and entertainment hub, residents of have access to all of life’s necessities as well as top-notch amenities.
Recreation is a part of the Southern California lifestyle, and the Yorba Linda area is home to myriad hiking trails, dog parks, aquatic centers and community sports leagues. Residents enjoy everything from summer concerts in the park to Frisbee golf.
And of course, the Pacific Ocean and the world’s best-known theme parks are all only a short drive away.
Whatever generation you identify most closely with, don’t buy or sell residential real estate without the help of a Realtor®. The Edie Israel Team provides individually tailored services to our clients, with a level of attention that ensures you are protected throughout the entire process. With decades of combined experience, we are the premier Realtor® team in the Yorba Linda area.
Contact The Edie Israel Team today for all of your residential real estate needs.