Millennials that were slow to make the transition from renting a Boston apartment to owning a Boston condo are now making up for lost time.
This demographic has become a powerful force in the home buying market. The 66 million Millennials in the U.S. now range in age between 24 and 42, which puts them firmly in that “sweet spot” for homebuyers. In fact, Millennials are expected to form 25 million new households by 2025.
Whether they are shopping for a first home, upgrade or relocation, Millennials are the fastest growing group of homebuyers. According to the National Association of REALTORS, Millennials represent 43 percent of all homebuyers.
Millennials grew up in the Internet age, and they are accustomed to seamless, on-demand digital experiences. They use smartphones to order everything from a mocha latte to furniture, and increasingly, they are relying on mobile apps for a variety of important transactions, such as banking, financial planning and managing their healthcare. Millennials bring those same expectations with them when it comes to that home-buying and home-closing experience.
This generation also demands transparency into transactions and instant communication. Serving the Millennial customer requires delivering information and an overall experience that is fast, convenient and frictionless.
Flexibility: When it comes to Boston condo closing, flexibility is the key. Millennials prefer to be fully remote with a remote online notary (RON) from the comfort of their home – not in a lawyers conference room.
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As they come of peak age for first-time homeownership, millennials are gaining an increasing share of today’s