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Victoria Cottle

Millennials Move into the Home Buying Market

happy easter

First, Happy Easter! This weekend we will celebrate Easter for the first time in a quarantine situation. Many will be tuning in to Easter services via the web and others will be spending time on Zoom, Skype for FaceTime calls with family. It is a wonderful thing that we have this technology today that keeps us close even though we are separated physically.

Just read a report from CoreLogic that Millennials are finally taking the leap and buying homes. In the fourth quarter of 2019, homeownership rate for 25 to 34-year old rose to 37.6% from 36.5% in Q4 of 2018. It also shows that they are willing to spend the time searching and shopping for over a year before buying. They have a desire for modern technology and finding a location that fits into their lifestyle and are quite particular about their investment.

The older segment of millennials (27-36) want smart homes. They want homes that already have smart devices or are installing them rather quickly into homes they are buying. These items include smart refrigerators, ovens, lights, water heaters and door locks. The newer built smart homes have a specialized closet with the hubs, routers, servers, security system and backup power are stored.

Millennials are also buying in communities that are sustainable. There are the ones driving the green revolution and installing solar panels on their homes. This will add to their homeowner’s insurance cost, but the tradeoff may be worth it.

With the lock down for COVID-19, we are also seeing an increase in digital home buying experiences. Realtors® and their brokers are creating digital platforms for home buyers to search for their next home. Lenders are working on digital mortgage platforms so you can apply for and manage your mortgage online. And insurance companies are using companies like Lemonade that uses artificial intelligence and behavioral economics to change the way millennials insure their homes.

National News

Nationwide alcohol sales have gone through the roof. With bars and restaurants closed the shift to alcohol delivery has been a given. A popular delivery service app Drizly saw its sales explode in the last week of March up 537% above the company’s expectations. There has also been an explosion on delivery services like InstaCart, Uber Eats, DoorDash and Postmates. As well as the usual local pizza delivery shops.

With this shift, groups like Alcoholics Anonymous have taken to Zoom platforms to help their members stay in touch during the lock down.

Please also be aware that phishing attacks all based around the COVID-19 breakout have increased as much as 14,000 in two weeks. The main attack is through your email clients. Hackers posing as your banks, hospitals, doctors, and other professional organizations that you do business with. If you click any of the links in the emails, they are then upload keyloggers or even hijacking your video cameras and recording everything you are doing hoping to gather financial information that allows them to hack into your accounts and steal your money. They are also spoofing emails from the CDC and the WHO (world health organization) to get you to donate to false causes. Do not be fooled! Be vigilant!

Victoria Cottle is a Realtor® in the Greenville South Carolina area and if you, a friend or a family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.

Please contact Victoria Cottle by email thevictoriacottlegroup@gmail.com or call (864) 275-3953 for your real estate needs in the Upstate of South Carolina!

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