The Millennial Takeover
The Millennial Takeover
August 20th, 2018
Millennials are individuals born between the years of 1981 and 1996, and they’re taking over. In fact, there are 92 million millennials today. To compare, there’s only ever been 77 million baby boomers. The generation that came from the great war is being dwarfed by a massive group of tech-savvy youngsters. What’s to make of this humongous new generation as they become THE newest homebuyers disrupting the mortgage industry?
On The Rise
Here are a few more shocking numbers. According to popular surveys, 93 percent of millennials say they plan to buy a home at some point. That’s over 85 million mortgage applications coming our way. 42.5 million if they also plan to tie the knot. Needless to say, that’s a ton of 1003’s. Keep in mind that millennials are also all about being quick and efficient; They don’t waste time filling out handwritten paperwork or writing letters anymore. This is mainly due to the fact that they’re more accustomed with the digital era than any other generation of homebuyers. Their lives have practically revolved around the rise of technology. Therefore, as homebuyers they are going to want an application that fits their needs.
Give Them What They Want
Something else that should be noted is that the average millennial owns seven or more devices connected to the internet. That’s 644 million smartphones, tablets, laptops, and other digital technology spread across an entire generation. With all of this connectivity, it’s no wonder why 90 percent of the millennial generation begins their homebuying process online. It begins by browsing MLS feeds on their couch for their first home. Next, they’ll find a mortgage company they trust with good rates, a great reputation, and user-friendly website. Then they’re checking out an affordability calculator on their site to see if they can make it happen. After that, it’s off to a graphic pre-qualification application or maybe they’ll head straight to the digital point-of-sale application to make their dream a reality. They’ll go through nearly the entire homebuying process from the comfort of their own home while on one of their seven digital devices. It doesn’t get much easier than that, and that’s what millennials want.
Face The Facts
This digital takeover in our industry has become more than a convenience. It is a priority for lenders. We know millennials are the future of homebuying, so WebMax has developed a platform that caters to their needs. All the while making a product that is equally cost effective and time saving for lenders. This is a win for not only the homebuyer, but the lender as well.
As the world of technology changes around us, lenders have to make every effort to keep up. Let’s face it: It’s better for everybody.