Why Millennials Make Real Estate Decisions with Their Parents

by Kim Archer 05/12/2019

There are both younger and older Millennials today willing to purchase a home but want a realtor to guide them through the process due to a couple of mistakes they are afraid of committing. The most surprising thing about how Millennials buy homes is that they want a realtor to guide them through the process, because everyone, buyers as well as sellers, wants to make the right financial decisions, to avoid real estate regret and unnecessary pressure from high market conditions. 

However, what can Millennials do to avoid real estate regret? Although most people could think of driving around the area all day to get an idea of what the market is like, it is essential to get advice from someone with some experience and your interest in mind to help you avoid future complaints and nagging. As a result, many make such big decisions with their parents:

Parents have experience

With the interest of mortgage rates going higher and home prices increasing altogether. Parents could come in rescue with financial assistance and thus, try to have a share of buying decisions from the location of such property to the pricing and size.

Most times, your parents’ perspective on decision-making might seem different from yours, or you could perceive it to be biased and no relation to your situation and taste. Irrespective of this, endeavor to heed to their advice as it turns out in most times to be a wise approach.

Listen when they point out to you that the property might be overpriced

You could find a property and think it is the perfect one for you. They could be in an expensive area with multiple school districts, or have a lower level of crime rate due to tight security. They might be energy-efficient during the winter and so would save you money monthly. As a result of these advantages, you might think all these concessions are worth paying more without further negotiation. With your parents by your side with more experience, they can spot a problem or fault with the same property you're looking at and help you to use it as a bargaining chip.

Conversing openly with your parents on topics like real estate plans, money, and wills may seem difficult and awkward to you. But it will be wise of you to do so as real estate comes with a lot of different options and problems. Whatever the case may be, prepare yourself and start talking to them when making such a decision to support and guide you through. 

If your parents are part of your real estate decision-making process, make certain to introduce them to your real estate agent so that you're all on the same page.

About the Author

Author
Kim Archer

Real Estate Professional (17 years experience)

Specialties: Buyer's Agent, Listing Agent, Relocation

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Being a second generation Real Estate agent I have seen this industry evolve since the mid 70's. Repeating history as we blink.   Starting my training at such an early age along the side of my Mom and mentor Dee Petullo has taught me to be the Agent I am today along with the extensive training at First Team Real Estate's Success Academy.

Beginning my career in June of 2002, was the just beginning of my journey. At the end of the 3 month training I was awarded Top Listing Agent, Top Selling Agent and Top Producer from my graduating class and my office.  I was also awarded Rookie of the Year after being in the business for 6 months.  Dedication, hard work and a great team of lenders, escrow officers, title companies and home warranty companies has helped me become the best I can be. I have also had the honor to be part of First Team Real Estates Hall of Fame Top Producers since the very beginning.  I have also be nominated by my colleagues in Orange County as Broker Agent and had a magazine published with this honor.

As of 2010, I made the switch to Evergreen Realty and have continued to help sellers get top dollar and buyers achieve their dream of becoming homeowner.  Working at Evergreen I have achieved Top 10 agent on a consistent basis.