Millennial Successfully Relocates And Buys Second Home At Age 25 – Real estate professionals have invested a lot of time and money trying to fully understand the perceived reluctance among millennials to buy homes.
Although the country has experienced economic growth since the Great Recession, record numbers of millennials are choosing to move back home and live with their parents or rent with friends. This is mostly due to the struggle to find opportunities or find jobs that provide enough income to live independently.
Millennial Successfully Relocates And Buys Second Home At Age 25
A recent study revealed that 32% of millennials decided to stay at home in 2016, with a significant shift in cultural norms, values and interests as the primary factors of concern around earning potential.
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In 2014, 60.6 million Americans, about 19% of the total population, lived in multigenerational households, the highest number since the housing crisis. This number has steadily increased from 57 million in 2009 to 51.5 million in 2012. The Pew Research Center also published a study showing that millennials are less mobile than the previous four generations of the same age.
As the economy slowly recovers, it seems that finding stable jobs and finding long-term living options is a top priority. Instead, only 6% of millennials who moved in the past year cited housing as a primary reason.
Hoping to help real estate companies meet the changing preferences and demands of millennials, a startup has created a revolutionary infrastructure that uses artificial intelligence and machine learning to serve millennial customers more effectively.
Founded in 2002, Network Capital Fund offers a variety of home loan products, including fixed and adjustable rate, jumbo mortgages, FHA and VA loans. Serving homeowners and buyers across the United States, Network Capital has partnered with industry-leading companies such as Oracle, Microsoft and Cisco to power enterprise-based technology systems.
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Besides assembling a team of trained real estate and financial professionals, the company relies heavily on real human insights from its extensive team of millennial employees, not only motivating and educating young people about home buying, but also the experience that it also follows. It is a desirable goal for future generations.
I spoke with Trai Nguyen, CEO of Network Capital, about the vision behind his company, millennials’ motivation to own a home, and how real estate companies must adapt to changing times.
Tri Nguyen: Traditionally, most consumers view getting a mortgage as painful, complicated and expensive. I saw the opportunity to make the process easier, faster and clearer. We achieve this by providing quality credit advice, automating the process and eliminating lender fees to make decisions less complicated and easier to compare.
In a mobile economy driven by on-demand forces like Airbnb – how is your company changing the way millennials approach buying a home?
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Tri Nguyen: Being simple, informative and educational, we cater to every credit need, especially for millennials. Most millennials agree that they would rather buy a home than rent, but they often face different challenges than previous generations. Although jobs and wages are rising, poor credit, rising rents and student loans are some of the biggest obstacles facing younger generations trying to save for a down payment. To combat these obstacles, there are now many payment options, as well as advanced payment assistance programs. Lending guidelines have also been eased, making credit available to more people. Along with technological and regulatory advancements, our company strives to educate millennials by making the paper process as easy as possible.
How does your technology work and what insights or data are you collecting that gives your partners a unique advantage?
Tri Nguyen: We have outsourced our loan software to automate most of the verification and most of the documentation that is traditionally required to complete a loan application. As automation streamlines the process, it allows our team to be highly productive and disburse loans in less than 15 days. From an industry perspective, technology is changing almost every aspect of the home buying process. From viewing and touring properties online or via VR, to financing faster than ever, to real state of the art housing — consumers can control their home purchase or refinance more than ever before.
How should potential home buyers and real estate companies rethink the industry and what trends do you see emerging?
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Tri Nguyen: The home buying process will become more efficient, reliable and transparent. I think we will continue to see real estate companies turn to technology as a response to increasing digital consumer demand. Additionally, I believe it is important to hire and hire knowledgeable staff who understand your target demographic. For us, it’s millennials, so we’re proud to have a young workforce that can clearly explain the nuances and provide honest, transparent, quality service to borrowers.
What steps are you taking to engage the millennial demographic in today’s environment and better position them to become homebuyers?
Tri Nguyen: We provide awareness and help define the pride of home ownership. Many millennials don’t know what it’s like to buy a home, what the qualifications are, and how much money they need. We have built a truly elite service department that helps first-time home buyers navigate the process every step of the way.
Tri Nguyen: Most of our clients find our professional service quick and easy. Also, we offer some of the most competitive prices available in the market. I founded the company in 2002, before the financial crisis. We were able to stop the housing crash and I think it showed resilience. We also sponsor the Mortgage Radio Show, which gives us a competitive edge.
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Tri Nguyen: We have a very customer-centric culture. Creating the right brand and image was important, so finding the right people with similar beliefs was difficult. I must say that the team is doing an excellent job of serving our customers. No one is perfect, but they go above and beyond to help and educate customers.
How will your company evolve in the next 3-5 years and how will your company shape the future of the industry?
Tri Nguyen: We will look for opportunities to make the process more efficient and streamlined; Partly through automation and development and partly through new services to make processes more accurate and secure. Our goal is to make the loan process so easy that everyone can enjoy home ownership.
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