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The Ideal Properties Group
Erik Serras is the co-founder of Ideal Properties Group, which, over the last 10 years, has gone from a two-person operation working out of a kitchen (himself and his wife) to a company that can boast 300 agents, and six locations, throughout Brooklyn and Manhattan. And when it comes to selling property to the millennial buyer, Serras says it is not easy and that they have not perfected the formula yet. However, Serras hastens to add that they have gotten pretty good at it, and one of the greatest tools at their disposal is the internet. If you want the millennial generation to hear what you have to say, or maybe to listen, you have to be present digitally as a business, Serras said.
Are millennials buying property right now?
Right now, according to Serras, your typical millennial buyer is a “first-time buyer,” (not surprising). He says that their range tends to be between $599,000 and $1 million (very surprising). At least, these are the first-time rates for places such as Paris, San Francisco, and yes, New York City. But Serras said there are a lot of successful millennials who can afford that range. There are a ton of high-income millennials, Serras said, and they are “incredibly smart, savvy, they know their way around, and they have information at their fingertips so much more than most folks do. [Plus] they are able to make well-informed decisions.” (Very surprising and uncommon praise).
Do millennial buyers differ from other generations?
Millennials are less concerned with where they live, and are more willing to go further out than most other generations. Out to the fringes. Out to the edge of town. Out to the less desirable areas. Essentially, not to editorialize, he is saying that we are frontiersmen, scouts, brave explorers. Millennials should take that as a badass compliment! According to Serras, this is a good time for millennials to buy a home (…) as their are lots of opportunities and choices within the $600,000 to $1 million range. And plus, Serras expects the ever-increasing property prices to plateau very soon.
Takeaway
At least according to this Ideal Properties Group CEO Erik Serras, millennials are “smart, savvy and informed.” What’s more, the average price for a first time buyer of property in New York City is somewhere between $600,000 and $1 million. Apparently, now is the time to buy a home for millennials as there are “a lot of choices and a lot of opportunities.” A lot of emotions are coming up right now. It’s a lot to process.
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