REAL ESTATE TOPICS...MOST MILLENNIALS UNAWARE OF CLOSING COSTS

MOST MILLENNIALS UNAWARE OF CLOSING COSTS
A new survey by ClosingCorp reveals that approximately two-thirds of millennials who plan to buy a home are unaware of closing costs. The survey also found that across all adult age brackets, more than one-third of potential homeowners are "Not Very" or "Not At All" aware of closing costs.

The survey of more than 1,000 adults also found that most people learn about closing costs from their real estate agent, or by doing their own research. In fact, millennial homeowners are more likely to learn about closing costs from their agent as opposed to a lender by a ratio of nearly two-to-one. 

"This study is very interesting in that it shows millennials are more dependent on REALTORS® than previously presumed," said Brian Benson, CEO of ClosingCorp. "We know they are more tech-savvy than their predecessors, so we believe this really highlights the complexity of a residential real estate transaction. Whether they are researching a home on their own or getting help from an interested third party, the bottom line is that people need access to the correct information, and it needs to be simple for them to understand. With the upcoming changes to the disclosure process being made by the Consumer Financial Protection Bureau this August, we as an industry should be stepping up our proactive education efforts to ensure homebuyers are fully prepared to make the most significant financial transaction of their lives."

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WHAT'S NEXT FOR THE MILLENNIAL MARKET?
C.A.R. CEO Joel Singer will share insight into the behavior of millennials as part of his presentation at C.A.R.'s annual Midyear lunch titled, "The Evaporating Dream: Homeownership in California." On Thursday, April 23, at the Sacramento Convention Center, Singer will touch on how the demographic shifts of millennials' behavior have impacted homeownership rates and why it still remains challenging for millennials to purchase homes.

Along with information about millennials' attitudes toward homeownership, attend the Midyear lunch to learn more about the lasting influence of the "renter nation," what defines the "new middle class," and what economic obstacles remain as a result of the affordability collapse.