Marcel Cormier in Lifestyle, Real Estate, Business Marketing Coordinator • RE/MAX Twin City Realty inc. Feb 8, 2019 · 1 min read · +900

How Dogs are Influencing the Real Estate Market

How Dogs are Influencing the Real Estate Market

Recently I've seen an article headline floating around stating, "Millennials are buying homes because of their dogs". This meme-worthy headline usually cracks a chuckle out of me every time I see it, but I couldn't help but wonder, how credible is this claim.  

After doing some digging, (pun intended) I found that a recent survey by SunTrust Mortgage found that a third of Millennials who had already purchased their first home said they were influenced by the need to have space for a dog.

The survey asked recent home buyers why they were buying their first home and their dog was the third most commonly cited reason, ranking above children and marriage. 

The survey also found that 42% of Millennials who had never bought a home said that their dog, or the desire to have one, would be a key factor in their decision to get on the property ladder.

Man's bond with dog is as old as time, and it really comes as no surprise that our dogs have become the new child. Buyer attitudes have shifted and more agents should be using this knowledge as a selling point for first time home buyers. 

While buying a home for you and your four-legged companion might seem exciting it's important to consider the following when buying your first home. 

  • Understand Your Initial Expenses. The down payment and closing costs can really add up, but don't forget to budget for moving expenses. These include everything from truck rental to setting up water, power, cable, internet and more.
  • Organize Your Finances. While there are different types of loans for different needs, your finances will be thoroughly evaluated during the credit application. Make sure they are organized so you can better retrieve them throughout the application process.
  • Get Pre-Qualified. Lenders can use your income and credit history to give you an estimate of the home loan amount for which you qualify. The pre-qualification amount can be a helpful guideline when you are considering which properties to purchase.
  • Create a Realistic Timeline. Even with a pre-qualification, loans can take weeks to be finalized. Work with a loan officer to decide the best type of loan for your situation and make sure your loan will be ready in advance of your closing.
I guess the moral of the story is that Millennials would rather dogs over children. Quite honestly, I full-heartedly agree with this. 

Avraham Glattman Aug 9, 2019 · #8

@Marcel Cormier, I love this line in particular, "The survey asked recent home buyers why they were buying their first home and their dog was the third most commonly cited reason, ranking above children and marriage." Dogs ranking about children and marriage - that's pretty impressive.

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people love their dogs

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Sol Trickey Apr 9, 2019 · #6

Wonderful, thanks for sharing!

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Jonathan Clogg Mar 22, 2019 · #5

Fascinating piece. Even factors that we might not initially consider can play large roles in the value and desirability of a property. Thanks for sharing this.

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Neil Newstead Feb 13, 2019 · #4

This is a really interesting insight. Thanks for sharing!

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Alice R. Boehme Feb 12, 2019 · #3

Holly cow! It is what I search)

John Rylance Feb 12, 2019 · #2

I agree with Jim, re yapping/barking dogs. 
I would point out in the UK if you asked estate agents what was the deal clincher/breaker it wouldn't be concern whether the property was dog friendly, but what is the WIFI/Internet speed, can I get a decent mobile signal. 

Jim Murray Feb 12, 2019 · #1

Dogs influence my real estate purchasing, especially yappy little ones whose owners don't seem to grasp just how incredibly maddening their constant yapping can be.

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