At the start of the new year, Black Diamond Mortgage Owner David Boye received an email from an account executive representing one of the nation’s largest lenders asking for a second chance.
“We are a completely different company from when you used us back in 2016 and we would love to show you,” the account executive said. “I understand you have a few lenders that you use. I am simply asking, what do you need from me…to get back in the fight with where you are placing loans?”
Boye’s response was swift and clear: “I wish you the best, there is no chance that we will ever do business together. NONE.”
Over the next 10 years, Millennials are expected to purchase at least 10 million new homes, according to the U.S. Census Bureau and First American calculations. By 2060, it is estimated that the generation will have produced more than 20 million first-time homebuyers.
Millennial demand for homeownership was one of the biggest trends influencing the housing market in 2018, First American Deputy Chief Economist Odeta Kushi said in a recent note. This is unlikely to reverse course going into next year, the year after that or for many years to come.