How well do you know your Millennial clients?

According to a report released by the Demand Institute – a non-profit think tank formed by the Conference Board and Nielsen – some myths about Millennials might be busted within the next five years and their spending habits may turn out to be similar to previous generations.

The Demand Institute drew several conclusions based on its summer 2013 survey of 1,000 Millennials (ages 18 to 29), stating that Millennials don’t seem to be as inclined as previously thought to rent instead of buy homes.  In fact, the report states that Millennials seem likely to make similar choices about their futures as their parents’ generation.

The report states that Millennials will form 8.3 million more households in the next five years, so that by 2018 they will spend more per household on rent and home purchases combined than any other “generation” will in the next five years.

Other conclusions about Millennials include:

  • 79 percent expect their financial situation to improve in the next five years.
  • 74 percent plan to move in the next five years.
  • 64 percent expect to be married in five years.
  • 55 percent expect to have children in five years.
  • 84 percent either own a home or plan to own a home someday.
  • 75 percent believe home ownership is an important long-term goal.
  • 61 percent are looking for more space in their next home.
  • 48 percent plan to live in the suburbs, 38 percent want to live in the city.
  • 61 percent prefer a short drive to the grocery store rather than walk.
  • 88 percent of Millennial households own a car today.

Want more? See the full report.

IAR efforts delay vote on Deerfield code change mandating fire sprinklers

Deerfield’s board of trustees was poised to adopt wholesale a set of changes to building codes.

That’s when IAR Government Affairs Director Howard Handler stepped in to ask why new homes would be required to have sprinkler systems installed under the proposed changes. Handler is a Deerfield resident, and works with the Northshore-Barrington Association of REALTORS® on IAR’s behalf.

Handler spoke with IAR Communications about the proposal, and how he was able to help stop trsutees from immediately voting on the measure.

The board is expected to take up the building code changes in October, but already several members have questioned what the impact might be on the community.

See Handler’s take on the proposal, and what he has told trustees about the measure which could add perhaps $10,000 to the cost of a new home.

In Case You Missed It: Top IARbuzz blog posts for the week

In case you missed it, here are five of the top IARbuzz blog posts from the past week:

What typical disclosure forms are required for sales and lease transactions? – Don’t leave anything out when you are preparing an owner to sell a property. This article provides a rundown on the basic forms you need to be aware of.

Like Dozier, REALTORS® choose to make a difference – REALTORS® who attended the Fall Conference & Expo shared how community service is part of their life.

Campbell named CRS of Year in Illinois – REALTOR® Deb Campbell of Columbia, Ill., was honored by the Illinois Chapter of the Council of Residential Specialists.

Finding it all from the IAR Fall Conference & Expo – With a few clicks of your mouse, you can view presentations, handouts, photos and highlights of our 2 ½-day event.

Seven facts REALTORS® should know about Illinois’ medical marijuana law – A complicated law is easier to understand if you can digest a little bit at a time. Get started by trying this article out.

IAR thanks sponsors for 2014 Fall Conference & Expo

The Illinois Association of REALTORS® would like to thank 21 sponsors for their support of the 2014 Fall Conference & Expo, Sept. 4-6 at the Hyatt Regency McCormick Place in Chicago.

Diamond Sponsors included: Century 21, the Chicago Association of REALTORS®, Fifth Third Mortgage, the Mainstreet Organization of REALTORS® and PNC Mortgage.

Platinum Sponsor: Baird & Warner.

Gold Sponsors were: American Home Shield, CHASE, Home Warranty, Liberty Mutual and Midwest Real Estate Data.

Silver Sponsors included: Inland, Capital Professional Insurance Managers, Inc., Chicago Agent Magazine, the Peoria Area Association of REALTORS®, REGIT, Inc., and the Rockford Area REALTORS®.

Bronze Sponsors were: the Capital Area Association of REALTORS®, the Champaign County Association of REALTORS®, the Kankakee Iroquois Rod Association of REALTORS® and the REALTOR® Association of the Fox Valley, Inc.