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Startup Targets Home Buying Millennials

A home-buying platform is targeting technology-loving millennials since most start the search for a home online.

Consumers aged 36 and younger represent the biggest share of homebuyers and made up 34% of all purchases last year, according to the National Association of Realtors. As they continue to buy homes, Millennials will expect digital technology to support their house hunting efforts and decision making, especially since 99% of Millennials start their house hunt online, according to Greendoor.

"The market is becoming a buyer's market. However, from our research, we've found minimal tech tools that serve the needs of today's buyer, especially the Millennial demographic that is starting to drive much of the economy," said Bill Lyons, co-founder and chairman of Greendoor.

Greendoor will offer these kinds of homebuyers the capability to search for houses, based on the monthly payment they can afford, and the characteristics of most importance to them. The platform assumes a five percent down payment and uses an estimated interest rate to calculate the homebuyer's monthly payment including principal, interest, taxes and insurance. Or Millennials can also adjust these settings based on their own financing and the amount for which they have been pre-approved

"Also, Greendoor will offer a rebate equal to the buyer's first month's mortgage payment when they get pre-approved by Greendoor's preferred lender and choose Greendoor to represent them in the transaction," said Lyons. The company is available now to San Diego homebuyers with expansion plans already in the works.

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