How Millennials Are Transforming The Home Buying Selling Market

Dated: 05/16/2018

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More and more millennials are drifting towards home ownership. Additionally, recent studies show that more than 50 percent of millennial search for homes on their phones and, among those, 26 percent end up buying a home they found through online listings, according to data from the National Association of Realtors. Millennials are the Generation Y of this era and their preferences have a great impact on the housing market. Here are some the ways in which millennials are transforming the real estate market.

They demand advance information

Millennials are a complicated, yet, sorted generation. They know what they want and research what they should expect - but they have a penchant for instant solutions! These buyers don’t like surprises and sudden demand of legal documents or other red tape. They prefer beforehand notices, checklists, charts and timelines, that can help them reduce the paperwork and speed up the buying process.

They are always well-researched

Since they have the world at their fingertips, millennials are always ready with the research. They don’t even require agents to find homes for them to see anymore - everything is available online! When they do require an agent, they usually come with very specific queries and expect the agents to be able to answer these queries. Most millennials complete their due diligence regarding comparable sales in the neighborhood.

They want round the clock response

Unlike the earlier generation where real estate agents took ages to reply and people used to wait for their replies; millennial not only demand information but they require valid information within a stipulated time. In a fast moving market, most cannot afford to wait long for agents to respond to a strong buying opportunity! In order to succeed with this target segment, agents need to make themselves available even after hours to answer queries and provide prompt solutions.

They need an app for everything

“Mobile traffic to our app has outpaced traffic to our desktop site dramatically,” says Paul Reid, a Redfin agent in Southern California’s Inland Empire region. In a techno-savvy world millennial spend maximum time on their smartphones and and use them as the key tool to research their future homes. They often require apps to check listings, find other related information or compare the prices. Agents need to respond by providing high-fidelity, user friendly applications that deliver real-time information quickly.

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Claudia Henao

Sales Specialist. I have been involved in the Real Estate Industry for more than 12 years. I am a realtor with the TELLO TEAM @ KELLER WILLIAMS and specialize in most of Broward and Dade Counties....

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