Millennials — people born between 1981 and 1997 — made up the biggest share of homebuyers in 2016 at 34 percent, according to a recent National Association of Realtors (NAR) study. Eleven percent of those millennial homebuyers purchased new builds.
As a major force in the home buying economy, millennials are changing the game for Realtors.
What’s the difference?
Millennials want a streamlined process, usually see fewer homes than older generations, and are more tech savvy. Some Realtors even report writing up contracts for homes based entirely off text messages.
They do their homework in advance too. With websites like Zillow, Trulia and HomeFinder, millennials tend to come to agents with a list of houses they want to see already weighing all their options. But what’s online isn’t always accurate or updated. That’s where a qualified and professional agent can still help guide the tech savviest of clients.
Reports also indicate that budgeting and financial planning are characteristics of millennial homebuyers. Even though about a third of the generation has debt in the form of student loans, they are good at making budgets and saving for what they need. The NAR study found that 85 percent of millennial homebuyers said their purchase was a good investment.
Times and buyers may be changing but some things – like working with professionals and relying on updated data – likely won’t for a long time to come.
Source: National Mortgage News