Millennials are the largest generation in American history and they have arrived at a prime time in their lives to buy homes. With over half of all buyers in the US under the age of 36, the real estate industry is paying attention and doing the research to better understand the habits of this generation. There are some buying behavior assumptions that have been proven otherwise in recent surveys. Here we’ll explore two of those…
Urban vs. The Burbs
Portland, Oregon tops the list of top 10 purchase markets for millennials, as reported by the National Association of REALTORS®. See the full article to cruise through the other metropolitan cities that made the list. Top 10 Purchase Markets for Millennials
A common misconception is that most millennials are set on the hip urban lifestyle, when in fact, many are flocking to the suburbs to settle and start families or just to find a property that they can afford.
This article from Curbed dives into some research and insight about this topic: Millennials Look to the Suburbs, Not Cities, for First Homes
Do Millennials Use Agents?
Another inaccurate belief is that millennials don’t want to use an agent. While they use agents less than other generations, the statistics show that 70 percent of them do partner with an agent. Some good news is that they are more likely than any other generation to recommend their agent to others.
“Millennials are extremely loyal to their agents and expect their agent to be a strategic partner in the process. If you are successful with these clients, you may have a client for life,” Zillow Group spokeswoman Amanda Woolley shared with Inman.
The article, “Why millennials are the future of real estate” covers a very informative survey conducted by Zillow Group and independent market research firm Lieberman Research Worldwide.
For a few more ‘fast facts’ about these home buyers, visit this article from NAR: Home Buying Trends: Millennials
What we know for sure is that this generation is seeking shelter with an array of wants and needs. Generally speaking, they show up to the table more informed than most. Despite all the speculations and putting this generation into a box; their expectations, communication methods, and home wish list will be unique to each individual. The best way to help a millennial find their way home is to ask a lot of questions and listen to the answers.
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