Did you know that Millennials make up the largest percentage of homebuyers in 2019? According to Realtor.com, Millennials accounted for a significant 45% of mortgages by the end of 2018. This has been a trend for the last few years. Many of the millennials that are purchasing homes in 2019 are not first-time home buyers. Many of whom are approaching 30 years of age and are looking to branch out into higher-priced homes into middle and upper-class neighborhoods. Since Millenials are changing the landscape of the housing market, it is crucial for real estate agents to fully understand their mindset. Here are some things that we should know about Millennial homebuyers today.
Millennials Love Online Listings
We live in a digital age where we have technology at our fingertips. We have become reliant on smartphones and other mobile devices that make our lives easier while at work, home, or on the go. This is especially true for the millennial generation who accesses the internet throughout the day. In almost all cases, a millennial home buyer begins their search with online listings. More likely than not, they start this search with a mobile device in their hands.
Millennials Use Social Media
Social media has a major impact on how millennials are buying home’s today. Since millennials are reliant on the internet, they are generally well-researched when purchasing homes. Millennials use social media to check online reviews and to do other research before stepping foot into a property. They will also look at a real estate professional’s online presence and their activity before agreeing to work with them.
Millennials Love DIY Projects
Since millennials are more researched, they generally understand the costs of various home improvements. They also are more willing to take on repairs then many realtors think. This is partly because they love to be creative and put their spin on a property. In other words, they can see past most cosmetic imperfections in a home, like rooms needing to be repainted.