The kids are not only all right—they’re doing well enough to be moving out of their parents’ basements or shared rentals and buying houses themselves!
According to the National Associate of Realtors (NAR), millennials–those born between 1981 and 1996–make up the largest group of first-time buyers in the country. But when it comes to everything from searching for a house they can afford to actually closing on the deal, they differ from their parents, and from other current generations, in significant ways.
For one thing, the NAR notes, more millennials (58 percent) search for houses on mobile devices compared to Gen Xers (46 percent), younger baby boomers (33 percent) and older boomers (just ten percent). What’s more, though a Forbes study of buying patterns among three generations shows that access to online property data is key for all groups, millennials will make most of their home-buying decisions online and act much faster than previous generations.
In order to reach this significant home-buying group, sellers and agents should keep in mind these tips from realestateexpress.com, an online school for real estate and broker licensing education:
- While millennials are more engaged in texting and social media than any generation before, 75 percent of those polled say they also like to be called rather than texted or e-mailed.
- Ninety-four percent said they search websites when looking for homes, and 51 percent reported purchasing a home they found online.
- Millennials love their digital devices, but 87 percent eventually turn to brokers for advice.
- Reaching this huge market of potential home buyers is most effective through blogs posts, short videos posted to sites like YouTube and virtual tours of houses on the market.
- Keep in mind that these are sophisticated, tech-savvy buyers who research every aspect of real estate transactions and rely on online reviews and shares from friends, so connect with them online as well as on the go and be ready to act fast when they’re ready to make a decision.
Making digital interactions count, when it comes to real estate, is relevant across all age groups, but counts the most for Millennials specifically. This is a group of consumers who are used to having answers at their finger tips. They are ready to make choices quickly, and expect their resources (both digital and in person) to be ready when and where they are in their decision making process.