Millennials and their Virtual Life

 

 

 

 

 

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Millennials are the face of a lot of markets, especially the new homeowner market. This age group gets a lot out of the experiences of events. When it comes to online business, millennials have certain criteria they prefer. According to an article published by Core Logic, millennials expect to start their home buying process online using databases to search for homes for rent or sale. Self-service options must be a part of the process, they want to be able to only ask for help when needed. 

It is more important now more than ever for realtors to create a digital presence. The experience and technology side of the experience is the main portion of what makes or breaks it for them. If the latest tech is not used in this experience, it may leave a negative impact on their decision making process. 

Online real estate marketplaces like Zillow are booming nowadays. Most people search for general information and details about a property before making the decision to move further. The days of going in person to scout out properties are going away with the technology that online real estate marketplaces can do. 

Not only with the current times with the pandemic, initially scouting out places online is less time consuming and can fit into anyone’s day. On your lunch break?  Waiting in line for some reason? You can pull out your phone to look up listings. It is as easy as that and you don’t even need to be at home to do so. 

Millennials actually make up the biggest portion of first time home buyers. According to a report by Real Estate in a Digital Age, 66% of first time home buyers are millennials. This generation makes up a large percentage of buyers in the market now and for years to come. 

This generation is single handedly changing the ways of the home buying experience.

Sources:

https://www.corelogic.com/blog/2020/3/the-top-four-ways-millennials-are-changing-the-housing-market.aspx#:~:text=Millennials%20expect%20a%20digital%20home%20buying%20experience.&text=Instead%2C%20they%20expect%20to%20shop,home%20on%20a%20mobile%20device.

https://www.nar.realtor/sites/default/files/reports/2017/2017-real-estate-in-a-digital-age-03-10-2017.pdf