21 Jul 3 Ways Millennials are Changing Real Estate
When the baby boomer generation is buy the most homes each year, it’s business as usual. However, that’s about to be shaken up because this year, millennials are forecasted to surpass the boomers and buy more homes than ever. This could mean a lot of things for the real estate market as well as the way that real estate business is done.
They do their own research.
Millennials are great at wielding smartphone apps to tackle new or difficult tasks. In the past, real estate agents would probably have curated a selection of homes for their clients, rather than showing them all of the inventory that is relevant to them. However, millennials have likely already seen all the homes in their desired price range and neighborhood before they even think about hiring an agent. While we’re not sure what this means long term, it is certainly possible that technology that makes it easier for buyers and sellers to meet and communicate could lower demand for real estate agents.
They’re going to expect speed.
Millennials might be great with technology, but that also means that they’re used to the lightning-fast pace of smart phone or internet transactions. Many agencies have been innovating new ways to incentivize their agents to provide outstanding customer services and an expedient process. They may be willing to pay a bit more if they expect that the home can be purchased quickly and they can move in sooner.
Walkability is a must.
Walkability was basically invented by Millennials. It’s now a priority for a lot of millennial buyers to be able to walk to their workplace. This desire has already started to encourage the growth of mixed-use spaces that allow them to live, work and be a part of a community. Expect to see more and more use of space for developments like this.
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