Judith Sutton ABR CRS IDS PMN ASP IAHSP SRES GREEN
Judy@JudithSutton.com 908 803-0472
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Picture: A Modern Farmhouse
ARE MILLENNIALS CHANGING THE HOME-BUYING PROCESS?
Is technology an enhancement, or a replacement?
The large millennial population is in the prime first-time home-buying age, driving demand and competing for the ongoing scarcity of homes for sale. While there are some divergences in how millennials approach home buying and selling, it is still an open question about how radically this generation will change the housing market.
Millennials are different from prior generations in important ways that impact home buying. They are getting married and having children later (if at all), and they are more likely to live with their parents, even into their 30s. As the traditional milestones associated with homebuying are pushed back, the typical age of a first-time buyer has increased.
While homeownership is still a goal for most millennials, affordability is a major driver of when, where, and how they are buying a home. An increasing number of millennials are saying they do not think it will be possible to own a home. Many are looking for flexible homeownership opportunities such as: rent-to-own, shared living arrangements, and multigenerational living—to make homeownership possible.
The first generation to grow up with so much information available to them, millennials want to use data to make decisions. In general, they willingly share data about themselves and have become accustomed to highly personalized marketing. This, of course, is where Coldwell Banker has an advantage over the competition.
Millennials want to work with people who use technology and are interested in optimizing technology to make the home-buying and -selling processes more streamlined and stress-free.
Most millennials—and most homebuyers generally—start looking for a home on the Internet. Compared to older generations, millennials are more likely to say they would buy a home online. However, it’s important to remember that what people say is often different than what they actually do. We actually haven’t seen a surge in sight-unseen homebuying. Instead, there is a steady need to find a professional representative that has the knowledge and experience and will become your trusted advisor.
Millennials buy and sell homes in much the same way prior generations have—and, in fact, they may value personal relationships even more highly. Whether it’s because they’ve relied on their parents for longer, or because they’re living in a more uncertain economy and housing market, research shows that millennials want guidance and advice during the process. They may be more comfortable with technology; however, most younger buyers use a real estate agent, according to the National Association of REALTORS®’s Profile of Home Buyers and Sellers. Younger buyers say they highly value the negotiation skills, relationships, and market knowledge offered by a real estate professional.
Buying a home is an infrequent, complicated, and often emotionally charged process. It’s usually the biggest financial decision anyone will make. It is a decision about where an individual or family will spend their lives and make their memories. So, while we are in an era of swift-moving technological advances, there’s evidence that even the savviest generation sees technology as an enhancement to the current process, rather than a replacement.
What better way to secure your success that with a professional, seasoned Realtor to guide you in your decision-making? Call me and we can discuss what options are available, and how to plan to make the process stress-free and as successful as possible. I am here to help!
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