10 Ways Millennials Are Changing The Real Estate Market

According to the National Association of Realtors, individuals 36 and younger make up the largest percentage of buyers (34%) in the United States. So, it’s no surprise that the Millennial demographic is changing up the way they interact with the real estate market — keep reading to find out ten key ways they are changing the real estate market!

Different Priorities

Millennials have different priorities than some members of older generations, with a focus on simple things like strong cell service and easy access to internet connection wherever they end up. It’s not uncommon for younger buyers to turn down a home if they don’t have full bars!

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Decision Making

Millennials are extremely likely to rely on their real estate agent to help guide them through the process. Buying a home is a major commitment, especially when factors like student loan debt and concerns about job stability come into play — these first-time buyers do not want to go it alone.

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Online Research

Raised with the rise of the internet, Millennials are extremely savvy when it comes to online research. This means they are spending more time comparing listings and neighborhoods than older buyers, and have a better idea of their “must-haves” when they begin the buying process.

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Social Media

With Instagram operating as the primary social media platform for Millennials, they are using these social platforms to browse for homes, agents, and neighborhoods.

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Ambiance and Stress Relief

Millennials want to buy homes where they will not have to commute very far, and preferably without busy traffic. While many younger buyers may have the time to tackle DIY renovations, most Millennials are looking for move-in ready homes, removing the stress of needing to upgrade features.

They Prefer High Quality Photos

In the digital age, Millennials are accustomed to high quality digital content, and this includes listing photos. A property with low-quality images is far less likely to attract the attention of a young buyer than a listing with HD photos!

Price Conscious

In line with their desire to work alongside an agent for support, Millennials are rather price conscious, with concerns about student debt driving their buying choices. Less likely to take out additional loans, these buyers are looking for affordable options above all else.

Renting Mindset

The majority of Millennial buyers are coming from a renting environment. Many of these potential homebuyers are renting instead of buying—and not just in real estate. The rise of ride-sharing apps Millennials are opting for the benefits of having a car (or a home!) without having to buy it up-front.

Parental Involvement

Just like their reliance on agents for support, Millennials are very likely to include their parents in the home buying process. Their parents likely have experience with home buying, and are able to provide them with tips and ideas to make the process seamless.

Modern Focus

Looking for simplicity in their buying and moving process, Millennials are looking for homes with modern amenities and features, be that smart technology or new fixtures, the more modern the better!

Millennials have just started making their way into the real estate market, and they have already had a big impact! Many of these key impacts are likely to remain part of the future of real estate, between the increased reliance on technology and their focus on price, Millennials are changing the way the real estate market functions.

Venture Philly Group

Buy. Sell. Invest.

info@venturephilly.com

o. 215.592.9522

1619 Walnut Street, Suite 500, Philadelphia, PA

venturephilly.com


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