The Millennial Influence on Home Ownership
Recent years have seen an increase in home buying among millennials, with those between the late 20s and early 30s having the highest rates of homeownership. As the generation continues to show interest in the real estate market, those looking to sell their homes or develop a residential community will need to understand the new demands and perspectives of the millennial generation.
Using Tech to House Hunt
More than ever smartphones and electronic devices have a stronghold in millennial behaviors. According to the research, 99% of millennials really on online searches to find out about home and information on home buying. This generation is twice as likely to rely on their mobile device for help with finding a home than the baby boomer generation, a trend that directly influences how real estate agents and brokers are able to market new homes or communities. The digital advances and demands have changed the way real estate works, altering the tasks and value of real agents to be more in tune with marketing strategies that are tech-savvy. Millennials also rely on their tech to communicate with realtors, using text messages for scheduling appointments, expressing interest in a home or property, and asking questions. For millennials, text messaging is the most direct and immediate form of communication. However, this is one trend where agents have caught on rather quickly with 90% of agents using text to communicate with potential clients.
Digital presence is also impacting how an agent is able to list a home or property. Millennials want more than traditional photographs, looking for live streaming from a location of a 3D video of the property. This media approach presents a more complete view of a property, allows a millennial to hear more from the realtor, and assess the whole location at one. Without incorporating a multi-media approach to their listings, real estate agents are in danger of losing potential millennial buyers.
Demands for Suburbia and Fancy Homes
The Roger Osteen Jacksonville properties are facing this trend with much success. New buyers from the millennial generation aren’t wasting time looking at starter homes. They want something bigger and more expensive, with the average cost of a home purchase being around $300,000. There is also a demand for more homeownership opportunities in the suburbs. The communities that Roger Osteen from Jacksonville design are highly attractive to this population because of the luxurious home and amenities that accompany residence within the community. As rent prices are increasing in the urban areas, it continues to fuel the search for suburban living.
Leveraging Higher Incomes
Many of the millennials looking for a home have been waiting quite a while on their first purchase. Many millennials choose to live at home before striking out on their own, and although they haven’t achieved career success, the hourly wages for most millennials have steadily been on the rise. With the extra money in their pockets, many of those looking into home ownerships don’t want to waste time looking for a fixer-upper. The extra financial padding has millennials looking at a more deluxe home with up-to-date features. Move-in ready properties top the list for house hunters, creating pressure on sellers, despite the national data showing the country is experiencing a sellers’ market. Real estate agents need to work with their sellers to present homes that require less attention if an owner is looking for a quick sale.
The Millennial Influence
The housing market has been forever changed by the millennial generation, but choosing to look at the positive benefits can help agents and sellers see the progress that has been made. Incorporating tech into the industry has resulted in a more efficient home buying process, but the trends of suburban living may help balance out the rising home prices for those moving into urban areas.