Monday, September 9, 2019 / by Natasha McNealy
Millennials are making their impact on the real estate world and influencing the modern-day way of the home buying and selling process. Now reaching their late twenties and thirties, millennials are one of the biggest percentages of all current home buyers - 42% of all home buyers to be exact, according to Zillow Group’s Consumer Housing Report 2018. Not only do they represent that huge chunk in all potential home buyers, but within their percentage, 61% of them are first-time home buyers.
This should mean something significant to both real estate agents and those who are looking to put their house on the market - especially here in Boise. Boise is rapidly rising in popularity and the housing market has become competitive. We are a desired area that is taking in more millennial re-locators. With the rise in technology, job opportunities and education available in our city, millennials see the appeal and significance that Boise brings to the table when it comes to living.
However, to millennials, the way to buy a house and the way to go about finding one is a bit different than how other generations in the past went about it. It is important to understand how millennials search for homes and what exactly they are looking for if you are going to try to sell your house quickly.
Growing up with technology has completely changed the way millennials seek out what they are looking for. With the click of a button, all the information needed is at the palm of their hands, literally. To millennials, 48% find that online reviews and ratings are extremely important when it comes to evaluating an agent whereas in the Baby Boomer generation, that percentage falls at 30%. It is also found that 88% of millennials are most likely to use online resources when it comes to searching for a home.
There are many online sources for anyone to go and look at potential homes on the market. It is most likely that before a millennial comes to an open house, they have already seen pictures of that particular home online. This is a very important factor to take into consideration because as real estate agents and as the seller of a home, you need to make sure your online presence stands out and the photographs taken of your home are professional and accentuate all the best angles of your home. Unfortunately, many homes get passed on because of the poor quality of their online presence and pictures. Home staging and elimination of too much clutter are important to the millennial generation because they are a generation of minimalistic approaches and being able to make homes their own.
It is interesting to see how the process has changed over the years and one of the most important things about being a real estate agent is always keeping up with the times and to constantly be learning about what is happening in our local areas when it comes to home buying and selling.