It’s clear that Millennials represent a significant portion of today’s home buyers. In fact, according to Zillow Group’s Consumer Housing Report 2018, Millennials (ages 24-38) account for 42% of all home buyers and 61% of all first-time buyers.
Yet, even more significant, are their attitudes toward the real estate process and how they differ from those of previous generations. Compare the opinions of Millennials with those of their parents’ generation, the Baby Boomers (ages 54-73), and it quickly becomes apparent that this is not your father’s house-hunting experience.
Expectations Have Changed
According to the report, Millennials as a group are more likely to assume an active role in the real estate process, taking on activities that were once considered the sole duty of the agent, such as deciding which properties to view when buying and determining the listing price when selling.
While these younger clients overwhelmingly prefer to work with an agent, they’re also self-educated in the real estate process and are taking on a much more active role in certain tasks compared to that of their parents’ generation.
Not surprisingly, the tech-savvy Millennial expects their agent to expertly manage the more complex transactional steps with the best tech to get the deal done quickly and smoothly while keeping them apprised every step along the way.
Understanding the Millennial Mindset
To create the 2018 report on consumer housing attitudes, Zillow Group teamed up with a market research and data analytics firm to conduct a nationally representative, online quantitative survey of more than 13,400 key household decision makers on everything from renting and buying to selling a home.
The researchers discovered a significant generational shift surrounding the processes of buying and selling a home. For example, Baby Boomers looking to buy will interview an average of 1.6 agents before hiring one, whereas Millennials will interview an average of 2.7 agents.
Also, when evaluating an agent, the study found that 57% of Generation Z buyers (ages 18-23), 48% of Millennials (ages 24-38) and 46% of Generation X buyers (ages 39-53) who use an agent find online reviews and ratings to be very or extremely important versus 30% of Baby Boomers (ages 54-73) and 29% of Silent Generation (74+) buyers — good news for Zillow Premier Agents who use dotloop’s instant client review request feature when they close a deal.
If a Millennial doesn’t know how to do something, they “Google it” or “YouTube it” for instructions, while Baby Boomers are more likely to hire a professional to help.
Rapidly rising housing prices have also influenced this younger generation’s view of real estate. Most Millennials have never known a buyer’s market. For them, purchasing a house can create a major financial stress. Many need to rely on their family and friends for help with a down payment with a greater portion of their income going to pay the mortgage.
Thus, it’s little wonder that Millennials are constantly seeking ways to gain the upper hand in the process, including self-education to stay more involved and save money in their real estate deals.
That said, this younger generation places high value on having the right online tools. According to the Zillow housing report, Millennials are most likely to use online resources (88% versus 79% of Generation Xers, 70% for Baby Boomers and 51% for Silent Generation buyers).
Younger buyers, who are more likely to face stiff competition in the urban markets they tend to favor, also place importance on an agent’s negotiating skills and strategies to help them prevail with an offer. According to the report, 84% of Generation Z buyers and 73% of Millennials working with an agent rank them as very or extremely important agent qualities.
Skip Young – Your Maryland Veterans Realtor®
Yes, I am a Realtor, and I am MVHC or Military Veteran Housing Certification. Meaning I have to understand your Military Move, your Retirement move and when you take on you Veteran status, I need to understand all aspects. Working together is a partnership that I am willing to share my previous Elite Military Skills and 16 Years of Real Estate Knowledge.
f you are stationed here and are looking to purchase or sell a home please contact Skip Young Realtor®:
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Skip Young Realtor® with Reviews as a Realtor®, has an extensive background in working with an Elite Unit while serving his country from 91 – 94. Now an Award-winning Realtor®, located in Waldorf MD, has proven not just in the ranks of the field with an Elite unit in the Army, but also in the Maryland Real Estate Business. By working with every type of client, to include active duty and veterans alike. His dedication to helping those who are serving and need to use their VA loan, need information on leasing a property due to a short-term duty station at any one of the bases here in the Washington DC, Maryland or Virginia. Military bases such as:
There are currently 23 million veterans and service members right in your local community of Washington DC, Maryland, and Virginia. They transact over $153 billion annually in the Local Real Estate purchases and Selling of Property, along with the Rental Market. Learn how you can help tap into and serve the veteran community with VAREP, the Greater Annapolis Chapter. Skip Young your Waldorf MD Realtor® and Veteran is still continue’s to serve my country by helping our community of brothers and sisters by representing the Government Affairs division. The position is about assisting in changing the laws that help protect veterans and service members who need to find housing in the Washington DC Maryland and Virginia area.
Skip Young | EXP Realty | Waldorf MD Realtor®
Realtor®, Veteran, New Home Sales
888-860-7369 x 240 Broker
137 National Plaza, Suite 300
National Harbor, MD 20745
Caruso Homes “Build on Your Lot”
2120 Baldwin Avenue, Suite 200, Crofton, MD 21114
Waldorf MD Realtor® | Veteran | eXp Realty | Author | VAREP Director of Government Affairs Greater Annapolis Chapter