How Millennials Are Transforming the Homebuying Process

Millennials are influencing the home-buying process in a number of ways and challenging realty professionals, who are by large older than them and used to doing business a different way than this younger generation expects. Younger buyers born between 1980 and the late 1990s will research real estate agents online before reaching out to one, and they will not rely on Realtors to find homes for them to see. Generation Y will use smartphone apps to check listings and collect other information. Younger buyers expect to be partners in the home search, want quick answers, prefer to communicate by text, and also expect agents to engage them on social media. Millennials want to know what to expect during the home-buying process and will text over bank statements, employment verifications, and other personal data needed for mortgage approval. In particular, they will value agent guidance on house features that can be changed easily at minimum cost. Moreover, those focused on affordability and sharing are seeking homes with rental units or rooms that can be rented out. | Read More