Ways Millennials Are Changing the Real Estate Market
In 2016, there were 560,00 thousand homes sold in America. The largest number of home buyers were millennials, accounting for over 36% of all homebuyers in the U.S. Since millennials are the largest age group, they have affected many industries over the past few years, and their impact is projected to rise.
In their late twenties and thirties, these Americans make up most of the market as older millennials have advanced in their careers and paid off loans and debts. Consequently, a large percentage of real estate agents are below 41, meaning millennials also affect the selling of properties. As the millennial buying and selling rate increases, every real estate agent in Los Gatos, CA, expects a distraction in the mortgage and housing market. How will this generational shift change real estate in the U.S?
1. Innovative House-Hunting Methods
House hunting is now a straightforward, tech-oriented procedure. In the early 2000s, you had to go through newspapers and magazines or physically visit several potential houses to get the home of your dreams. Nowadays, technology plays a major role when house hunting in Los Gatos, CA.
According to the NAR, a whopping 99% of millennials use their smart devices to get information on current real estate trends, the housing market, mortgage, and the dos and don’ts of buying a home. The use of technology by millennial buyers changes how any real estate agent in Los Gatos approaches the market.
2. Buyer-Realtor Communication
Millennial buyers and real estate agents prefer using text messages and video calls to communicate with conventional photos and brochures. Text messages are a fast way to express interest in a house, schedule an appointment, and give/receive feedback.
In addition, hiring a tech-savvy real estate agent in Los Gatos makes it easy for first-home buyers to view listed houses and address pressing concerns during the house-hunting and buying process. The use of technology by millennials has made real estate procedures more straightforward.
Baby boomers had to visit the bank to enquire about mortgage options or ask for help from their parents or a real estate agent. Now, people are using technology to shop for a suitable mortgage.
In 2017 alone, six out of the top ten mortgage lenders were not banks. The reason being, most people prefer the online mortgage industry. Furthermore, online mortgage shopping is easy, user-friendly, and provides instant communication between the lender, realtor, and buyer.
4. Buying Options
Millennials have waited for a long time to finally end their leases and buy a home they desire. So, they are more likely to go for deluxe homes and suburban homes instead of houses in the city. This shift is because millennials prefer modern houses to outdated ones. The cost of living in towns and urban areas also pushes people of this age group to live in suburban areas.
Hiring a slick real estate agent in Los Gatos will help any millennial skip the ‘starter home’ and get a luxury house that aligns with current real estate trends.
Need Help Selling or Buying a Home?
The housing market is gradually changing, and the need for realtors keeps rising. To get help buying a home, contact Stephanie Ligsay today. With the right insight, you will find a real estate agent in Los Gatos that knows just what to do to get your fantasy home.