Riverside Abstract

Millennials and Real Estate

More Millennials are pursuing home-ownership now than ever before. As they age and grow in their careers, Millennials are acquiring more purchase power. Over the last few years, the 18-to-35-year-old demographic was the largest group of home buyers, making up 36% of the market. That means Millennials and boomers are going head-to-head for the same homes today. According to data acquired by the title insurance agency Riverside Abstract, both groups seek similar amenities, including walk-able neighborhoods and smaller home sizes with more upgrades.

So, if you’re working in the real estate industry, marketing to Millennials should be among your top priorities. Unlike any other generation, millennial buyers are doing their online research and are entering the market well-prepared. That means they are savvier to renovations and repairs, and are far more aware of the work, costs, and implications of a renovation than their parents have been. Although Millennials have a mountain of information, they still need someone they trust to help them on the home buying journey.

As we learn from Riverside Abstract experts, Millennials are relying on real estate professionals not to find homes for sale, as most of them are available online, but to show them what can’t be researched in order to help them to start investing in real estate. This demographic group also uses the internet to research their agents. Namely, Millennials seek agents who are tech savvy and resourceful. Reviews also matter a lot to them, as do referrals from their peer group. Using those reviews, they will decide if an agent is worth their consideration.

In the years to come, the internet, and social media in particular, will continue to influence Millennials’ home-buying habits, say from Riverside Abstract. This generation relies heavily on social media presence to make purchasing decisions, which means a strong online reputation for real estate professionals is a must. Showcasing homes on social media is also essential for appealing to millennial clients.

In order to keep up with the ever-changing market, it is necessary to respond to consumer demand. But it is equally important to know who is driving that demand and to recognize when the market and buying power is beginning to shift. For now, Millennials remain in the driver's seat, as they are currently the largest market and the right age to buy and rent homes. Additionally, as we learned from Riverside Abstract, Millenials also invest in REITs (Real Estate Investment Trusts). These trusts allow Millenials to hold partial ownership to a property, without investing a huge amount of money and without the need for managing the property on their own.

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