Real estate is a major industry and there are millions of people buying and selling homes in the USA each year. While people of all ages buy and sell real estate, millennials make up a good portion of those participating in the industry.
In fact, millennials and their entrance into the real estate market have led to many trends in the space that have changed it as we know it. According to Royal Legal Solutions, most millennials believe property provides a better return than the stock market which results in new investment strategies.
With that in mind, let’s go over some trends and facts surrounding millennials and their role in the real estate market in 2022.
Technology Will Continue to Become More Vital in Real Estate
One of the biggest trends in real estate, and one that is largely driven by millennials and other young buyers is the use of technology in real estate.
Whether they use a suggestion from UmoveFree to help find an apartment or use an online directory to find the right buying agent, we rely on technology a lot in real estate. Almost everyone will begin searching for a home through online listings, and having a great listing is important for selling a home quickly and effectively.
Also, things like remote viewings, 3D cameras, and drone shots have completely changed how a property can be shown compared to how it was in the past. New and exciting technologies are always coming out in the space, and there is no telling where the industry may be in the coming years.
Millennials are the Largest Group of Homebuyers
While anyone can buy and sell a home, millennials make up the largest share of homebuyers. In fact, around 37% of all home buyers are millennials, and we would not be shocked to see the number go higher over time.
Because of their major role in real estate, sellers have had to adjust their strategies to ensure their homes are attractive to millennials. For example, many millennials want an efficient home and prefer buying homes that have been updated or upgraded with this in mind. Many also want more space, a shorter commute, and many millennials don’t mind doing a little DIY on a home, either.
If sellers want to have a better chance of selling a home, they need to learn what is important amongst these millennial buyers, as there is a good chance one will be buying their home.
Millennials Are Waiting Longer to Buy Home
While millennials are buying a lot of homes, they are often waiting longer to buy them. There are a couple of reasons for this. The recession, rising housing prices, and ballooning student loans often make it harder for young people today to buy homes than it was in the past. It takes a lot of hard work, sacrifices, and saving to buy a home today in many markets around the country.
Younger buyers are also looking at more homes and considering more options before settling on a home. They know what they want, and are willing to potentially look at dozens of homes until one checks off (or most) of their boxes.
In conclusion, these millennial real estate facts and trends are good to keep in mind when selling or buying a home in 2022.