New Generation Home Buyers - What are they looking for and How?

Everything you thought you knew about real estate has changed!

Technology, behavior, and culturally - its a new generation. A new portrait of the American Dream Home. In the news these days we talk about "Generation Y" or also known as Millennials, which are homebuyers 33 and younger. In general, the method of homes searches have changed. 

In the past we picked up the local newspaper and and open houses, driving through neighborhoods on the weekend looking for "For Sale" signs.

First-time home buyers would ask friends and famlies, or read up on the home buying process online in their search for new homes.

Now, ninety percent of home buyers today use the Internet to search for homes, smart phones, apps to find their next home and then reach out to a realtor.  This next generation of home buyers are different in how they search for homes, but also what they look for in a home as well.

•       Buyers use specific online tools
•            Smart Phone apps
•           The age of the home buyer also plays a big factor in how they conduct their search for a        new home
•             Buyers watch Youtube videos and virtual tours before ever reaching        out to a realtor.
•           Communication with a realtor consists of texting "I am interested in      the home on 2920 Chinkaping Oak Lane", and emails rather than picking up the phone.

We live in a technical world now, but the typical Internet buyers are taking twice as long to search for a home and "visiting" the home online three times more as traditional home buyers would.

But, no matter how things change, some things remain the same. Real estate agents are still the most important source of information for home buyers.

Internet home buyers were more likely to contact a real estate agent (89%) than buyers who did not use the Internet to search for homes (70%.) 

Buyers who use the Internet also made greater use of other information sources, such as real estate agents, open houses, Home buyers still ranked real estate agents as the most useful source of information (81%), the Internet (77%). The least source of information these days were newspapers and print ads.

Buyers most often found the home they purchased through a real estate agent (40%) as opposed to the Internet (35%.). Buyers most likely find their agent through a referral from a friend, relative or neighbor. Buyers are focused on listing photos (84%), along with detailed property information (82%), and the added virtual tours (63%).

However, real estate professionals are involved in four out of five transactions in the U.S.

What is the new generation looking for in a home? While baby boomers wanted big homes with lots of space, Gen Y prefers functionality over size and lifestyle. However, it is not unususal that their parents may be the reason for a bigger home, and now it becomes a multi-family home. We are looking for main level master bedrooms, to in-law suites or rental income properties.

What are home buyers looking for in a home these days:

- Trendy Kitchens

- Large Closets

- Home Office

- Hardwood Floors

- Media rooms/Man Caves

- Smart Homes with smart phone apps that can remotely lock/unlock doors, automatically turn on the A/C, and monitor the kids and family dog via webcam.

Though we as realtors need to keep up with the times and be tech savy, in the end the buyer still wants my real estate experience, and helping them. Technology makes things easier, saves time, and we are more efficient. However, "Why should I work with you", is still one of the most important question asked by potential home buyers. They want someone to guide them through the process, and our professional advise. The fact that I can write an offer and get it signed on my iPad, is a bonus!

If you consider buying your new home, call me today and I will answer any qestions you may have!  

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