The one thing millennials are amazing at is DIYing. They DIY everything from their clothes to their living place. Also, you cannot convince them that they need something, even if it’s a life-saving vaccine. That has tremendously helped them in carving out their own path rather than following the pre-determined choice.
This pattern has led to a lot of innovations that has totally changed the way we view the world in the last few decades. The housing market features here in a big way too. Millennials have mastered the craft of living as and where they choose irrespective of the norm.
Let us take a look at how the millennials have contributed in reshaping the housing domain.
Technology In the Mix
According to The National Association of Realtors, over 99 percent of millennials used technology in one or the other step of their home buying process in 2017. This statistic says a lot about how accessible and simplified the real estate world has become over the years.
This innovation is partly because of the people of this generation prefer most of their official work online. It helps when they are somehow always running on a time crunch and need to be in three places at any point of time. Part of it is because whether it is their life or assets, they are always aiming at maximizing their returns.
Take Your Time
The virtual house showing, browsing the best properties in your area of choice on Zillow and e-closing has made it incredibly easy for people who are always on the go. Also, you get so many more options this way and the shady salesmen cannot rush you into something that you don’t feel fully sold on. Technology almost adds a gentle speed bump when you are driving at a breakneck speed on your house buying journey.
A lot of highly interactive real estate websites have popped up in the scene. As millennials become the biggest share of home buying demographic occupying over 36 percent for last five years straight, the industry is going to be shaped according to their whims and fancies. And it will only get more transparent and reliable with time.
Customized to the Nines
You might not know anything about the real estate market but a quick trip down the domestic property rabbit hole will make you aware of anything and everything you want to know within a day! There are no more secret listings and cranky agents who can wield the power of banishing you from a really good school district.
Better yet, you can just fill an online quiz and get the best-suited agent for you in a couple of minutes. It is that easy! This way you don’t have to suffer the loss of both time and energy as you waddle from agent to agent looking for a decent match. Over 81 percent of home buyers stated that they found their dream home online.
Never Settle Again
Just as your favorite social media app that you have got totally hooked on, the real estate apps are designed to create an almost similar effect. It is a win-win situation too. As the online ads just seem to know what crazy stuff you might like to buy even if you don’t know about it yet, these real estate apps are aimed at a similar success rate.
You could have just woken up and having a peaceful cup of Joe as you get the perfect home suggestion, based upon your online inputs, right on your fingertips. Whether you want a home with a backyard for your dog, organic garden, proximity to public transport or walkable distance from the closest yoga studio; you can get it with utmost ease with these apps.
Slow And Steady
There is never any rush. Even if they are about to miss their metaphorical train. In an age of unlimited options, the millennials have learnt the zillion dollar lesson that there is always a better option out there. This has made them surer of who they are and their preferences. You cannot herd them into being yet another statistic by telling them how it has been done.
They don’t care about anything that much to give up their flow. It usually works out in their favor though. In a world where everything from your job to the color of your shoes was predetermined for you before you were born, this definitely proved to be a healthy development.
Choice not Necessity
They prefer to be renters anyways. The only reason they will buy a home is because some show that they watch gently nudged them to do so. As long as they have proper wi-fi and enough coffee supply, they are golden. Home, car, health insurance, soap, vegetables; these are all secondary. If it happens cool otherwise, they have their version of basics covered.
This approach pays out majorly in certain key aspects. Different people have varying lifestyles. Maybe you wish to explore the world before settling down in a place. You are better off renting or getting a house with flexible lease plan in that case. And they are available now because the millennials refused to conform to the previous obsolete norm. And that has resulted in a real estate market full of malleable options. Everyone wins.
The millennials are definitely smarter with their home buying decision as compared to the previous generation. It can be because they have the gifts of internet and a buyer’s market to support their lifestyle.
Or, it can be the fact that the boomers made the best use of their timeline and the resources available at their disposal then. The times changed and the new generation had a whole new layout to work with that replaced the older model. Maybe gen Y and Z will keep this pattern going on for constant improvement of the priceless now!
Are you a millennial? What is your home-buying story? Tell us in the comment section below. Also forward this post to your friends and family to enlighten them about the millennials and their home buying tendencies.