Here’s what this new generation of homeowners should expect when they begin their search for new homes.
In recent years, expanded wage growth has enabled more millennials to enter the housing market. Now, millennials make up the largest demographic of homebuyers in the country. As the number of millennial homebuyers is expected to rise in the coming years, the real estate industry is changing to meet the needs of this influential generation. Here are some of the new trends that millennials can expect during their home search.
Focus on Technological Amenities
The millennial generation is more digitally connected than any other generation preceding it. With this in mind, sellers are attempting to offer more tech-friendly amenities in their properties in a bid to attract millennial buyers. For instance, many sellers are upgrading their homes to support larger digital bandwidth and access to high-speed internet. Throwing in extra incentives such as Smart TVs and built-in USB outlets will also become more common as sellers appeal to the millennial market.
Changing Role of Real Estate Agents
The Internet means that millennial buyers have a wealth of information right at their fingertips, which means they can begin their home search online without the assistance of a real estate agent. Additionally, they can also access property records and new listings all on their own. To stay relevant, agents have started to change their roles in the home-buying process. Now, real estate agents play more full-service roles than ever before. Rather than simply helping buyers find and close on a property, real estate agents also help connect their clients with the right contractors, moving professionals, and take on other roles that will ease millennial buyers into their new homes.
Emphasis on Building Relationships
Building off the previous point, real estate agents now also spend more time connecting and forming relationships with millennial buyers. Because millennial buyers can handle much of the home searching and buying details on their own, real estate agents now focus on creating a positive experience for their clients. They are more readily available and approachable than ever, allowing millennials to ask questions without the pressure of the bottom line looming overhead.
These are some of the trends millennials should expect as they begin their search for a new home. Are you looking to begin the home-buying process and not sure where to start? If so, contact the experienced professionals at Brighton Escrow. Our team is ready to offer you top-tier escrow service in the Hermosa Beach area today.