millennials real estate

Millennials use their smart phones extensively in the homebuying process and use apps for research. Photo: Garry Knight

For years, millennials have largely been thought of as renters, not buyers, but that has changed. Millennials, born from the early 1980s to the early 2000s, now represent the largest group of homebuyers in the U.S. at 32 percent, taking over from Generation X, according to the 2015 National Association of Realtors (NAR) Home Buyer and Seller Generational Trends study, which evaluated the generational differences of recent home buyers and sellers.

This matters because the way millennials buy real estate is markedly more technology-driven than older generations, and Realtors need to adapt to their style if they want to keep up, says David Maez, Broker and Co-Owner at VIVO Realty.

“There’s lots of frustration among older agents in working with the millennials, but they’re not going away and agents need to learn to adapt,” Maez said. “It’s exciting because of all of the technology that’s available to us to make it easier to buy and sell properties. How people buy properties is going to continue to evolve on the technology level.”

millennials real estate

Take, for instance, the telephone. Many Realtors are used to speaking with clients, but millennials are much more into texting.

“With millennials, you have to communicate how they want to—they are big on texting and many don’t even answer their phones,” Maez said. “Some agents have had success using Facebook messaging because [their millennial clients] are not checking their email, either.”

The smartphone is key to a lot of the differences in millennial real estate patterns. More than half of them search for homes on their mobile phones and 26 percent of those buy a house they found that way, according to research from NAR.

(more…)

Millennials texting

Millennials use their smart phones extensively in the homebuying process and use apps for research. Photo: Garry Knight

For years, Millennials have largely been thought of as renters, not buyers, but that has changed. Millennials, born from the early 1980s to the early 2000s, now represent the largest group of homebuyers in the U.S. at 32 percent, taking over from Generation X, according to the 2015 National Association of Realtors (NAR) Home Buyer and Seller Generational Trends study released today, which evaluated the generational differences of recent home buyers and sellers.

This matters because the way Millennials buy real estate is markedly more technology-driven than older generations, and Realtors need to adapt to their style if they want to keep up, says David Maez, Broker and Co-Owner at VIVO Realty.

“There’s lots of frustration among older agents in working with the Millennials, but they’re not going away and agents need to learn to adapt,” Maez said. “It’s exciting because of all of the technology that’s available to us to make it easier to buy and sell properties. How people buy properties is going to continue to evolve on the technology level.”

NAR graph

Take, for instance, the telephone. Many Realtors are used to speaking with clients, but Millennials are much more into texting.

“With Millennials, you have to communicate how they want to—they are big on texting and many don’t even answer their phones,” Maez said. “Some agents have had success using Facebook messaging because [their Millennial clients] are not checking their email, either.”

The smartphone is key to a lot of the differences in Millennial real estate patterns. More than half of them search for homes on their mobile phones and 26 percent of those buy a house they found that way, according to research from NAR.

(more…)

This completely renovated townhome with an awesome deck at 4419 Holland Avenue would be the perfect home for a Generation Y buyer.

“Listing online leaves lasting impressions,” recited Bryan Crawford. He’s a young but knowledgeable agent with Briggs Freeman Sotheby’s. He and his wife, Amanda, know how to get the attention of Dallas’ newest generation of homebuyers.

Generation Y, which stretches from the late ’70s through the ’80s, are often serial renters who are more likely to look online for their first home than anywhere else. So, how do you make homeownership more attractive than renting?

First, says Crawford, sellers should stage their homes, because, with Generation Y, you can’t sacrifice the first impression. He advises clients to spruce their homes up, even if they have a limited budget.

“We tell sellers the best way to spend their money,” Crawford adds, “because staging makes homes look better and sell faster.”

Hiring a photographer helps, too. The Crawfords hire only the best for their listings, such as photographers that find their work in Architectural Digest!

Beyond that, it’s mostly personal taste. Millennials want fewer formals and better functioning living and kitchen areas. They want things to feel new, and they don’t want to do any repairs. They’re drawn to certain areas, too, Briggs Freeman’s Sam Sawyer said. Uptown is popular, as well as the M Streets, Devonshire, Oak Cliff, and the White Rock Lake area.

“They’re looking for things they didn’t have when they were living in an apartment,” Crawford said. That includes lawns and outdoor spaces, as well as covered parking.

According to Sawyer, Generation Y is looking for amenities and community. “It seems like people are getting away from buying a bigger house and commuting,” he said.

Still, renting remains attractive to much of Generation Y thanks to an uncertain job market. Sawyer said some of his friends prefer to rent because they don’t know if they’ll move to New York, or Washington, D.C., or even back to the nest with their parents.

What they may not realize is that homeownership doesn’t have to cost a whole lot. For instance, some Gen Y-ers may spend between $1,000 and $1,500 a month to live in a prime location like downtown, West Village, Uptown, and Knox-Henderson.

In Lake Highlands and Lakewood, a 2,000-square-foot house can cost the same as their monthly rent payment, plus or minus $200.

“And there are no neighbors banging on the walls, no loud parties, and you have a parking spot, too,” Crawford said.

Sounds perfect to me!

95%. And that was in 2008. Could be even higher now. By social media I mean Facebook and Twitter and all the clones out there. This from a trusted source who just returned from the National Association of Realtors convention in New Orleans. Another fact, and one solid reason why I am pouring myself into this blog: Gen X and Y use social media for just about everything. Gen Y, those 20 to 35 year olds — my kids — will buy 6 to 12 homes in their lifetime and they will be around the world, not in the same city they were born in or even where they live. They are what I call socially nomadic: their friends are cyber-linked and travel with them in their phones. They will buy — and rent — many homes in various places and party on with whoever happens to be in the ‘hood and closest by. Then it’s onto the next stop.

But do you really want to hear about listings on FaceBook? Twitter, maybe. How many smart agents do you know who chat on about their listings on Facebook?

And do you really want to hear it on FaceBook?