It may have taken some time, but millennials have grown into one of the largest groups of consumers. From tech to pets, this group of well-educated and informed buyers is quickly changing the landscape of the housing market.
With close to 36 percent marketshare, millennials are the largest group of homebuyers. Baby boomers and the Silent Generation still have a strong presence in real estate, but their marketshare will continue to decline in the coming years. On top of that, according to NAR Generational Trends, in 2017, the overall median tenure of sellers in their previous home was 10 years; however, the median millennial tenure was just six years, making them a great source of repeat business.
As older generations continue to age, their real estate needs will also dwindle; however, during that same time, millennials’ real estate needs will continue growing, and before long, the even more tech-savvy members of Generation Z will start making their presence known in real estate.
That’s why it’s important to partner with businesses who are dedicated to keeping up with the housing market and technology trends as they develop. Homes.com has completely reimagined home search with millennials in mind. The new Homes.com does more than adopt a mobile-first design. We’ve completely reimagined the old, outdated home search experience found across the real estate industry with new features to help millennial buyers find the home of their dreams. Here are some of the changes we made with millennials in mind:
Technology
Millennials grew up with and are largely dependent on technology to navigate the world. They are accustomed to being able to find anything almost instantly thanks to smartphones and other mobile devices. That’s where tools like Homes.com Snap & SearchBETA can help. Consumers now have a new way to search for homes: Just snap a picture of a home they love, and the artificial intelligence will match listings with similar architecture features in their area of interest.
Personability
For a generation that’s known for being “plugged” into technology, millennials also value a more humanized home search experience. Homes.com Match delivers this by letting buyers search for listings “around” a certain price so they don’t miss out on the perfect home. They are also able to set features they “must have” and those that would be “nice to have.” Then a “match score” will be assigned to each listing based on how closely it aligns with their needs.
Communication
Texting, social media and instant messaging have created a generation that doesn’t want to sit around and wait for everyone to get on the same page. Homes.com’s HomeShare makes it easy to keep your clients, their spouses, and anyone else who’s involved in the purchase decision up-to-date.
Homes.com has made it easier for millennials to find their must-have home; it’s up to you to help them get from “This is interesting” to “This is ours!” Find out about Homes.com’s new advertising opportunities here and start reaching millennial homebuyers today.
Erin Ruane is senior VP of Sales and Marketing at Homes.com. For more information, please visit connect.homes.com.
For the latest real estate news and trends, bookmark RISMedia.com.
