It took a while, but millennials are all grown up and making their presence known in the housing market. Currently the largest group of home buyers, millennials account for almost 36% of market share—a percentage that’s expected to keep growing. The market share of baby boomers and the silent generation, meanwhile, is expected to continue its pattern of decline in coming years. And if that isn’t enough reason to make millennial business a priority, according to NAR Generational Trends, the overall median tenure of sellers in their previous home was 10 years in 2017, while the median millennial tenure was just 6. This makes them a great source of repeat business.
Millennials are the most tech-savvy buyers in history, and how they search for homes reflects that knowledge. Ninety-five percent of recent buyers used the internet during their home search. Before long, the even more tech-savvy members of generation Z will start entering the housing market. This growing focus on technology during the real estate search makes it important to partner with businesses who are dedicated to keeping up with the latest technological trends.
Homes.com’s new website reimagines the old, outdated home-search experience with new features to help millennial buyers find the home of their dreams. Read on to discover some of the changes we’ve made with millennials in mind.
Millennials grew up with mobile technology. They’re used to being able to use their phone to instantly find what they’re looking for. That’s where tools like Homes.com Snap & SearchBETA can help. With this tool, all buyers have to do is snap a picture of a home they love and the AI will find listings with similar building materials and architectural features in their area.
After growing up with text messages, instant messages, social media, and the various other forms of instant communication, millennials don’t want to spend hours or days getting everyone on the same page. They want input now. Homes.com’s HomeShare makes it easy to keep your clients, their spouses, and anyone else involved in the purchase up to date.
Millennials are known for being “plugged” into their technology, but they also value the connection that comes from a more human home-search experience. Homes.com Match delivers this by giving buyers search options that allow them to search for listings “around” a certain price so they don’t miss out on the perfect home. They can also select features they “must have” and features that would be “nice to have.” A “match score” will then be applied to each listing based on how closely it matches their parameters.
Homes.com’s reimagined design and features make it easier for millennials to find their must-have home. Now 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 home buyers today!