Millennials to overtake Baby Boomers in real estate purchases this year

For decades, Baby Boomers have represented the most powerful home buying force on the market. Real estate listing website Zillow says that this year could be the first year that Millennials overtake previous generations for most home purchases, a shift that comes with new expectations for the mortgage and insurance industries. 

"There are…ways that Millennials are changing the real estate industry," explains WTOP News, Washington. "Agents say Millennials do their homework, choosing neighborhoods and researching comparable sales.  The agent is needed to interpret the information, not dig it out. The young buyers also expect rapid customer service and they are looking to their agents for timelines, checklists and charts."

What this means is that fewer prospective home buyers are reaching out to agents as a first line of investigation into housing markets. The proliferation of listing sites has made it easy for young consumers to browse available properties without communicating with a professional. However, this doesn't mean they don't require guidance and education about the process before committing to a purchase. They just place different expectations on how to navigate home ownership.

With this emphasis on web-based information systems for buying, insuring and financing homes, agents must adjust their strategy to meet new expectations for service. For home valuations, embracing web and cloud-based technologies can help provide the quality and ease of service that young people expect when they buy their first homes. 

Residential property is a major investment, and guiding the next generation of homeowners through the steps requires accurate, consistent and flexible home valuation calculators. Contact us today to learn about our calculation platform that lends credibility and precision to the valuation process.