Of the 13 facts listed about millennials in an Inman story today, the fact that they enjoy working with real estate professionals to buy or sell their homes may be one of the most surprising you’ll see.
Also known as Generation Y, those who were born between 1980 and 1995 are described this way by the National Association of REALTORS®’ 2015 Home Buyer and Seller Generational Trends report:
- 90 percent use an agent to buy a home (more than other generations);
- 63 percent of home sellers would use their agent again;
- 70 percent of home buyers would use their agent again;
- 50 percent of home sellers found their agent by referral;
- 45 percent of home buyers found agent by referral;
- 75 percent of millennials really value phone calls even though they like texting more than other generations;
- 58 percent of home buyers use an iPhone and 32 percent use Android phones, more than other generations;
- 94 percent used web sites to search for their homes;
- 51 percent of home buyers found their home online;
- 75 percent of home buyers used agents to decipher the process;
- 23 percent of sellers didn’t understand that commissions and fees are negotiable;
- 26 percent rated honesty as the most important factor when choosing a real estate professional; and
- 32 percent of home buyers are millennials.