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Reasons That Millennials Prefer to Purchase Homes Online

10/21/2015

Since the real estate market crash of 2008, things have improved significantly. Finally, the volume of home sales throughout the United States is improving. In addition, the market overall is experiencing growth. For Realtors, things certainly look good.

Although many people purchase homes by working with a Realtor in person, others prefer buying homes online. In comparing the two options, a much larger audience will see online listings. According to the latest statistics, as much as 95 percent of all homes for sale are listed online. However, the number of deals that actually close on the Internet remain a fraction of the $2 trillion industry.

Millennials Buying Homes Online

Millennials have had and will continue to have a major impact on the real estate market. Following Generation X, millennials consist of people born between the early 1980s through the early 2000s. Millennials are young individuals just starting to show interest in the real estate market and becoming homeowners.

Because millennials who are interested in the real estate market generally are tech-savvy, experts want to know how many actually find and purchase homes online. While older generations use the Internet to hunt for homes and make comparisons, most prefer to solidify purchases in person.

For millennials, there is actually some divide among experts pertaining to home buying preferences. Some Realtors believe that millennials prefer to purchase homes online while other Realtors think millennials are like baby boomers and generation Xers in that the Internet is simply a tool used for search purposes.

If millennials do in fact use the Internet to buy homes more than they do in person, there would be a serious shift in how the real estate operates within the U.S., followed by other countries around the world. However, considering that foreign investors have purchased real estate online for a very long time, there is nothing stopping millennials. Thanks to the power of the Internet and accommodating websites, online home purchasing is a very real opportunity.

For millennials, buying homes online is a growing trend. This group is accustomed to using technology for making other purchases, so it makes perfect sense they would use the Internet to buy homes. In fact, the Internet is a great solution that saves tremendous time. Rather than physically looking at multiple homes, millennials can research everything they need know about a particular home, followed by completing a seamless transaction in less time and with little fuss.

For the most part, millennials have good insight into what they want. As opposed to baby boomers and even generation Xers that have to see things in person in order to make a sound decision, millennials have an uncanny ability to hone in on what really matters and then lock into a decision.

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