In recent years, the real estate landscape has evolved tremendously under the wing of ever-evolving technology, The digital age has spawned a new era of home buying, marked by a significant shift towards online platforms and mobile technologies. This shift has made homebuying not only more efficient, but also more attainable, especially for the millennial generation.
According to a report by the National Association of REALTORS®, 97% of homebuyers utilized online platforms for their home search in 2020, a dramatic transition from the days when newspaper ads and MLS listings were the only go-to sources for buyers. Another study reveals that a whopping 99% of millennials and 90% of older boomers browse online websites like Zillow, redfin, realtor.com, etc., during their homebuying journey. This seismic shift can be attributed to the sheer number of digital tools available, offering unmatched convenience, time-saving options, and the flexibility to progress at their own pace.
Millennials, known for their tech-savviness, are leveraging digital platforms not just for home searches but also for comparative market analyses. Around 76% of homebuyers use a mobile device or tablet in their search, with real estate firms encouraging the use of tech tools like e-signatures, electronic contracts, and home valuation tools.
Moreover, the digital prowess extends to the selling phase too. A significant number of millennials take an active role in listing their properties online, with 32% involved in the photography of their real estate listing, and 38% posting their listing on social media. Platforms like Zillow are gaining more and more traction among the younger demographic, registering daily visits from a significant percentage of individuals aged between 18 and 45. Zillow’s listing catalog paints a much more digestible and eye pleasing interface than most NAR (National Association of Realtors) sponsored MLS (multiple listing service) websites and apps.
The digital evolution in real estate is not just a trend but a paradigm shift. It’s propelling a more informed, engaged, and empowered breed of millennial homebuyers, who are navigating the real estate market with a blend of traditional methods and modern digital tools. This mixture is not only simplifying the home buying process but also making it a more enriching and educated venture. Through the digital lens, millennials are now experiencing a real estate market that is more accessible, transparent, and aligned with their lifestyle and expectations.
The MT Group