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What are millennials looking for when searching for a home?

By: Kelly Leighton on in

When searching for their next property, most millennials are relying technology.

But a majority of millennials are also looking to Realtors® for guidance. A recent report from Clever Real Estate found that more than 60 percent of millennials, many of whom are first-time homebuyers, use a Realtor® to find a home. When looking for a Realtor®, millennials place the most value in trustworthiness, knowledge and skills in negotiating. Both friendliness and responsiveness were important as well.

What are millennials looking for in a home? According to the survey, location is key. A safe neighborhood is most important, followed by a good school district and a short commute. Affordability is also a huge factor, the majority of millennials surveyed are looking for homes that cost between $100,000 and $199,999. However, more than two-thirds of millennials are willing to purchase a fixer upper, even if needs major repairs. But millennials are not quick to put offers down. More than one-third have yet to put any offers down, and more than 20 percent have put only one offer down.

The majority of millennials make the leap to purchase a home because they need more space. A large percentage also believe homeownership is a good investment, and nearly half believe it is less expensive than renting.

Most millennials have not taken the plunge into homebuying yet. The survey found that nearly 79 percent are first-time buyers. But they are beginning their searches, and the majority are starting online. So make sure your online presence is strong and local.

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Comments (2)

Comments

  • Bill Hamberg   January 29, 2019 at 12:18 pm

    So, who are the other 40% using to purchase?? Seems like a lot of ambiguity in the whole article.

    Are there actual stats that back up that report or is it just click-bait for their “services” website?

    Reply to Bill Hamberg
  • Kelly Leighton   January 29, 2019 at 1:58 pm

    They aren’t using a Realtor®, they are doing it themselves or using a different platform.

    Here is a direct link to the statistics, which can be found on their page: https://listwithclever.com/real-estate-blog/millennial-home-buyer-report/. Please let me know if you have any other questions.

    Reply to Kelly Leighton

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