27 May 2020
How Millennials are Changing the Current Real Estate Marketplace and How to Stay Ahead with Research
Millennials may have been slower than previous generations to hit traditional ‘adulting’ milestones like buying a home, getting married or having children, but the tide is turning. Realtor.com predicted earlier this year that Millennials will lead the way in real estate transactions. While the current pandemic will likely impact buyer enthusiasm, real estate professionals still need to prepare for the unique expectations and preferences of Millennials who will continue to dominate the U.S. housing market for the foreseeable future. Conducting real estate research can help you prepare for the shifting demographics and changing needs, whether for first-time home buyers or commercial real estate investors.
Creating a buying (or selling) experience that Millennials want
While most Millennials think buying a home is a good investment, as a rule, they have waited to enter the housing market for longer than previous generations. First, the Great Recession hit just as many Millennials were finishing school and they struggled to find good paying jobs. Those who went on to higher education faced high student loan debt without escaping the difficulties their peers encountered in job searching. Those who found jobs still met with slow wage growth. All of these factors and more resulted in the delay. Now, however, the tides are turning as many Millennials are finally able to turn their sights toward home ownership.
According to UpNest, a technology platform that connects interested property buyers with real estate agents, Millennials tend to find real estate agents with apps or through family and friends who can vouch for their honesty. And with their help, and the help of various websites, the average Millennial hopes to find a 3-bedroom, two-story single-family home in the suburbs. They prioritize the quality and convenience of the location in terms of proximity to work and friends. Those who sell their homes find real estate agents the same way, hoping that their homes will sell well and quickly.
Beyond these preferences, Forbes points out that Millennials have also transformed the home-buying process. As the first generation to grow up on technology, Millennials feel at home online. They want to use their digital skills to help them find the perfect place. Apps are already available for perusing listings of houses for sale. Now, TurnKey Home Purchase Service is working to take things a step further. The service was created by Amazon and Realogy to put prospective home buyers in touch with real estate agents by using the model of a dating app to find the one who will best meet their needs—whether that means prioritizing computer gaming rooms or environmental sustainability. TurnKey also offers a few treats for those who use their service, from Alexa speakers to furniture assembly.
How to conduct real estate research efficiently
If you’ve relied on the open web to search for property records, identify sales triggers or discover emerging trends across the industry, you know it can be a time-consuming process digging through results. And with much of the content you need behind paywalls, it can be a costly process too.
Nexis for Real Estate brings together a comprehensive array of news, company and executive information, legal data, and billions of public records—all in one place. Plus, our powerful search and filtering technology that helps you find the information you need faster, even those hard-to-find connections between people, properties, and businesses. With Nexis for Real Estate, you can also:
- Create alerts to learn new information about people and companies of interest
- Track news about changes in interest rates, housing trends or company activities that could signal opportunities
- Take advantage of LexisNexis® SmartLinx to do the heavy lifting of sorting through public records, wrapping up all the data in a comprehensive report
- Complete property assessments with the help of deed, mortgages, and tax assessor records
There’s more where these came from, including tips related to commercial real estate. Download 10 Tips for Real Estate Research Efficiency to get more best practices.