Are Young Home Buyers using Real Estate Agents?
Real estate agents are swooping in and being the superheroes they are towards first-time home buyers!
The National Association of REALTORS®’ newly released 2021 Home Buyer and Seller Generational Trends report shows younger generational groups dominating the housing market – but not only that, they’re reaching out to agents to help make their purchases and decisions.
Millennials are taking up the largest share of buyers at 37%, and even Gen Z (the youngest buying generation) is entering the market.
Younger millennials (those aged 22-30) were the most likely to reach out to a real estate agent during their home search at 91%.
With COVID drastically changing how the real estate market worked with sellers and buyers, the millennial (and Gen Z) generational group embraced virtual tours and in-home shopping; these groups of buyers are generally comfortable with researching online before they reached out to an agent.
Jessica Lautz, NAR’s Vice President of Demographics and Behavioral Insights, explains: “[…] to see [buyers] really embrace virtual tours and virtual open houses was a given, nonetheless, real estate agents are the top information source, and the data shows these buyers ultimately used agents to purchase a home.”
These younger, first-time home buyers still had difficulties finding the home of their dreams. NAR’s infographic report below showcases ages of buyers, and what they found to be the most burdensome when searching for a home. Most millennial buyers thought finding a property was the hardest part of their home purchasing journey, at 58%.
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