Back in the days, the younger generations avoid the idea of homeownership at a very young age. Many factors affect this kind of mindset; some think they can't afford or qualify for a mortgage, while others are afraid of real estate responsibilities, including taxes and home maintenance.
But gone are the days when young professionals ditched the idea of being a homeowner. Nowadays, millennials are more aggressive when it comes to acquiring properties and have opened up their minds that homeownership is not just for those who want to settle down and have a family.
Clever Real Estate's recent study shows how millennials are committed to becoming homeowners at a young age. The study based on the survey conducted to 1,000 millennials revealed that the COVID-19 pandemic also pushed them to look for a place they can call their own.
Closing Deals Through Photos
Interestingly, the survey shows that most millennials don't need to visit a property to close a deal.
"29% of millennials say they'd buy a home after seeing only photos or virtual tours. 44% would buy a house just after viewing photos. 31% would require a pre-recorded virtual tour, and 26% would require a live virtual tour," the report reads.
Experts Warning
While online real estate shopping is slowly becoming a norm (thanks to the coronavirus pandemic), the real estate company warned against the risk of basing their homebuying decisions through "Instagrammable" listing photos.
Clever said that first-time homebuyers should understand that not all people who only relied on listing photos ended up satisfied with the home they purchased.
"We surveyed recent homebuyers in mid-2020 and found that people are more likely to regret their home purchase when they don't see their home beforehand," the report states.
"In fact, more than 75 percent of those who bought a home without seeing it first reported some buyer's remorse - 27 percent more than those who did see their home in-person before buying it," the report added.
Other Things that Attracts Millennial Homebuyers
While the said survey result could be concerning, not all millennial homebuyers are just persuaded by Instagram-worthy listing photos before closing a deal. Below are other factors that attract the younger generation to real estate properties.
Listing Captions
Millennials don't like boring and monotonous property details. Making humorous captions captures their interest. If you make them laugh or trigger an emotion on your listing captions, there are higher chances that these young homebuyers will be more interested in the property.
They also rely on property-relevant social media hashtags like #realestate, #homeforsale, #openhouse, and more.
Pet-Friendly Amenities
Since most millennials are not keen on starting a family early, they opt to live with their pets. Highlighting the pet-friendly amenities of the property will surely become a massive hit to these fur-parents.
Smart Home
You can never go wrong with a smart-powered home. Millennials like it quick and easy, so opening and closing lights in just a snap will highly appeal to them. If you are eyeing millennial buyers, better equip your property with smart home features like a keyless entry system, smart light, USB port outlets, smart home management system, and more.
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