We are subscribers to 1000Watts’ Inside Real Estate service and they have provided several research pieces, the most recent one being a report on a survey of 600 Millennial renters and what they want as part of home ownership.  While we can’t provide the whole report, here is a summary of some of the key findings.

  • 9 out of 10 Millennials want to own their own home, which has only been cemented deeper during the pandemic
  • Millennial renters watch the market by watching homes online – 60% do this more than once per week
  • 57% are able to work remotely, 40% are willing to relocate to find an affordable home
  • 31% would buy a home without seeing it, another 34% might buy sight unseen if there was no a way to see it in person.  In total, 64% would buy sight unseen under the right circumstances!
  • Climate change impacts about half of how a buyer things about buying a home too

So the largest buying group (over 60% of buyers are Millennials) have high intent that is portable and not subject to a physical property visit.   It sounds like virtual selling tools can work wonderfully here, both for the potential buyer, and for you as the real estate agent that is waiting to be found by these people.

In terms of how often they search, over half search for a new home several times per week.

The report also revealed what features Millennial buyers are looking for, and surprisingly an office space is not at the top of their list:

When it comes time to hiring an agent, a feeling of trust is most important, but other factors include:

Finally social media is important, and the newest, shiniest platform, TikTok, is an opportunity for those that are ready to engage there.  Anecdotally, we have heard from a large online media provider that TikTok is killing it for leads as well.