Wouldn’t life be so much easier if we knew exactly what people wanted at any given time? Unfortunately, we can’t all be Mel Gibson and suffer from a freak accident allowing you to get into the minds of the people you meet everyday. Lucky for us, Zillow released a report in late 2016 on Housing Consumer Trends.
REALTORS®, with this information, get ahead of the game and find out exactly what your buyers want:
A whopping 83% of the surveyed home buyers want a freestanding, single-family home. How about the other 17%? What types of housing are they looking for?
Housing Types wanted by GENERATION:
• Silent Generation (ages 65-75): Less interested in single-family homes than other generations
The Silent Generation are the most receptive to yard-free living in a condo/co-op or townhouse.
• Baby Boomers (ages 50-64): Highest willingness to buy manufactured housing than other generations
A tenth of the Baby Boomer generation are interested in manufactured housing and some are interested in purchasing a condo or co-op.
• Generation X (ages 35-49): Least interested in condos and co-ops than other generations
Majority of the Generation X home buyers seek to buy a single-family home, following a town home.
• Millennials (ages 18-34): Most housing-flexible
If not looking for single-family homes, the Millennial generation is the most likely to consider living in a town home or duplex/triplex.
Majority of the home buyers (87%) surveyed wanted to search for their dream home online. Less than half used home builder/sales centers, print ads, and direct mailers as a tool to find the perfect home.
Lap tops and desktop computers, mobile web, and mobile apps were among the most popular devices used during their search:
Research shows that home buyers of all age groups use an agent during their home search. The older the buyer, the more they rely on an agent’s assistance at the beginning as well as during the process.
**Important: You won’t be the only one! Buyers, on average, consider at least 2 agents during their home search, especially Millennials.
In order to ensure you stand out from the rest, scroll down to find out what buyers expect out of their agents:
Among all generations of buyers surveyed, 78% expect a response from their agent within 1 day. Only a small percentage, 22%, will allow the agent to respond within 2 days.
LOCAL MARKET KNOWLEDGE & POSITIVE FIRST IMPRESSIONS
The most important factors while choosing an agent are positive first impressions, responsive and trustworthy, and knowledgeable about the local market. Find other important factors that buyers use to evaluate potential agents:
PREFERRED METHOD OF CONTACT
All buyers of various generations still prefer you to pick up the phone and give them a call. The second most popular form of communication is to meet in person.
Find a lender that fits the needs of all home buyers. We will always meet you in the middle: complete the mortgage process online or meet us in person!
Use the branch locator to find the right mortgage consultant.