This century has brought about a lot of changes in the way real estate is bought and sold. Realtors who have kept up with the latest trends have an advantage over those who insist on using conventional methods; however, the more things change, the more they stay the same.
Whether we like it or not, the real estate market is changing. The largest share of home buyers is between the ages of 25-34 years old, which is the upper end of the millennial generation. These buyers generally take longer to buy a home averaging four weeks longer. This is because of the massive amount of information that is available, millennials do much more research before they buy.
Communicating with millennial buyers is much different, they rather text than use the phone. They are the generation that has never known what it’s like not to have the Internet. Links to listings, virtual tours, videos of the property being sold is now what is expected as the norm.
Millennials do have a real challenge over other buyers. They have a harder time qualifying for loans because they are in an economy where the pay is less, many of them have college degrees and are working in fields where their degree does not apply. As a result they have to overcome a huge student loan debt which hinders the loan qualification process. Regardless, millennials do buy and are the next big market for real estate.
The baby boomers still make up a large share of the market, they take less time in buying and tend to look at fewer houses. Boomers are generally tech savvy and are comfortable with doing business online.
Regardless of the age group, nothing can replace the fact that everyone expects to be treated with respect and fairness. A Realtor that really cares about their clients, striving to fulfill buyers and sellers wants and needs never goes out of style and actually accomplishes much more than just having the latest tools.
Ray Perry is the 2013 Realtor of the Year for Lake County and works for CPS Country Air Properties. He can be reached at 277-8000.
