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Sound Off Joselynn Chua What are Millennials most concerned about in real estate?

September 24, 2018

It is easy to stereotype millennial home buyers. However, millennials are just like any other home buyers, with one main difference: They are web savvy.

Millennials grew up on the Internet, and this has, generally speaking, equipped them to be well prepared when buying a home. They are perfectly comfortable doing online research about the market, neighborhoods of interest and values of homes in those areas.

If they’ve begun to seriously search for a future home, they’re likely familiar with new listings as they come to market because they’ve used mobile apps to alert them of new inventory.

Generally speaking, millennials are also accustomed to digital media, and they can narrow their searches by considering floor plans, photos, videos and virtual tours of homes.

I enjoy working with millennial home buyers because they’ve done their online research, and I don’t need to waste their time looking at homes that are likely not of interest to them.

Like many home buyers these days, millennials are looking for homes that are convenient, close to town and provides an easy commute into New York City. Thanks to smartphone technology, it is easy to pull up homes on Google Maps and calculate commuting time.

Generally speaking, millennial homebuyers are also more often interested in lower-maintenance homes. They may have a perception that maintaining water wells, oil tanks and septic systems are a hassle. However, that doesn’t mean that all buyers from this generation aren’t interested in homes that have them. Often, when they have a better understanding of how these systems work and are maintained, their fears are tempered.

Because millennials are web savvy, they are quite knowledgeable about important considerations, such as a home’s transactional and price history. They may have done extensive research on a property’s seller.

At home inspections, they come prepared with a list of smart questions for which they seek answers. It’s true that millennials are like any other residential buyer in most ways, but their lifelong relationship with the Internet prepares them to make highly informed decisions.

Joselynn Chua,

Coldwell Banker Residential Brokerage, (646) 319-0568 cell, joselynn.chua@cbmoves.com

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