Millennials: First-time Homebuyer Trends

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WHERE BUYERS SEEK GUIDANCE

68% say they relied on their agent for guidance throughout the homebuying process.

54% say they were advised by their mortgage professional.

53% say they were advised by their parents.

LENDING

62% financed their mortgages with small banks or independent lenders (25% view large banks as having the highest fees and closing costs).

63% said they would only consider fixer uppers that require minor to moderate upgrades. 

49% believe they need to have at least 10% for a down payment 

85% plan to use personal saving for a down payment while 44% plan to use a financial gift from parents.

66% used a fixed rate mortgage to finance their first home. 

BUYERS WANT DIGITAL TOOLS!!!!!

90% prefer to work with agents who have a strong digital presence

a. Online scheduling

b. E-signature (80%)

c. Text messaging

84% would like virtually guided tours of homes by their agents. 

83% want to access a mortgage application online. 

BUYERS WANT SOCIAL MEDIA!!!!

63% expect their agent to have a presence on social media.

82% say they are most likely to see home information if it is on their social media feed.

76% are interested in having home listing ads targeted toward them on social media.

BUYERS WANT REVIEWS!!!!

87% of buyers rate their agent’s online reviews as the most important factor in their realtor decision. 


Top two sites for first time homebuyers searching for homes online: 

83% Zillow

51% Realtor.com