How the millennials are taking over the housing market

 

The real estate industry has taken on a different form thanks to millennials, the dominating age group of homebuyers in the U.S. Even with skyrocketing student loan debts, millennials are determined to put in the hard work to save, spend, and invest in their future homes.

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Millennials make up 85% of homebuyers in the country, and they are sure to take their sweet time before purchasing their first home, shares real estate professional Gene Bernshtam. The research, review, consideration, property viewing, and purchasing process is longer for this age group as they desire to pick out the best home for their needs. Most millennial homebuyers opt for properties that are equipped with new technology. Growing up in the era of smartphones and Internet of Things, they are sure to expect their homes to be run by smart home technology.

Unlike generations before them, millennials are likely to skip in-person meetings and property viewings, with the digital homebuying experience as their preferred course of action. It is safe to assume that millennials begin searching for a new home by Googling listings that fit their preferences. Once ready for ownership of their dream home, millennials look for real estate agents that can be trusted.

Image source: forbes.com


Millennials, described as a more environmentally conscious generation, look for and purchase homes that are situated in sustainable communities. According to Gene Bernshtam, they are committed to making a difference in the planet by supporting communities that pay attention to a power management system, update homeowners insurance policies according to emerging energy and hydro technology.

Gene Bernshtam works in commercial real estate investment and development firm Avalon Holdings, LLC, which specializes in apartment buildings and mixed-use properties. Investment, development, management, repositioning underperforming real estate assets, and consulting services are the company’s overall focus. For more updates, head over to this page.

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