There’s probably nothing more complicated than a Millennial’s relationship with homeownership. This is most evident in the conflicting surveys you see every day. One report would crop up and say that this generation is ditching their parent’s basements, and another would tell you that they’re shying away from the property market. The only sure thing in the midst of this chaos is this fact: Millennials have redefined the Great American Dream. Here are the ways they’ve changed what it’s like to buy a home:
Technology has become a default tool
Millennials are the tech-savvy generation. They rely on their smartphones for almost everything, and that includes home buying. They start their search online, either with apps or websites.
A few clicks and taps and they see a house as specific as having three bedrooms, two baths, with garage and a patio, located in a quiet suburb in Salt Lake City. And then, there’s the house tour, which is done with virtual reality. City Creek Mortgage noted that many mortgage applications could be done online as well. You can check Utah mortgage rates that real estate agents publish in websites and even apply for a home loan in the mortgage company’s apps.
The Millennials’ reliance on smartphones when buying a home left the rest of the people in awe that a single device could actually make the entire home buying process easier.
Tiny homes are the ‘in’ thing
Before, the Great American Dream is living large. In the last years, Gen Y has proved that living the dream is being free and not being strapped to a house that needs constant maintenance. Millennials are into tiny homes that give them the solace they need and encourages them to explore the world more. This is heavily influenced by their use of technology. With travel destinations constantly flooding their Instagram feeds, they just can’t help but go out and see the world.
This tiny living has inspired other people to embrace the minimalist lifestyle. If you’re done with the too much stuff and chores, you may want to consider tiny homes yourself.
Trust in a realtor is a big factor
A recent survey shows that Gen Y trusts real estate professionals more readily than other generations. Even though Millennials rely so much on technology for their home buying decisions, they still value expert opinion. This is because they want a hassle-free experience, not just the property itself. They make it a priority to maintain a good relationship with their realtor.
Throw Millennials whatever label you can think of, but you can’t change the fact that this is a generation that has redefined home buying. Maybe, just maybe, you can learn a thing or two from this special kind of homebuyer.