Millennials keen on using Realtors®, buying within next few years

Whether we like it or not, millennials are the biggest generation of homebuyers right now.

According to a recent Nationwide Mortgage report, millennials represent 34 percent of all buyers, and 66 percent of first-time homebuyers. And millennials are the most likely to think homeownership ties in with the American Dream. Nearly two-thirds of millennials believe that, compared to only 58.4 percent of Generation X, 56.9 percent of baby boomers and 63.9 percent of retirees.

Luckily, Realtors® are key for millennials. Ninety-two percent of millennial homebuyers used a Realtor® to purchase their home, more than any other generation. As a Realtor®, know that millennials are absolutely using the internet to look for a home, as 99 percent reported they do. In fact, 58 percent said they found their home on a mobile device.

Professional photos are also key to attracting millennial buyers. Sixty-four percent of buyers opted to see a house in person after looking at it online and 76 percent checked out the home from the outside via driving by after viewing it online. Two-thirds of millennials plan to buy within the next five years.

Millennials are most likely to want to live in the suburbs and close to work. In fact, 65 percent said the commute to work is the top feature when looking at homes. Another important feature for millennials is new appliances, as 75 percent said they want them in their new home. Green features, like solar panels and energy efficiency, are also key for nearly 50 percent of millennial buyers. Luxury kitchens are also a feature many desire, as well as an open floor plan.

Many millennial buyers are looking for their starter home. Only 11 percent consider homeownership permanent, and 68 percent consider their current home a “stepping stone.” Most millennials only live in a home for six years before putting it on the market, compared to the average of 10 years among all generations.