In residential real estate, somethings change and somethings remain the same. The first week of April, Owners.com released its 2018 homebuyer study. The study reveals that buyers continue seeking easy-to-access data and agent support to make informed search and purchase decisions. New and important information shows that budget choices and how they work with their agent varies across demographics.
The survey data results come from more than 1,000 consumers who recently purchased a home. While 82 percent of buyers stated online access to data-focused property information was essential to their decision-making process, the study highlighted vast differences in the way millennials, Generation X (Gen X) and baby boomers manage their home buying budgets and work with real estate agents.
Generally, the age breakdowns of these generations are:
A supermajority (78%) of national homebuyers believe data and machine learning will have an important influence on the real estate experience over the next 10 years. However, Gen X is most self-directed when buying a home while millennials tend to be more reliant on their agent to do the work.
Considering the rising home prices and strong competition in many areas of the country, when asked how much beyond their budget they went to get into their current home, one-third of national homebuyers surpassed their budget by $16,510 on average. A closer look at each demographic shows:
The vast majority of homebuyers (83 percent) worked with an agent and agree agents bring value to the process. In today’s competitive marketplace, homebuyers rely on agents to help them save time and money. According to the survey results:
According to Dario Cardile, Vice President, Growth Marketing at Owners.com.
“Buying a home is typically the most expensive purchase most people will make in their lifetime, and there is a terrific opportunity for real estate brokerages to engage consumers with the right tools and data that can help them make more informed decisions. Data and artificial intelligence will play a key role in how consumers buy and sell homes in the coming years, but knowledgeable agents can help strike the best deal to get consumers in their dream home quickly while saving money in the process.”
You’ll find the full survey press release at: Owners.com® 2018 Home Buyer Study.
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Author bio: Brian Kline has been investing in real estate for more than 35 years and writing about real estate investing for 10 years. He also draws upon 30 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, a few short miles from a national forest. With the Pacific Ocean a couple of miles in the opposite direction.