We work with them, we socialize with them, we eat with them and we too often, admit it now, sleep with them. Who or what is “them?” Our cell phones, of course.
Now, we’re finding our homes with our cell phones. According to the National Association of REALTORS® (NAR) 2019 Home Buyer and Seller Generational Trends Report, 76% of all home buyers searched for and found their home by using their mobile device.
Take a look at the generational variations in cell phone use when searching for and finding a home:
- 81% of Older Millennials
- 80% of Younger Millennials (younger than 38 years)
- 78% of Gen-Xers (39-53 years)
- 68% of Young Boomers (54-63 years)
NAR found that 17% of all buyers found “their” real estate agent by using their respective mobile device. 23% of that 17% who found their agents on their cell phones were Younger Millennials, 20% of that 17% were of the Silent Generation (ages 73 and up). 15% of that 17% were Young Boomers and 15% were Gen Xers.
Typically, a homebuyer contacted a real estate agent to help them through the buying process (only 14% did not use an agent) and typically, that prospective buyer visited a median of 10 homes over a 10-week period before making a decision to purchase. Only 53% of all homebuyers attended open houses while searching for their homes. Young Boomers spent longer looking for their homes with their agents, a median of 12 weeks. Silent Generation members were the quickest to make purchasing decisions with a median time frame of eight weeks.
Typically, the homebuyer was 46 years old, married without children living “at home,” and had a median income of $91,000.
What was the most difficult aspect of the home buying process?
- 56% of all buyers said that finding the right property was most difficult.
- 20% responded that having to deal with the paperwork was the most difficult.
- 16% responded that “understanding the home buying process” was the most difficult.
- 13% said that saving for the down payment was the most challenging aspect. (Surprised?)
- 8% responded that getting a mortgage was the most difficult aspect of the home buying process.
Thanks to the National Association of REALTORS® and HousingWire.