Shoppers now have tools and applications that allow them to search by location, to get to know the neighborhood in detail. The online search allows comparing available homes, by characteristics and situation. And they do this process of searching for information before contacting a real estate agent like sky marketing.
Millennials and other generations of home buyers
The NAR study on the real estate sector including dha peshawar
in the digital age tries to analyze what the process is that home buyers follow in their initial searches.
The main division they make of buyers is by their belonging to each generation; To understand the data, we summarize the generations by birth years:
Generation
Birth date
Young Millennials Generation Y
1990-1998
Older Millennials Generation Y
1980-1989
Generation X
1965-1979
Young Baby Boom
1955-1964
Older Baby Boom
1946-1954
Silent generation
1925-1945
Its main conclusions are:
The buyer usually uses a mobile device to search for properties online like capital smart city islamabad payment plan. Search on portals for homes and on real estate websites to find out about the purchase process.
After that first inspection, the buyer contacts a real estate agent and visits an average of 10 homes in about 10 weeks before buying the home.
81% of Millennials and 78% of Generation X found their home with the help of a smartphone, compared to 68% of the baby boom generation.
The main sources of information for home buyers, in their initial process, were real estate portals and websites, real estate agents and mobile applications.
"Social media" is cited as the best source for generating high-quality leads, according to real estate professionals of pechs islamabad.
FIRST STEPS IN THE HOME BUYING PROCESS. SOURCES
98% of Millennials searched real estate portals, compared to 72% of the Silent Generation.
57% of Generation X and older Millennials visit an open house.
Baby boomers used a mobile phone only half as often as Millennials, a ratio similar to that of using videos to consume information.
DURATION OF THE PURCHASE PROCESS
While in 2001 it took an average of 7 weeks to find the desired home, in 2018 it amounted to 10 weeks.
All generations spent 10 weeks looking for a home, except the least Silente (8) Baby Boom (10).
62% of those under 28 years old found their homes on the Internet; the older generations found it mostly through a real estate agent.
MAIN DIFFICULTIES DURING THE PURCHASE PROCESS
In the purchase process, the most common problems are paperwork and documentation, in addition to understanding all the necessary procedures, especially for Millennials.
31% of the older Baby Boom, indicate that they do not find difficult steps in the buying process, compared to only 8% of Millennials.
PREFERRED COMMUNICATION
93% of real estate agents prefer to communicate with their clients by phone or instant messaging, 92% by email, while only 27% use postal mail.
The real estate professionals who use a blog the most for their activity are those who are between 30 and 39 years old; 12% of them manage their own blog.
MAIN CHARACTERISTICS OF REAL ESTATE WEBSITES
92% of the websites have property listings, either their own portfolio or shared with the MLs to which they belong.
This percentage increases in companies focused on the residential market.
76% of the real estate websites show a list of their agents and profiles. More than half add comments and testimonials from their clients.
Only half of them provide mortgage calculators and information to help buyers and sellers with the real estate buying and selling process .
Real estate websites features
SITUATION IN SPAIN
The buyer of the first home in Spain is between 30 and 35 years old, while during the real estate boom, the purchase age was between 25 and 30 years old, according to the study on the profile of the home buyer in Spain, from the Federation of Real Estate Associations (FAI).
The buyer's profile is that of someone who wants to:
become independent or form a family home,
reside in neighborhoods or central areas of cities or municipalities,
in second-hand properties,
small in size and
for a price that ranges between 125,000 and 150,000 euros.
On the other hand, second home buyers are between 45 and 55 years old and in most cases they are couples looking for a home with higher benefits, better amenities or vacation residences.