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Millennials Helping Drive Housing Market’s Tech Evolution

The ease-of-use of digital technology continues to bring convenience to many of our everyday tasks. From grocery shopping to ordering just about anything under the sun, an increasing number of Americans are growing more comfortable relying on technology.

Home shopping has become a task being conducted by an increasing number online as well, as a new Zillow survey has found that a majority of millennials (59%) said they would be at least somewhat confident making an offer on a home they toured virtually, while 39% would be comfortable buying a home online.

The analysis by Zillow also found that tech-savvy millennials are not only driving the home shopping trend, but overwhelmingly want more digital tools available during the home shopping process.

"It's clear that strong demand from the next generation of buyers will keep real estate technology in place long after the pandemic is over," said Zillow Senior Vice President of Product Matt Daimler. "Digital tools rapidly adopted during the pandemic not only make home shopping safer, they make it faster and easier."

And while homes were the focus of the study, a large majority surveyed—at least 70%—said they would be comfortable buying furniture, appliances, televisions, and jewelry online, and 45% said they would be comfortable purchasing a car online.

Time-saving digital tools are allowing millennials, who are often first-time buyers, to compete in a lightning-fast housing market. Homes nationwide are going under contract in a median of 18 days, 28 days faster than a year ago.

Homebuyers said they would like to use a host of digital tools while home shopping and touring, including 79% of respondents who said viewing a digital floor plan is a tool they’d like to use; 79% who would view a virtual 3D tour; 75% who would like to receive e-mail notifications from a saved search on a real estate website or app; 68% watching a video tour with an agent; and 68% unlocking a home with their phone and touring it on their own time.

While millennials are currently the largest adopters of this real estate technology, Gen Z is close behind, with 36% of millennials stating that they would be comfortable buying a home online, compared to just 7% of Baby Boomers and 19% of Gen X.

About Author: Eric C. Peck

Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com.
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