Buying a home and sticking to it is becoming a way of the past as more and more members of the Millennial generation and Generation Z who currently live in a home are planning to move in the next 12 months.
This information comes by way of a new survey commissioned by Coldwell Banker Real Estate LLC and conducted by The Harris Poll, reaching 2,012 people in February. Among the total number of respondents, 1,309 self-reported that they are homeowners.
The survey is part of a larger campaign by Coldwell Banker that includes new ads targeted towards young American and a refreshed website that enables users the ability to “dream with data.”
With the summer buying season quickly coming upon us 44% of Gen Z homeowners (now aged 18-25) and 35% of Millennials (now aged 26-41) responded that they plan to sell their home in the next 12 months.
And in order to sell their homes in the next 12 months, respondents indicated they would use a real estate agent they found online through various social media channels. 59% of Gen Z and 65% of Millennials reported that they expected a good real estate agent to market themselves through the use of social media channels like Instagram, Facebook, or TikTok.
But that does not mean that other generations are not embracing social media. A majority of older homeowners such as 58% of Generation X (now aged 42-57) and 60% of Boomers (now aged 58-76) also indicated that it was important for potential agents to use social media as a marketing tool.
Between all generations, a total of 61% expect their agent to use social media.
"With more than two in five Gen Z and over a third of Millennial homeowners planning to sell their homes in the next 12 months, reaching these generations is key to unlocking inventory in 2022,” said M. Ryan Gorman, the CEO of Coldwell Banker Real Estate. “I am confident that our Coldwell Banker network is ready to meet these sellers where they are and, paired with our Seller Strategy and supporting Dream campaign, help make their dreams come true."