There’s an App for That: Generational Home SearchesBy Matt Christopherson, Research Analyst, National Association of REALTORS® Whether they are using an app on their phones or driving around neighborhoods looking for open house signs, homebuyers of different generations search in their own, unique ways. However, there are also more similarities than one may think. For example, recent buyers in the oldest and youngest generations typically did not view any homes solely online; they also reported viewing homes in person. Additionally, while 95% of all homebuyers used the internet in their search, a real estate agent was the “most used” information source by every generation. Let’s use data from the "2022 Home Buyers and Sellers Generational Trends" report to look at how one’s generation can shape the home search.
Among all generations of homebuyers, the first step taken in the home-search process was to look online for properties. Older baby boomers contacted a real estate agent as a first step more often than other generations. Millennials were more likely than others to first talk to friends or relatives about the home-buying process, while members of the Silent Generation were most likely to first drive past the homes. Buyers typically searched for eight weeks and looked at a median of eight homes. The length of the home search was the longest for older millennials and older baby boomers, at 10 weeks, and shortest for the Silent Generation at just six weeks. Gen Xers viewed the most homes, a median of eight. For more than half of homebuyers, 56%, the most difficult step in the home-buying process was finding the right property. For younger millennials, it was even higher at 64%. As this group typically has the highest share of first-time buyers, millennials also were more likely than other groups to say understanding the process and steps was most difficult. Ninety-five percent of homebuyers used the internet to search for homes. The action most often taken after an internet home search was to walk through a home viewed online, followed by viewing the exterior of homes. Nearly nine in 10 buyers under the age of 57 said photos were the most useful website feature. Detailed information about properties for sale was also very important to all age groups. Gen X was more likely than other generations to place a high value on virtual tours. When asked where their internet searches were conducted, homebuyers were split; they typically conducted 50% of their search on a desktop/laptop and 50% on a mobile device. Those aged 56 and younger were more likely to use mobile devices, and those 57 and older were more likely to use a desktop/laptop. Buyers of all generations were overall very satisfied with their home-buying process. Buyer satisfaction generally increased with age. Matt Christopherson is a research analyst for the National Association of REALTORS®. |