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Survey: Millennials comfortable buying homes online

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Market Data
Friday, March 12, 2021
A Zillow survey found many millennials expect to use digital tools when making a home purchase.

Nearly 60 percent said they would be somewhat comfortable making an offer on a home they only toured virtually, not in person. And nearly 40 percent would be comfortable buying a home completely online.

“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,” Zillow Senior Vice President of Product Matt Daimler said in a release. “Digital tools rapidly adopted during the pandemic not only make home shopping safer, they make it faster and easier.”

A huge wave of millennials, the generation born between 1981 and 1996, is approaching 34, the typical age of a first-time homebuyer. They reached adulthood expecting to make most transactions with the click of a button, and real estate transactions are no exception. When house shopping, four out of five millennials that Zillow surveyed would want to view a 3D virtual tour, see digital floor plans and use self-tour technology on their phone to access a vacant for-sale home on their own time.

“Technology like Zillow’s 3D home virtual tours and interactive floor plans are allowing shoppers to teleport themselves from room to room of a for-sale home from their phone or tablet,” Daimler said. “Many transactions can now close remotely, too, saving time and hassle.”

Digital tools can also help first-time homebuyers compete in a tight housing market. Nationwide, homes are going under contract in an average of 18 days, 28 days faster than a year ago. Zillow reports that listings with a 3D home tour sell 10 percent faster than those without.

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