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Millennials rely more on real estate agents when home buying; Gen Xers more independent

Aly J. YaleThe Mortgage Reports Contributor

Asking for help

It seems Millennial home buyers are more likely to lean on their real estate agents than buyers in other generations. According to a new study, Millennials are more willing to rely on agent recommendations and less likely to do their own self-directed research before buying a home.

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Who’s using real estate agents?

A new study from Owners.com revealed some surprising insights into just who’s using real estate agents – and who’s not. According to the study, Millennials are more likely than any other generation of buyers to rely on their agent, particularly for property recommendations.

“Nearly one in five Millennials stated they can be indecisive at times and, therefore, rely on their agent to tell them what they should be considering and touring,” Owners.com reported.

Just 9 percent of Gen X buyers said the same, while only 5 percent of Baby Boomers did.

Where are Millennials, Gen Xers and Boomers heads? The top housing markets by generation

Real estate research

Millennials are also less likely to do their own research. According to the study, less than half said they did online research before engaging their agent.

“Gen X considers themselves more hands-on in the real estate process,” Owners.com found. “They were the most likely to do their own research online to make decisions before initiating the next step with their agent. Furthermore, only 29 percent of Gen Xers stated they trust their agent to do most of the legwork.”

More than 60 percent of Gen X buyers said they do their own research first, while 59 percent of Boomers do.

Generation Z is ready to own a home

According to Daniel Maloney, Owners.com head of national sales, Millennials’ reliance on real estate agents likely comes down to being new to home buying.

“Many millennials are first-time home buyers and, in this competitive market, it’s not surprising that they are leaning on their real estate agent to help guide them, but there is still a huge benefit to doing online research to get a leg up on the competition,” Maloney said. “Doing your own research online is a good starting point, but an expert real estate agent that is plugged into the local market can offer inside knowledge and help streamline the process to help get buyers into their dream home even faster.”

Verify your new rate (Aug 21st, 2018)

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Agent or not, now’s the time to buy a home. Mortgage rates are at historical lows, so shop around and see what rates you qualify for today.

Verify your new rate (Aug 21st, 2018)