Millennials are the leading commercial buying group

The real estate industry has seen a consistent trend in recent years, with millennials remaining the largest group of home buyers. This trend is expected to continue in 2022, with millennials accounting for around 55% of the market. Despite the challenges presented by the COVID-19 pandemic and other restrictions, the population of people purchasing real estate has been growing by an average of 5% per year.

One notable trend among millennials is their preference for using the internet to research properties before making a purchase. They are more likely to use online resources such as search engines and real estate websites to find information about buildings for sale. Additionally, a significant number of millennial buyers are using mobile or tablet search devices for their purchases in 2021.

Another trend among millennials is their preferred method of communication when it comes to real estate. Many millennials prefer to text when expressing interest in a property, asking additional questions, or scheduling appointments. Phone calls are typically reserved for urgent matters. Real estate agents have been adapting to this trend by increasing their use of electronic communication, with the majority of agents communicating with clients via text, email, or instant messaging.

Millennials also have specific preferences when it comes to the properties they are looking to purchase. They are more likely to want new, turnkey homes with modern amenities, rather than older homes that may require repairs or renovations. Additionally, they are more likely to want a home that is designed specifically for them, rather than a pre-owned property.