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If you’ve entered the real estate market, as a buyer or a seller, you’ve inevitably heard the real estate mantra, “location, location, location” in reference to how identical homes can increase or decrease in value due to where they’re located. Well, a new survey shows that when it comes to choosing a real estate agent, the millennial generation’s mantra is, “local, local, local.”
CentSai, a financial wellness online community, recently surveyed over 2,000 millennials (ages 18-34) and found that 75% of respondents would use a local real estate agent over an online agent, and 71% would choose a local lender.
Survey respondents cited many reasons for their choice to go local, “including personal touch & handholding, longstanding relationships, local knowledge, and amount of hassle.”
Doria Lavagnino, Cofounder & President of CentSai had this to say:
“We were surprised to learn that online providers are not yet as big a disruptor in this sector as we first thought, despite purported cost savings. We found that millennials place a high value on the personal touch and knowledge of a local agent. Buying a home for the first time is daunting, and working with a local agent—particularly an agent referred by a parent or friend—could provide peace of mind.”
The findings of the CentSai survey are consistent with the Consumer Housing Trends Study, which found that millennials prefer a more hands-on approach to their real estate experience:
“While older generations rely on real estate agents for information and expertise, Millennials expect real estate agents to become trusted advisers and strategic partners.”
When it comes to choosing an agent, millennials and other generations share their top priority: the sense that an agent is trustworthy and responsive to their needs.
That said, technology still plays a huge role in the real estate process. According to the National Association of Realtors, 95% of home buyers look for prospective homes and neighborhoods online, and 91% also said they would use an online site or mobile app to research homes they might consider purchasing.
Many wondered if this tech-savvy generation would prefer to work with an online agent or lender, but more and more studies show that when it comes to real estate, millennials want someone they can trust, someone who knows the neighborhood they want to move into, leading them through the entire experience.
If you are debating listing your house for sale this year, here is the #1 reason not to wait!
Buyer Demand Continues to Outpace the Supply of Homes for Sale
The National Association of REALTORS’ (NAR)Chief Economist Lawrence Yun recently commented on the inventory:
“Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market.
Demand is easily outstripping supply in most of the country and it’s stymieing many prospective buyers from finding a home to purchase”.
The latest Existing Home Sales Report shows that there is currently a 4.2-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market, and 4.6% lower than a year ago.
The chart below details the year-over-year inventory shortages experienced over the last 12 months:
Chestnut Grove Condominiums are highly desirable and rarely come to market and this unit is a beauty!
The main level of this sleek home has an open living style with lots of windows connecting you to the natural world. The kitchen features sleek Fratelli cabinetry and has a large open window looking out to the living/dining space. Step out to a beautiful deck for morning coffee or enjoy cozy winter evenings around the wood-burning fireplace.
Top level features two generous bedrooms each with en-suite baths. The master bedroom includes a walk-in closet. Additional room in the lower level room has with its built-in shelving and would make a great office or media room. In addition, there is a laundry, utilities, and storage space. Unit comes with a garage parking space. Landscaping around the Association is rich with mature trees and plantings for seasonal interest.
MLS #72170246 1175 Chestnut St–Unit 18, Newton, MA 02464 Offered at $650,000 6 rooms 2 bedrooms 2 full baths 1 half bath Living area 1,566 sq. ft. Lot size: 4.65 acres (202, 720 sq. ft)
Listing broker is Stig Bergquist, Keller Williams Realty.
If you would like a Buyer Agent’s advice as you tour the home, contact me at Janet@JanetPorcaro.net or call 617-797-9497.