Buying goes high-tech as millennials become buyers
Home buying has gone high tech and the market has millennials and fintech companies to thank. Rewind a few years and most people shopping for a home would scoff at taking a virtual reality tour of a home, applying for a mortgage on their mobile phone or purchasing a house without stepping foot in it. But millennials, the newest crop of homebuyers, grew up with a smartphone attached to their hip and are much more comfortable buying everything from clothing to a house over the Internet. And despite talk that the younger generations aren’t purchasing new homes, shackled by student loan debt, the National Research Association found consumers aged 36 and younger represented the biggest share of home buyers, 34% of all purchases, last year. Millennials, as well as their older counterparts, start their home search online, before even contacting a real estate agent to help. But they are willing to take it a step further and the real estate fintechs know that. As a result, they are rolling out virtual reality tours, speedy online mortgage applications and live streaming open houses.
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