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Millennials Rewriting the Home Buying Rules

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I recently ran across an article about millennials and how difficult it is for “older realtors” to understand them – mainly because they’re rewriting the rules.

According to a survey from Redfin, over the past year for example more than one-third of millennials buying a home purchased it sight unseen. Last year it was 19%.

Realtors say because of millennials and their “buy now” mentality, the rules of buying a house have virtually changed overnight.

Now millennials are negotiating more – and sometimes even pitting realtors against one another – to get a better commission rate. Before, you just paid whatever they said.

As a result of millennials not being afraid to negotiate, some realtors have now gone to a flat-fee policy where there is no commission – you pay one flat fee, that’s it.

For example, out on the West Coast many realtors are now simply charging a flat $5000 fee no matter what the price of the house.

So why the change in buying habits? High tech of course.

Because of high-tech tools like 3D imaging and virtual reality home tours, you can now experience the house from the comfort of your couch – which millennials are doing.

Source: Redfin


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