How Is Each Generation Searching For Homes?

Different generations approach the home buying process in diverse ways. However, there are also quite a few similarities. For example, both the oldest and youngest generations of homebuyers agree on the importance of viewing a home in person as opposed to solely online. Also, the overwhelming majority (think 95%) of home buyers utilized the internet in their search process, real estate agents provide the most information for potential home buyers.

Here is some data from 2022 Home Buyers and Sellers Generational Trends:

Regardless of age, the universal first step for all potential home buyers was looking for properties online. Those amongst the older baby boomers were more prone to contact a real estate agent before anyone else. Millennials opted to talk to their friends or family members about their purchase as the first step in the buying process. The silent generation (those who came before the baby boomers) launched things off by physically driving by properties.

On average, buyers spent about eight weeks browsing and looking at approximately eight homes. Older millennials and older baby boomers spent the most time in the searching process compared to other generations, clocking in around ten weeks. It is the silent generation who spent the least amount of time searching, usually about six weeks.

More than half of the prospective buyers agreed that the most difficult part of the process was finding the right property to suit their needs. Millennials particularly found the overall buying process, complete with multiple steps and sequences, to be the most complicated. Worth noting is the fact that the younger millennials also comprised the largest number of first-time home buyers. Typically speaking, those who are in the older demographics have brought at least one- if not several- homes in the past.

Of the 95% of home buyers using the internet, many of these walked through the home after seeing it online. The second most popular option is looking at the home's exterior, without actually going inside.

Photos were the most popular feature associated with researching homes online. Detailed descriptions were the runner up and Gen X- out of all generations- was the demographic most likely to place a premium on virtual tours. Virtual tours are becoming an increasingly popular feature of the online home buying process. The number of potential buyers taking a virtual tour of the home prior to scheduling a showing is steadily increasing.

When it comes to viewing properties online, approximately half of the searchers used a desktop or laptop, whereas the other half used mobile devices. Not surprisingly, those 56 and under used mobile devices as their primary search medium.

Overall, most buyers from all generations were satisfied with the home buying process. Generally speaking, the older the buyer, the higher the satisfaction.