HOME SWEET (MILLENNIAL) HOME

MILLENNIALS—THOSE BORN BETWEEN 1981 AND 1996—HAVE BECOME THE LARGEST GENERATION ALIVE. AND THIS GENERATION THAT MANY PREDICTED WOULDN’T FOLLOW A TRADITIONAL PATH, ACTUALLY ARE: THEY’RE BUYING HOMES.

- KANDACE CHAPPLE

NATIONAL STATISTICS SHOW THAT MILLENNIALS REPRESENT 40 PERCENT OF TODAY’S HOMEBUYERS, AND, LOCALLY, MOST REAL ESTATE AGENTS PUT THAT NUMBER HERE AT CLOSER TO 50 PERCENT. HOWEVER, THEY’RE DOING IT THEIR WAY. WE TAKE A PEEK INTO THE BUYING HABITS (AND QUANDARIES) OF NORTHERN MICHIGAN MILLENNIALS.

TODAY’S BUYERS

Holly Hack, broker and owner of EXIT Realty Paramount in Traverse City, says half of her home buyers are Millennials, having surpassed Baby Boomers. “Millennials know what they want and when they want it,” she says. “They are savvy buyers. They make smart buying decisions based on research and market data that is readily available via the internet. They are great at making informed decisions.”

PICKING AN AGENT

“Even with all the technology available, that’s not to say that Millennials don’t see the value in being represented by an agent, quite the contrary,” says Meg Zammit, Realtor with Century 21 Northland in Traverse City. “They study the process and the numbers, but more so than ever, they want to be represented. They appreciate the guidance and expertise an agent brings, but they don’t want to be treated as if it’s too complicated to understand. They want a partnership.”

Kyle Smith, 31, and his wife, Kristen, 30, started their homebuying path in Harbor Springs with the apps Zillow and Realtor until eventually, they chose a Realtor who specialized in their price range. “The ability to receive alerts as soon as a home hit the market was huge,” Kyle says. “Especially in a market where you need to look at something ASAP and make an offer that day to have a chance.”