Millennials and Gen Z increasingly exploring new models in lieu of traditional real estate agents
IRVINE, Calif.–(BUSINESS WIRE)–A new study from SOLD.com, the leading online real estate marketplace and educational resource provider, finds that younger home sellers are moving away from traditional agents and increasingly exploring new selling methods. While agents remain the dominant institution in home selling, young sellers, particularly millennials are exploring alternative options, with particular focus on iBuyers.
Millennial sellers are driving awareness of iBuying, with 65% of millennials claiming to be familiar with iBuying options, compared to 42% of boomers. Additionally, 19% of millennials claimed to have sold or be actively selling their home through an iBuyer. The study’s findings demonstrate an ongoing expansion in home-selling methods and attitudes across generations, including:
- Money isn’t everything – speed, ease, and confidence drive home-selling method selections: younger sellers chose the home selling method that would allow them to complete the sale fastest, with 62% of Gen Z and 67% of Millennials prioritizing speed. Gen X had different priorities, with 59% selecting the method associated with the least amount of stress. The top consideration for Boomers was relationship-oriented, with 52% saying they chose their home selling method based on their confidence in the individual handling the sale.
- Cost and finances matter most to younger home-sellers: Millennials felt the squeeze in terms of costs associated with the method they used to sell their home. Eighty percent of Millennial homeowners noted that cost was ‘extremely important’ in selecting a selling method, which may explain why Millennials were the generation most likely to list their homes themselves (17%).
- Boomers and Gen X are quick to the draw: Thirty-one percent of Boomers and 28% of Gen X listed their homes less than 30 days after thinking about potentially selling. Millennial cohorts took more time with 37% citing 30-60 days when considering listing their home. Gen Z waited even longer to list with 32% doing so at 60-90 days after they started thinking about selling.
“As homeowners continue to face a volatile real estate market, it’s very interesting how different generations are re-thinking their preferred home selling method,” says Matt Woods, CEO of SOLD.com. “But with the number of options increasing, it’s not always easy to understand the benefits and drawbacks of the traditional and emerging sales models. At SOLD.com, our mission is to help sellers navigate their options, guiding them to the right method for their unique needs so they can meet their goals, whether that means getting the most money, closing a quick sale, or something else entirely.”
The SOLD.com study was done in partnership with Toluna, a technology company that delivers real-time consumer insights and market research. Together, SOLD.com and Toluna examined over 600 consumers who either sold a home or considered selling a home over the last 18 months. Respondents were split nearly equally between women and men, and the majority from the Gen X and Millennial demographics.
For more information, please visit www.SOLD.com.
SOLD.com is an online marketplace, educating and connecting homeowners with the best method to sell their homes. SOLD.com uses its proprietary technology and personal concierge services to analyze objective and subjective factors – including local market characteristics, customer service rankings and personal preferences – to provide users with a free and unbiased recommendation for the most efficient, cost-effective route to selling a home.