Millennials Rewriting the Home Buying Rules
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.