Data from a recent survey conducted by financial wellness organization CentSai showed that 75% of respondents aged 18 to 34 said they would rather use a local real estate agent than an online one.
“We were surprised to learn that online providers are not yet as big a disruptor in this sector as we first thought, despite purported cost savings,” said Doria Lavagnino, CentSai co-founder and president. “We found that millennials place a high value on the personal touch and knowledge of a local agent. Buying a home for the first time is daunting, and working with a local agent – particularly an agent referred by a parent or friend – could provide peace of mind.”
In addition, 71% said they prefer a local lender, and despite the cheaper prices of online agents, 91% said they would only use an online site or a mobile app to research communities, home prices and potential houses.
Millennials bridging the racial divide in homeownership
What’s holding back would-be home buyers?
You might expect millennials – the most tech-savvy generation – to shun the personal approach to homebuying in favor of impersonal websites or smartphone apps. But according to a new study, you’d be wrong.