By Sabrina Karl
Even after the pandemic is behind us, it appears that plenty of millennial homebuyers will continue to feel comfortable buying a home online.
The data comes from a recent survey by Zillow, which found that 39% of U.S. adults ages 25 to 40 report feeling comfortable with an all-virtual home purchase. More specifically, almost 6 in 10 (59%) said they are at least somewhat confident about making an offer on a home they viewed only virtually.
It’s an important finding, given that more than a third of homes nationwide (37%) are being bought by millennials, according to the National Association of Realtors’ 2021 Home Buyer & Seller Generational Report.
Millennials grew up as digital natives, making them more comfortable with online technologies than many older Americans. Combine that with the dramatic shift in home buying practices brought on by Covid-19 and it’s easy to see why millennials are feeling not just open-minded, but welcoming of a virtual home buying process.
The sentiment also extends beyond homes, with at least 70% of millennials saying they’d be comfortable buying furniture, appliances, televisions and jewelry online, with 45% saying they’d be comfortable buying a car online.
The readings on Generation Z buyers, the oldest of whom are now 26 years old, are not far behind the millennial buyers, with 58% of Gen Z feeling at least somewhat confident in making an offer on a home viewed only virtually.
Not surprisingly, comfort zones on this narrowed with age, with only 39% of Generation X and 23% of baby boomers indicating they’d feel at least somewhat confident with an all-virtual home purchase.
“It’s clear that strong demand from the next generation of buyers will keep real estate technology in place long after the pandemic is over,” said Zillow senior vice president of product Matt Daimler.