I am afraid to even say the word, as I fear it has been so overused lately it will cause many of you to quit reading, but let’s chat about … Millennials.
Wait! Hold on. Don’t leave yet. Google has shared some interesting trends that could mean huge opportunities for us in the mortgage industry.
Now it comes as no surprise that searches for real estate terms on Google increase in the warmer months, peak in July and fall off during the winter. However, this past July was the highest point seen since July of 2008.
Granted knowing this as we head into the cool autumn nights seems like it is coming a little late, but perhaps not. See, the story also highlights that most people… and indeed 83% of Millennials… begin their formal online search about 6-12 months in advance of buying.
According to Realtor.com chief economist Jonathan Smoke, real estate web usage among Millennials grew by 30% from May 2013 to July 2014.
All of this may point to an increase in homebuying headed our way. But the good news doesn’t end there.
Google did a survey in July 2014 and asked people if they planned to purchase a home in the next year. Results showed people age 18-34 were twice as likely to answer yes compared to those 35-54. Furthermore, Smoke estimated that half of all Millennials in the U.S. visited a real estate website in July.
The article itself can be read here at ThinkWithGoogle.com. I encourage you to give it a read, but I also encourage you to go beyond that. The facts themselves are interesting but of more interest should be how we can use them to connect with our Realtor partners and potential customers for increased mortgage opportunity.
Use them in your social media efforts. (Each stat makes a great short tweet or LinkedIn post.) Use it as a conversation opener when you see a young person on their phone. “Excuse me, I just read a story that said mobile visits to real estate sites has grown by 81% over the last year or so. Can I ask you, have you ever visited or searched for real estate sites on your phone?”
I’d love to hear other ideas you have to use the information from the article. Please share your thoughts below.Tags: Google, Housing Market, Millennial, Real Estate