by Paul Cardis
It’s a common misconception that millennials have little interest in homeownership when quite the opposite is true. In fact, according to new data, 80% of millennials would like to buy their own homes but are barred by economic factors that delay the buying process. However, as more millennials saturate the market, they are also expecting to leverage the most advanced technology when making purchasing decisions. This includes ease of access technology such as virtual reality (VR) for touring homes.
VR technology has been positively trending for the last few years as it becomes less expensive and more available to those not in tech industries. The housing industry is a good example of this. Homebuilders have already begun to embrace VR technology as a way to enhance the customer experience and jump-start the buying process. With almost 95% of homebuyers using the Internet to look for homes and 51% purchasing homes they have found using the Internet, it makes sense that VR technology, a highly digital medium, is incorporated as well.
Millennials are eager and accustomed to immersive and interactive marketing. What are you doing to keep up with one of the fastest growing real estate constituencies?
Read more about VR technology and the housing industry here.