Study finds that while 67% of prospective millennial home buyers agree finding the right agent is essential for a successful home purchase, only 4 in 10 millennial homeowners considered more than one agent, and 75% hired the first agent they met
TORONTO, Oct. 31, 2019 /CNW/ - Nobul, the world's first and only digital marketplace that matches home buyers and sellers with real estate agents, today released the results of an online survey conducted with more than 400 millennials who are members of the Angus Reid Forum, measuring their attitudes, perceptions and behaviours towards buying and selling real estate.
Study findings suggest research is poorly lacking and that while many millennials have confidence in the process of buying or selling a home, they don't fully understand all of the costs which could result in regret and disappointment in what will likely be one of the largest purchases they ever make.
Among the key findings:
- When it comes to selecting an agent, 75% of millennial homeowners hired the first agent they met – this stat is put into context when you consider that the average millennial Netflix user browses 10-20 titles before making a selection;
- When it comes to awareness of the commission structure when buying and selling real estate, 38% of prospective millennial home buyers know nothing, or very little, about average commission rates;
- When it comes to overall affordability of a home, one third of prospective millennial home buyers surveyed state housing prices are affordable in the area they plan to live - despite the average bungalow costing $521,250 nationally and an average millennial after-tax household income of $44,093;
- When it comes to appetite in purchasing a home, first-time homebuyers account for 68% of surveyed millennials who plan to buy home in the next 2 years
"The study clearly shows that while millennials value home ownership, with many planning to purchase soon, they don't completely understand the costs," stated Regan McGee, CEO, Nobul. "Industry stakeholders need to take more responsibility in creating transparency in real estate transactions, especially as it relates to the costs associated with buying and selling a home. Nobul is ahead of the game and offers just that to consumers - accountability, transparency and ultimately thousands in savings when they buy or sell a home."
Nobul is the world's first and only digital real estate marketplace that matches home buyers and sellers with agents at no cost to the user. Nobul is an amalgamation of more than 400,000 agents across all brokerages, making it agnostic and consumer centric. Users simply share what they are looking for and then agents bid for their business. All agents are prescreened for reliability and are rated following a transaction to ensure accountability and transparency, creating a valuable database of the best rated agents to choose from in cities across the country.
"The reason we started Nobul is to offer people transparency and choice when it comes to one of the largest purchases they will ever make," added McGee. "Our mission is to empower a new generation of homeowners to feel confident in their home purchase and disrupt the industry status quo, for good. "
About Angus Reid Forum Survey
The survey was conducted from September 12th to October 2nd, 2019 among millennials between the ages of 25 and 39 years that are members of the Angus Reid Forum. The two surveyed sub-groups were: 1) 411 prospective home buyers who plan on purchasing a home in the next 2 years 2) 381 current homeowners who used a real estate agent to buy a home. For comparison purposes only, the sample plan would carry a margin of error of +/- 4.83 percentage points for prospective buyers and +/- 5.02% for current homeowners, 19 times out of 20. Discrepancies in or between totals are due to rounding.
About Nobul Corporation
Nobul Corporation is a disruptive real estate marketplace that makes the process of buying and selling a home more transparent, personal, and simple. Nobul's service platform enables consumers to search for and hire the real estate agent whose combined service options, pricing, and reputation best suits their needs. For more information please visit www.nobul.com
SOURCE Nobul Corporation
For further information: Sherry Boisvert, Email: [email protected], Tel: 647-830-8136