Recognized as the most digital savvy generation in U.S. history, millennials are well known for buying everything, from smartphones to clothing, online or with mobile apps.
Yet, when it comes to purchasing a house—the biggest investment most consumers ever make—millennials are not completely clicking on the internet or apps for a helping hand.
A new survey by CentSai, a New York-based financial wellness community, shows that millennials heavily favor using traditional lenders and real estate agents over their online counterparts to help them become homeowners. CentSai‘s findings are based on an the analysis of 2,050 Americans, ages 18 to 34.
Going Offline to Buy a Home
Some 71% of millennials said they would choose a local mortgage lender to get home financing. That is contrary to Fannie Mae’s 2015 National Housing Survey, which shows that 69% of all homebuyers would apply for an online mortgage, according to CentSai. Also, CentSai‘s research indicates that 75% of millennials say they would use a local real estate agent to find a house to buy.
“The revelations are intriguing for many reasons,” says Doria Lavagnino, CentSai‘s co-founder and president. She claims that millennials make a lot of purchases online, and do most of their social interaction on …read more