The next generation of home buyers is young, tech savvy and places a high value in a sense of community. Regardless of what you call them – Generation Y, Millennials or Echo Boomers – this group is sure to have profound impact on the future housing market.

So what is this generation looking for when it comes to buying a home? Illinois REALTOR® Magazine talked with some young Illinois REALTORS® and their Millennial clients to get a better idea of the preferences and priorities.

Here’s a glimpse:

  • Young buyers do a lot of their initial research regarding neighborhoods, home prices, even financing options online before they ever call an agent – REALTOR® Daniel Merrion.
  • This group of buyers expects and demands a quick turnaround when it comes to information and answers, often preferring text messages – REALTOR® Kyle Killebrew.
  • Young buyers want a REALTOR® who isn’t pushy but is quick, informed and easy to reach at all times – REALTOR® Mario Garcia.

Ever wonder how Millennial you might be? Take this quiz, “How Millennial Are You,”  from the Pew Research Center and find out if you fit the profile of the Silent Generation, Baby Boomer, Generation X’er or Millennial.

Do you have a tattoo, a profile on a social network and a cell phone instead of a landline phone? Then you probably have a lot in common with Millenials. If you haven’t gotten a text message or watched an online video in the last 24 hours, then you probably have less in common.