Home Buying Trends: What to Know About Millennials
LOUISIANA REALTORS • May 30, 2018
Generational changes influence just about every aspect of any market. From the way that information is consumed to style preferences and beyond. This fact is evident in the growth of Millennial home buyers. A Millennial
is anyone born between 1981 and 1996; making the youngest of this generation 22 in 2018. For the fifth consecutive year, this generation is the largest and most active group of home buyers in the United States. 36% of home buyers fall into the age range, with 65% of them being first-time home buyers. The opportunity for REALTORS® to leverage this emerging population is great. Here are a few trends that can help you understand and market to these prospective clients.
Have a Digital Presence
While this is important to reach Millennial buyers, this needs to be a priority for reaching any prospective buyers. Over 74% of buyers from all generations use the internet
for research and shopping.
Be Prepared to Guide During Each Step
With the majority of this group being first-time homebuyers, many will want a REALTOR® that can and will help them navigate the different challenges of buying home. Determining what kind of house they can afford, mortgage types, negotiating, and more will be very important. Research also shows that 69% of Millennial homebuyers would use their same agent again, so referral and return business opportunity is also there.
Appearance is Important
Offering a visual experience can be vital in the home shopping experience. Social media platforms like Instagram and Snap Chat are great places to be present from a marketing standpoint, they also speak to the importance of a prospective buyer’s ability to visualize themselves in a home. 41% of young homebuyers prefer homes that are staged.
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While these are only a few trends and statistics about the growing Millennial home buying market, they provide an insight into how people are shopping for homes.
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Want Your Teen to Own a Home Someday? Start Talking Money Now Teens may not be thinking about mortgage rates or down payments just yet, but the money habits they’re building now can follow them for years. And 88% of teens surveyed by Fannie Mae and Junior Achievement said they want to own a home someday. This week’s Consumer Guide: Talk to Your Teens About Money and Homeownership makes those conversations a little easier, covering everything from credit scores and budgeting to debt, renting versus owning and saving for that eventual down payment. So yes, you may have to interrupt the doomscrolling. But helping teens get smarter about money today could put them in a much better position to get the keys to a home of their own down the road. Download all of NAR’s Consumer Guides in English or Spanish at facts.realtor. For ease of reference, below is a list of the most recent guides: NEW: Teen Financial Literacy Fraud Red Flags Helping Family Members Become Homeowners Prepare Your Home for Hurricane Season Condominium Insurance Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their home buying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. The next Consumer Guide, scheduled for publication on Oct. 21, will cover winter cold and storm preparedness.
