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.
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.