By Keith Loria
The 2016 National Association of REALTORS® Home Buyer and Seller Generational Trends study revealed that more millennials are purchasing single-family houses outside of urban areas than ever before. In fact, millennials represented 35 percent of all buyers compared to 26 percent from Generation X, and 9 percent from the Silent Generation.
The numbers show that millennials buying in an urban or central city area decreased to 17 percent from 21 percent a year ago, and the younger the buyer, the older the home they purchased.
“The median age of a millennial homebuyer is 30 years old, which typically is the time in life where one settles down to marry and raise a family,” says Lawrence Yun, NAR chief economist. “Even if an urban setting is where they’d like to buy their first home, the need for more space at an affordable price is for the most part pushing their search further out.”
While the number of millennial renters continues to climb in urban areas, the generation is choosing elsewhere when making the move to buy. This decision is boosted by price, limited inventory and the need for space.
Appealing to the millennial buyer starts in a digital world. It’s important that your home is shown on the Internet in the best way possible. This includes plenty of photos, creative language and that special something to make it all stand out.
The survey showed that almost all millennial house hunters used the Internet and a real estate agent during the home search process, most likely turning to a mobile device or tablet when conducting a search.
Millennials are said to be tech-savvy and big believers in multi-tasking. In addition, they thrive on instant gratification and are said to have shorter attention spans. Inside the home, millennials are impressed with entertainment rooms over dining rooms, and offices over extra bedrooms. They care about technology and environmentally friendly fixtures, so highlight those in your materials.
Many are just starting to have children, so make sure your agent has information about nearby pre-schools and family-friendly activities in the neighborhood.
And since many are buying a home for the first time, it’s important to provide information about mortgages, taxes and insurance issues. You’ll also want to have checklists prepared that your agent can easily email.
If you’re truly looking to attract millennial buyers, stage the home with unique furniture. You could also bring in some millennials and ask their honest opinion in regard to the house and what’s in it. If there are certain items that they feel are old-fashioned, it’s a good bet that their opinion will be shared by others.
At a time when millennials are gobbling up houses like never before, make sure you do all you can to attract them to your home.
Contact our office today for more information about attracting millennial buyers.