From politics to pop culture the topic of millennials is often on the menu nowadays. Millennial is a term used when referring to a group of people who will reach their early adulthood in the early 21st century. This sector of people are born between 1981 and 1997, and they’re about to make up around 45% of the buyers market. They are diverse, educated, and right now, they’re earning enough to start the process of buying their first house.
Market trends are pushing millennial buyers to venture out of cities and into the suburbs.
High rents in urban areas are inspiring millennials to look for somewhere to buy despite fiscal challenges like massive student loans. But these challenges are exactly why this buyer persona is not able to purchase property inside of the big cities where they may work. For real estate agents, it’s important to understand millennials if you want to succeed.
- Who are millennials?
- What are they looking for?
- Where can they find it?
How Millennials Find Homes To Buy
Millennials are entering the market during a steady incline in prices and drop in inventory. This has made them into savvy buyers who shop predominantly online. Before reaching out to a real estate agent they will become very well acquainted with the available inventory online using Zillow, Redfin, and even Craigslist. Because of this, agents should respond by tightening up your online presence. Audit your website for optimal functionality, ensuring it’s responsive and displays the right information. It’s also wise to invest in new marketing tools to make your online listings stand out. Aerial video and images and 3D tours are the latest showing technology changing the way we reach buyers. Investing in this tech doesn’t have to be costly, get an advance commission with Payfully and start bringing in new leads within the week.
What Millennial Home Buyers Are Looking For
Now that we understand how they’re looking, what are millennial home buyers looking for? The first substantial need from this type of buyer is a quality, sustainable space. A piece of land with space for a garden is attractive while a backyard that has been covered in concrete may turn them away. In fact, if a house is not upgraded with energy efficient appliances, smart home capabilities and more; millennials will turn away for a low priced property that they can upgrade themselves. Value for a single millennial or small family is in sustainability, quality, and the ability to grow.
Where Are Millennial Buyers Looking?
So where can this buyer find what they’re looking for at a price they can afford? The suburbs. Smaller cities near the urban settings where they work are becoming the most frequently bought properties for millennial buyers. As real estate agents, it is important to note that not all suburbs are equal in attracting real offers. Knowing which neighborhood to sell in is the key to success in this endeavor. A suburb that is a convenient commute or outfitted with reliable public transit will draw in millennial attention. Neighborhoods with trails and an affinity for natural landscape are also ideal. It is wise to note that a millennial desires freedom, and a rigid Homeowners’ Association may be a deal breaker for some.
Selling real estate to millennials isn’t hard for an agent who is honest, reliable, and paying attention to details. To find success selling a house to millennials find out what they’re looking for, and find the house that fits those specifications. Simple as that.