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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.
CONTACT US
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.
As previewed last week, NAR is pleased to share the latest consumer guide focused on homeowners associations (HOAs). This guide covers the basics of what prospective buyers need to know, including who runs HOAs, how monthly fees are applied, rules HOAs enforce, and the pros and cons of living in an HOA community. For additional information, we encourage you to check out this REALTOR® Magazine article on the nuances of how homeowners associations can affect real estate transactions. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Homeowners Associations Marketing Your Home Seller Disclosures Property Taxes Preparing for Homeownership 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 homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover navigating multiple offers.
Discover how REALTORS® play a key role in legislative advocacy, ensuring that real estate rules and regulations protect brokers, clients, and the market. Learn about the benefits and opportunities they provide.
As previewed last week, NAR is pleased to share the latest consumer guide focused on marketing a home. This guide covers several methods for sellers to consider, including setting up showings, hosting open houses, and maximizing the visual appeal of a home through staging and/or cosmetic updates. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Marketing Your Home Seller Disclosures Property Taxes Preparing for Homeownership Escrow and Earnest Money 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 homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover homeowners associations.
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