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 buying land and building a new home. This guide covers how to find land for sale, explains construction loans, and weighs the pros and cons of building a custom home. 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: Buying Land and Building a New Home Deeds and Titles Alternative Listing Options Navigating Multiple Offers Homeowners Associations Thank you for continuing to engage 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 property title theft.
Negotiating a real estate deal can be overwhelming, especially for buyers who don’t have experience with the process. Here are five key negotiation strategies smart buyers use—and how working with a REALTOR® provides a competitive edge.
As previewed last week, NAR is pleased to share the latest consumer guide focused on deeds and titles. This guide covers the difference between a deed and a title, common types of deeds, and title searches and insurance. 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: Deeds and Titles Alternative Listing Options Navigating Multiple Offers Homeowners Associations Marketing Your Home Thank you for continuing to engage 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 buying land / constructing a new home.
