The tide is shifting away from baby boomers as the major player in the real estate market. Millennials, roughly those aged 20 to 36, are a growing force in buying, renting, or investing in real estate. If you have property to sell, understanding this shifting market is essential.
A mountain of research has been conducted in trying to understand the consumer habits, needs and interests of the millennial generation Here are the key takeaways related to the real estate industry in order to sell your home to millennials:
The New “Typical American Homeowner”
At 42%, older millennials now comprise the largest group of homebuyers. (Buyers are defined as people who moved into a home that was purchased within the last year).
How our team meets millennials where they live
Millennials are digital natives- they grew up with technology and are comfortable in that environment. Since 86 percent own and use a mobile phone regularly, they will want to see properties online first. Being able to ask questions digitally will fit well with this demographic. We continually update our website and mobile presence, use digital contact forms and reply promptly to inquiries. 82 percent of millennials use Facebook, and other platforms, so we post and promote your property listings across social media to reach them where they are looking for information.
What to emphasize about your property
We keep the youthful age range in mind when showing properties to millennials, including:
Technology. Excellent WiFi or internet capability is highlighted.
Neighborhood appeal. Millennials are focused on experiences, so will be interested in checking out music, new restaurants and craft beer. Neighborhood attributes like parks and farmers markets will be appealing across the demographic. Other drivers include access to jobs, affordability and room to grow.
The environment. Millennials are more environmentally conscience than other generations. Features such as energy efficiency for a lower carbon footprint will be highlighted and assets like nearby access to hiking trails.
According to the U.S. Census Bureau, there are 75.4 million millennials, surpassing baby boomers as the largest generation alive. The Verhelst and Zell team understands this demographic, and helps homeowners market properties that meet their needs. If you would like more information on how we can help sell your home to millennials, use the contact below or drop us a line at firstname.lastname@example.org.