Millennial Home Buyers setting New Records in 2018
If you’re a Real Estate professional, you can’t help but notice the undeniable trend in the influx of Millennials in today’s market! In fact, millennials are currently the largest demographic of home buyers. This points to an important fact for any Real Estate professional, if you want your business to continue to stay relevant, you’re going to need to know how to demonstrate the value your business model provides to this very motivated group of sellers and buyers.
Millennials are generally defined as a slice of the population born between 1980 and 2000. According to the National Association of Realtors (NAR), they are currently the largest share of home buyers and renters. They are influencing the market at a rate higher than any other demographic, as they make up 34% of all home buyers and 66% of all first time home buyers here in the U.S.
How will Millennials in the Real Estate market influence the market long term?
According to Realtor.com’s Nicole Meyers; “Millennials have already put a stamp on the housing market and they continue to enter the market in record numbers. This is an important financial step for what is now the largest generation in U.S. history as renting (in most markets) remains the less profitable option in the long term. “
“This year, buyers between ages 18-35 had the lion share with 40% of all mortgages and we’re projecting that number to increase to 43% next year (2018). This will allow a new wave of buyers and soon-to-be families to gain a foothold in the housing market and become the driving force in the years to come.”
What are Millennials in the Real Estate market looking for?
Location, Location, Location!
The ease of travel to and from work is a big plus for a first time home buyers and millennials. Equally important, the need for quick access to food outlets, restaurants, entertainment, fitness centers, and community shared amenities cannot be understated for millennial buyers.
We are now in the digital age and statistics show 99% of Millennials are fully embracing the limitless technologies of artificial intelligence and the “Internet of Things”. With that being said, Real Estate and Home developers are integrating these technologies in new construction design with homes that are green and energy efficient as well as homes situated near cell phone towers and infrastructure that ensures strong and stable internet connectivity. In addition, developers are increasingly incorporating features such as CCTV’s, USB port outlets, remote access HVAC systems and more to attract millennial buyers.
Design and Plan
Most millennial homebuyers rely on what they see on Social Media, Zillow, Trulia, HomeBuyers.com, Google and other online sources. Statistically, first time home buyers usually tour 5-7 homes before they make a buying decision. Some of the most sought after features are;
- Flexibility in design, Open layout, Free flowing spaces with adjacent living rooms to kitchen and full size toilet and bath.
- Front and Backyard Space
- “Move-In” ready
- At least 80% of the entire house is recently updated. Millennials are increasingly unlikely to invest in homes in need of major updating.
- Modern kitchens, with granite, subway tile and backsplash.
- Plenty of natural light.
Equally important to millennial buyers is high impact photography. With most real estate transactions starting on online platforms, visually stimulating imagery such as aerial videography, virtual tours, and vlogs are going to attract and keep buyer’s attention.
Partner with Medway Realty
Are you a Real Estate professional looking to position yourself to be more strategic in how you grow your business and attract more buyers? Or perhaps you’re in the real estate market and you’re looking to sell or buy a home. Medway Realty provides the Broker support and tools that can help you reach those goals. visit us at www.joinmedway.com for career info or visit www.movetosarasotafl.com to access our wide range of listings. Also, like us on facebook at @medwaycareers and @medwayrealty.