Are you a Millennial Home Buyer? Yay! Carry on with your bad self.
Everyone else: Read on.
Changing tides in real estate may be attributed to a number of factors. Low rates, new technology, the demand for speedier results, and a call for virtual accessibility have all impacted the way companies are doing business.
But one more influence may also play a part. The Millennial generation.
Millennials now represent the largest share of the home buying market at 39%. Their slower approach to homeownership, relative to their Generation X and Baby Boomer counterparts, is often attributed to affordability, student debt, and tighter lending standards. But as they continue to age and mature over the next decade, they’re finding themselves ready to settle into something more permanent, get involved with a community, and begin investing in their future.
And while this generation gets a lot of flack for being late to the real estate game, and notoriously doing things by their own playbook, Millennials are getting it right when it comes to their expectations, their communication style, and their trending attraction to apps, amenities, and affordability.
For us real estate agents, and anyone preparing to sell a home, understanding the priorities and preferences of Millennial buyers is a big deal. Here are a few things to keep in mind.
Tech-Oriented House Hunting
Tech-savvy Millennials like the convenience of technology that they can control remotely. According to a recent report from the National Association of Realtors (NAR), 99% of Millennials search online to get information about homes and home buying.
They want to shop for homes quickly, and with thorough details. They expect floor plans, high-quality photos and videos, and they don’t want to search for contact information.
Communicating With Real Estate Agents
Millennials also differ from previous generations in terms of how they use tech to communicate with real estate agents. They prefer the majority of communication to be via text message, and lean on technology to express interest in a property, schedule appointments and ask questions, while phone calls are usually reserved for more urgent or pressing concerns. Texting represents the most immediate back-and-forth line of communication.
NAR research suggests that agents are adapting to this demand for electronic communication, with 90% of agents communicating via text and 94% using email. Less face time. More FaceTime.
Generally, today’s Millennial buyers want almost instant HGTV-approved living. They’re looking for mid-market homes that won’t require any post-sale renovation. Even minor repairs can turn Millennial home buyers off from a property.
A seller hoping to appeal to this generation of buyers needs to consider updating kitchen and bathrooms, using neutral pallets throughout the home, addressing any deferred maintenance issues, and removing outdated carpet or wallpaper.
While time marches on, Millennials are preparing to take the lead. As the playing field of home buyers changes, it’s important for sellers, and real estate agents, to speak the Millennials’ language.
One emoji at at time.