Many of the major real estate market trends in 2017 were set by the latest generation who are buying homes for the first times. As Millennials begin getting married and having a families, they are also looking to purchase their first piece of real estate. It was thought that this generation would be renters for life, however many are seeing the benefits and good market prices of owning their own home. These individuals have very different needs and approaches to buying than their Baby Boomer and Gen X parents.
While hit shows like “Fixer Upper” have made renovations more appealing to many, it seems as though Millennials are more interested in move-in ready properties. If you are working with client who is selling to this generation, make sure they have made as many cosmetic changes as possible. Most buyers of this age group wants to move their stuff in and start living.
This more applies to the realtors who are working with Millennials but it is so important to adapt to their communication style. Many young adults are best reached through email and text, leaving phone calls behind. If you work for a real estate firm, talk to your team about upgrading systems and using e-signatures as a way to get the buyers to sign contracts. You have to customize the way that you communicate with any client but Millennials want that digital connection now, more than ever.
Location, Location, Location
For Baby Boomers and Gen X, traveling 20-30 minutes to get to work was nothing. Millennials are much more concerned with being in the hustle and bustle of their respective city. Walking has become a huge part of this generation and they want to know that they can ditch the car, if possible. If the property isn’t within walking distance to shopping, a downtown area, or transportation hub, consider talking to them about ways to adapt in such a neighborhood.
Most Millennials will skip over a property if it doesn’t provide them with enough photographic or video evidence. Their decision to even view the property will boil down to the way that it looks. In fact, 80% of Millennials consider video content that they saw about the product before they purchase it. Additionally, we are in the age of digital everything. If you don’t have the most up-to-date technology filming or photographing your property, you’ll almost always fall short to the competition.