It seems like every day there is a new article or study about millennials…their attitudes on dating and marriage, what they value in the workplace, the way they use technology…and so on. But there’s a reason why there is so much buzz surrounding this age demographic. Millennials, those between the ages of 18 and 34, make up the largest generation in American history. That means they have the potential to influence everything from technology to (you guessed it!) housing.
As more millennials settle down and apartment rents hover near all-time highs, real estate industry experts believe millennials will be a large presence in the housing market this year. And in a competitive marketplace, it’s important to understand the millennial mindset and what attracts many of today’s younger homebuyers.
The Digital Generation
Millennials grew up with technology, so they have high expectations when it comes to online home searches. Quality photography and detailed property descriptions are essential for making a positive impression on these buyers. Video is also quickly becoming a vital part of the real estate marketing mix. And while millennials often take a DIY approach to research, a recent Zillow study shows that most still want the professional advice of a REALTOR®.
This generation is also the early adopters of new social media platforms that have the potential to be game changers for real estate marketing. Social streaming apps like Snapchat, Facebook Live and Instagram Live are increasingly popular storytelling platforms that have the opportunity to shape the way homes are marketed to millennials.
What Millennials Want in a Home
From design trends to neighborhood qualities, millennials have a few things in common. Research shows their neighborhood choice is influenced by factors such as affordability and convenience to work. Inside the home, many of these buyers are drawn to things like open layouts that cater to entertaining, low maintenance finishes, eco-friendly features, and clean design (less is more).
No matter the generation, this spring is a great time to be in the market as it represents the peak season for housing. If you’re thinking about buying or selling a home, contact your @properties broker.