Introducing our new series, The Mindset of Your Buyers. Each quarterly issue will focus on the unique outlooks of a particular group, what they value and what they look for in a home. It could be the edge you need.
Millennials: Who They Are
Millennials, or Generation Y, are approximately between the ages of 18 and 34. In the U.S., they number 80 million plus.
• They represent 60% of first-time homebuyers
• In 2014, 24% of Millennials were already repeat homebuyers
• They’re extremely tech savvy and adept at getting facts fast
• They are paying off large student loans and must rent as a result
• They’re getting married later and having kids later
• They’re never far from their cell phones; 80% sleep with one next to their bed
What They Value
• They highly value home ownership and expect to buy one in the next five years
• Quality local schools matter; 52% report the wrong school district can be a deal breaker
What They Want
• Detached single-family home
• A low-maintenance smaller home with a smaller yard
• Interiors that are tech-ready and provide a strong signal from their mobile carrier
• A home close to work with some of the amenities of the city, e.g. trendy restaurants and other places to socialize. • Move-in ready home with recent updates
• Big kitchen and an open floor plan conducive to gathering and entertaining
How to Attract Them
As the generation that grew up doing everything in groups, Millennials value any opportunity to socialize. Use that insight to attract their business. Think about places where they might like to gather, like coffee shops. Make your open house feel more like an event. Also remember they like to share on social networks, so fill your blogs and websites with engaging content.