uhhhh - I think they are already here!
Millennials: the buzzword to end all buzzwords.
They’re constantly in the news. Every business from grocery stores to car companies have been asking how to best work with, understand, and market to Millennials for years.
This group, composed of people 18 to 35, is drawing attention to themselves again by making up the largest percentage of current homebuyers.
This isn’t actually breaking news. Millennials have made up the largest portion of homebuyers for the last three years, according to the National Association of Realtors.
Millennials make up 35 percent of homebuyers compared to just over 25 percent for Gen X. Younger Boomers and Older Boomers make up the lowest percentage, each making up about 15 percent of homebuyers.
Of millennials homebuyers, 64 percent are married couples and 12 percent are unmarried couples. Additionally, 45 percent have children under the age of 18.
While this group is often considered a mystery, they have a lot in common with other groups of homebuyers. They prefer to buy homes in the suburbs and begin the search for a home online.
The top three motivators for millennials when choosing a home:
- Quality of the neighborhood.
- Convenience of the location in relation to their job.
- Affordability of the home.
Probably sounds a lot like every other age grouped buyer right? ...sure does to us too.
I'll add a few more items of first hand knowledge while working with Millennials to buy homes:
- Millennials DON'T want fixer uppers: We've seen this over and over. They are just not willing to take on "project" houses.
- Millennials KNOW what they want: They are setting records for the least number of showings and also the fastest showings. This is because they will not waste time looking at homes they know won't work, and when they do finally get into a house that could possibly work - they'll say yes or no within minutes.
- Millennials PREFER new construction: Either new construction or newly remodeled homes in the hot locations. (we like this too!) Maybe you should consider staging your home for sale?
- Millennials ABSOLUTELY turn to professionals: When Millennials are ready to buy, they absolutely turn to a professional Realtor in Jacksonville to help them make the largest financial investment a success.
Keep the millennial buyer in mind as you prepare to sell your home, but remember that you may be more similar than you think.Posted by Brad Officer on