Real Estate Trend: The Majority of Buyers are Still Millennials

Dated: 02/04/2020

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Once again, millennials took the lead as the largest group (37%) of home buyers in 2019 and the trend will continue in 2020. What is a millennial exactly? Millennials are described as anyone born between 1980 and 1998. The easiest way to spot a millennial home buyer? They can’t wait to post a pic of their new home on Instagram!

What Millennial Buyers Mean for Sellers

Here are three important words: Know your buyer. In a nutshell, millennials are internet savvy and do their research before house shopping. Here are some tips:

  • Upgrade your online listing. Virtually all millennials (98%) use the internet for their home search—and more than 80% of them found their home on a mobile device last year. So, you need to make the best possible impression on the internet. Make sure you invest in high quality listing photos, and, for extra measure, consider taking video footage to give them a digital tour of your home.
  • Highlight perks over size. Yes, square footage matters. But millennials are more concerned about their commuting costs and how close their new home is to schools. In fact, most millennial buyers said they were least likely to compromise on school and neighborhood quality when deciding which home to buy. So, highlight the benefits of your home’s fabulous location instead of wasting time trying to sell on its size.
     
  • Know popular features. Here are some of the top home features millennials want: laundry room (86%), patio (81%), garage storage (80%), and a walk-in pantry (79%). If you’re thinking of making some upgrades to your home, choosing one of those might have millennials showering you with offers when you’re ready to sell.

What Millennial Buyers Mean for Buyers

Okay, if you’re looking for a three-bedroom, single-family home in the suburbs, expect to have a lot of competition. You may have to reprioritize what you want in a dream home. Follow these tips:

  • Know what you want. Decide what you absolutely need in a home. If you’re married and house hunting, you and your spouse need to agree on must-haves. Compare your individual lists and combine them for your real estate agent to use as the foundation of your home search.
  • Hire an experienced pro. Last year, nearly 90% of millennial home buyers used real estate agents to purchase their homes. Think they’re onto something? You bet! Save yourself the stress of trying to buy on your own. Get the help of a Maurer Real Estate pro so the home-buying process is smooth for everyone involved.

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