Millennials are all grown up and buying homes. Sure they use technology, but they also need a real estate agent’s expertise. In fact, 74% of the Millennial Market say they need the help of an agent navigating the home buying process. And that is fantastic news as the Millennials are the generation buying the most homes.
Traditional sales methods need to be upgraded as the Millennial market responds well to online marketing, social media interactions, and video tours of listed homes. Emails, Skype, and blogs are also a great way to reach out to the Millennial market.
On The Move
The Millennial market is strong in economical areas with a steady job market. This is another factor why Millennials are not staying in homes the conventional 10 years. On average, they stay for 6 years and move on to their next property. The prediction is, in the next 5 years, 66% will buy a home. What an excellent opportunity for real estate agents to have repeat customers!
Wants and Needs
So what are the Millennials looking for in a prospective home? Since they are newer to the market, a fixer-upper. Something they can afford with a low down-payment. Next on the Millennial market wish list:
– Big kitchen
– Open floor plan
– Home office
– Energy efficient appliances
– Solar panels
– Home close to work
Interestingly, the Millennial market relies heavily on customer reviews and are known to research thoroughly on the internet. In fact, 58% of Millennials found homes using a smartphone or tablet.
With the market still low on homes, the expectation is higher bids and multiple offers. What an exciting time to be in real estate!