What is the largest generation of buyers?
When you are are selling your home it is important to consider what type of buyer you will be marketing to. According to the National Association of Realtors (NAR) 2019 Home Buyer and Seller Generational Trends report, 37% of all buyers in today’s market are Millennials, making them the largest generation of home buyers.
For the purpose of this report, Millennials have been divided into two groups, Younger Millennials (buyers 21 to 28) and Older Millennials (buyers 29 to 38). The Older Millennials make up 26% of all home buyers, 2% more than the second largest generation of buyers right now, the Gen Xers that make up 24% of all buyers. The Younger Millennials make up the remaining 11%.
Millennials are using real estate agents to purchase their home, in fact 92% of Younger Millennials used a real estate agent. How are they searching for homes? 92% of Millennials used the internet. After they viewed the homes online, 68% walked through the homes they viewed online and over 40% looked at the exterior of the home but did not walk through the home.
What are the most important features for online listing marketing? 90% of Younger Millennials and 91% of Older Millennials felt that the most useful feature for an online listing is the photos. 83% Younger Millennials and 85% of Older Millennials felt that detailed information about properties for sale was useful.
94% of Younger Millennials and 88% of Older Millennials purchased a resale home, which is higher than the average of 86% of all buyers that bought a resale home over a new construction home.
How much are they spending on a new home? For Younger Millennials, 27% purchased a home priced in the $200,000’s and 23% bought a home priced from $150,000 to $199,999. Only 15% of Younger Millennials bought a home over $300,000. For Older Millennials a larger percentage (43%) purchased a home over $100,000. 42% purchase a home priced $150,000 to $299,999.
What does all of this information mean? If your home is worth $300,000 or less, there’s a high possibility that it would appeal to a Millennial. Since they are the largest generation of home buyers it’s important to make sure your property appeals to them online. It must look and feel move-in ready. The use of staging and professional photographer is essential to marketing your property online to Millennials.
I include a free staging transformation* and free professional photo shoot with all of my listings! Contact me today to schedule a phone consultation, I’d love to help you get a game plan together for selling your home!
*Staging transformation for owner occupied homes with existing furnishings only. Small staging touches can be added to vacant properties.