Years ago, a fearsome economic downturn resulted in Millennials returning to their parents’ homes in droves after graduation, in order to save money as they searched for too-elusive job opportunities. The image of a young 20-something, sitting in a darkened basement with Cheetos dust in their hair, sending out resumes at a clip was an all-pervasive image. Fortunately, the economy is recovering, and census studies are showing that home purchases amongst 25 – 34 olds are on the rise. Today’s real estate professionals would be remiss to ignore the trend.
Something to watch out for with buyers amongst the millennial set, is their tech-savviness. They’ll Google, Facebook and thoroughly vet any potential service provider in the digital sphere – especially a real estate agent who will helm the search for one of the most significant investments they will ever make. A strong, thoughtful web presence is key in order to capture their business.
A workforce in frequent upheaval means that the days of the 20-year tenure with one company have become rare. Advancement opportunities and frequent career changes mean that Millennials require housing options that are more fluid. They’ll seek homes that can sell quickly, in neighborhoods that will appreciate in value fast.
While they’re there, millennials want their homes to be convenient and connected. Areas close to work and amenities like shopping and dining options will be key, and if they can adjust their thermostat using their iPads, that would be a definite plus. As with any first time homebuyer, affordability will be a primary consideration. Luckily, Millennials may not need as much space as generations past. With ecologically-minded attitudes and a trend toward delaying/deciding not to have children, additional bedrooms and baths aren’t always as much of a priority.
Make no mistake, Millennials are already playing a very large part in shaping the future of the real estate market. Recognizing their unique needs and wants has been a priority of my team, and we have adjusted our business services to better serve this growing niche. Real estate professionals looking to open the door to a whole new generation of clients should make sure they’re in tune with the dynamics of this tech-savvy generation.
For more information on meeting the real estate needs of Millennials, or any other real estate questions, don’t hesitate to contact me at firstname.lastname@example.org