Climbing the property ladder is more challenging than ever, and especially difficult for Millennials.
This generation is typically individuals that were born between 1977 to 2000.
Millennials can no longer be categorized as school goers or college goers; their earliest are now in their thirties. Millennials now form a considerable workforce section and are changing the way things are done in every sector they set their foot on.
They are the first generation to be born when technology boomed, making them the first “Digital Natives.”
They are the game-changers in every which way and are an ambitious, technology-driven bunch moving ahead in life much sooner than the previous generations.
And yes, millennials are now the Homebuyers.
According to National Research Association, consumers aged 36 and younger represented the most significant share of home buyers, 34% of all purchases, last year.
7 Reasons That Make Millennials Distinguished Homebuyers:
1. Online Buyers
If you wish to sell to these unique and distinguished buyers, a strong online presence is a must. Millennials determine the quality of the product by the quality or look and feel of the website. They are very dependent and reviews and feedback from other buyers before actually purchasing. Millennial homebuyers keep this in mind too. They are taking virtual reality tours, online mortgage applications, and live streaming open houses.
2. Compare & Shop
Marketers say that marketing to the millennials is more challenging than any other generation. They are so well accustomed to traditional marketing efforts that it often becomes challenging to impress them. Moreover, now with the high accessibility of the internet, all kinds of buying decisions that a millennial makes have to go through comparison. When it comes to home buying, millennials homebuyers tend to compare even more meticulously, going through all the important factors in great detail.
3. Unique Preferences
What makes millennials incredibly unique is their distinct taste and their over-emphasis on preferences. They are very particular about what they want and how they want it. They are highly unlikely to compromise. They want their home to be customized and personalized according to their style and taste and reflect their personality.
4. Low Downpayment
Millennials prefer buying homes rather than renting. But they also put a high emphasis on affordability and convenience. As they make this massive change by buying homes at a young age, they’re also looking for pocket-friendly solutions. Since the down payment is a significant hurdle to homeownership, financial products and attractive programs are becoming more common to millennials. They are breaking down the barrier for millennial buyers who have little savings.
5. Visual Appeal
Data now support that younger buyer are more dependent on visuals when it comes to the home purchase. In this era of social media, where everything should look on point in pictures, millennials are naturally very obsessed with their homes’ visual appeal. High-quality visuals are becoming the new norm in home-buying.
6. Looking For Something Different
Millennials are fixated with the idea of being different from the lot. Just like other generations, they have a strong emotional connection with the homes they are viewing. Millennials want the latest and the best conveniences for their families. They’re willing to run extra miles to attain it; for example, they are very energy conscious – preferring more environment-friendly home options. Most millennials like to work-from-home or keep the option open; they wish for larger spaces at their homes.
7. Technology Crazy
Millennials love technology, and technology loves millennials. They want to incorporate technology into every facet of their lives. They want to have a higher degree of interaction with their homes and turn them into “smart homes.” They want to be able to micromanage their families with the help of technology via smartphones and tablets. They want services that allow them to unlock their door or adjust the room temperature etc.