Millennial homebuyers are changing the nature of property, and it’s not as easy for young people to climb the property ladder as it was before.
Wikipedia defines millennials as individuals reaching young adulthood in the early 21st century. The exact time period, however, is not very well defined. Considering the endpoints as cited by various reports and newspapers, the range 1977 to 2000 can be taken as the broader age group of millennials.
National Research Association
Last year, 34% of property purchases were by millennial homebuyers
Millennials can no longer be categorized as school goers or college goers, the earliest of them are now in their thirties. Millennials now form a huge section of the workforce and are changing the way things are done in every sector they set their foot on.
They are the first generation to be born at the time when technology was booming making them the first “Digital natives”.
Millennials are the game-changers in every which way. They are ambitious, technology-driven bunch who are 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 biggest share of home buyers, 34% of all purchases, last year.
Millennial homebuyers: Here are Seven key points that make millennials the distinguished homebuyers:
1. Online buyers:
Millennials are essentially online buyers. If you wish to sell to these unique and distinguished set of 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 of 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 and shop trend:
Marketers say that marketing to the millennials is tougher than any other generation. They are so well accustomed to traditional marketing efforts that it often becomes extremely difficult to impress them. Moreover, now with the high accessibility of the internet, all kinds of buying decision that a millennial makes have to go through a process of 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 especially unique is their distinct taste and their over-emphasis on preferences. They are very particular about what all 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 homes:
5. Visual appeal is important:
Data now supports that younger buyers 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 about the visual appeal of their homes. High-quality visuals are becoming the new norm in home-buying.
6. They are constantly looking for “Something different”:
Millennial are fixated with the idea of being different from the lot. Millennials just like other generations have strong emotional connect with the homes. They are looking at home ownership in a very different perspective. They want the latest and the best practices at their homes and they are willing to run extra miles to get the “extra” factor. For example, millennials are very energy conscious. They moving on to more environment-friendly home options. Most millennials like to work-from-home or keep the option open, owing to that they wish for larger spaces at their homes. They want to keep the flexibility to turn their homes into their workplaces.
7. Technology crazy:
Millennials love technology and technology loves millennials. They want to incorporate technology in every facet of their lives. They want to have a higher degree of interaction with their homes and are turning them into “smart homes”. They want to be able to micromanage their homes 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.