Typically defined as being born any time between the early 1980s and the late 1990s, millennials are the largest age group in America. With this level of influence, millennials are poised to revolutionize the real estate industry — and have already made significant changes! So, how will they transform real estate?
#1: HOUSING DEMAND WILL INCREASE.
As millennials age, more are deciding to marry and have kids. Plus, the expectations of solid job growth and the strengthening economy will push incomes higher, according to the National Association of REALTORS®’ chief economist, Lawrence Yun. He theorizes that these factors will result in increased demand for housing.
#2: MILLENNIALS ENTER IN A HIGHER-COST MARKET.
Since millennials have waited longer than their older counterparts to purchase homes, they’re often starting with higher sales prices. “The result has been that [many] are bypassing the traditional starter home,” Byron Carlock of PricewaterhouseCoopers said.
#3: ONLINE RESOURCES ARE INTEGRAL.
Millennials are known for their social media savvy and comfort with new technology. As can be expected, a whopping 91% of millennials used online resources to start their housing search. That’s one of the many reasons working with a ReeceNichols agent is beneficial — ReeceNichols.com is the most-visited local real estate website in the Kansas City area.
#4: THEY WANT TO AVOID REPAIRS.
More than previous generations, millennials want toavoid making renovations after buying their home. If you want to market to millennials, consider making these repairs before you list or hand over the keys.
#5: THEY WANT A WALKABLE HOME.
Millennials tend to prize walkable communities over other amenities, like large yards. If you’re listing your home, be sure to mention any walkable businesses, parks or restaurants if you want to attract the typical millennial.
ReeceNichols agents know how to market to every age group, whether they’re millennials or baby boomers. Get in touch with aReeceNichols agent today!