Millennials—Fastest Growing Demographic For First Time Home Owners

Considering listing your property but you’re afraid it has a laundry list of negatives that will eliminate buyers? Maybe your home is located in a large metropolitan area, taking it out of the running for those interested in a more suburban neighborhood. Perhaps you’re concerned that there isn’t a very large market for a two-bedroom home or fear that not having a garage or driveway makes your house not very attractive to serious buyers. Honestly, you couldn’t be more mistaken.

Millennials…Are You Missing Out On This Key Home Buying Demographic?W

Perhaps you’ve heard the term “Millennials”, or even the phrase “Generation Y” before, but didn’t quite understand the true meaning behind this mysterious name. Put your Webster’s dictionary away, as it won’t help you define the term. Lucky for you, we’re here to give you the lowdown on this rapidly growing generation.

Millennials are often referred to as those born in the 1980’s to the early 2000’s; a passionate group of men and women who grew up with access to the Internet, daily use of cell phones and literally hundreds of cable television channels to choose from. Things that were important to previous generations aren’t even on the radar of this technologically educated demographic, with the exception of one similar trait—the desire for homeownership.

What Types Of Properties Attract The Generation Y Buyer?

Generally, Millennials have a very different idea of what makes a dream home, usually diametrically opposed to what their parents would have found ideal.

Let’s take a look at some of Millennial Must Haves:

  • Hardwood Floors: Much easier to maintain than carpet.
  • Open Living Areas: No need for a separate formal dining room or kitchen as most enjoy eating in front of the television or computer, leading too…
  • A Media Room: Being used to so much technology, a networked room has taken over the role of the traditional living/family room.
  • Energy Efficient Appliances: These twenty to thirty-five year olds are much more environmentally conscious than their predecessors.
  • Updated Kitchens & Bathrooms: The two rooms that cost the most to upgrade in older homes have to be attractive and functional.

Does Your Property Appeal To Millennials?

Maybe you’re sitting on a “Millennial Palace” and you don’t even know it! Does the home you’re selling meet any of the following criteria?

  • A Reasonable Asking Price: Millennials definitely don’t want to be “house poor”, meaning they want the smallest mortgage payment possible, freeing up their income to pay down student loan debt and other expenses.
  • In An Urban Location: Houses located within city limits are very attractive to this new breed of homebuyer as they enjoy living in the center of the excitement while being close to work.
  • Close To Public Transportation: A great number of Millennials rely on public transportation rather than being forced to pay all the related expenses associated with car ownership.

What Is The Best Way To Market Your Home To Millennials?

Online, of course! This unique group of homebuyers is very active on social media and is accustomed to visuals. It’s imperative to partner with a real estate agent who is well versed in marketing your property online. This will greatly increase exposure of your listing to the exact demographic!

Curious to learn more about marketing your home to Millennials? Feel free to contact us at 301.745.1500 and one of our specialists will be able to get your property started on the way to being sold!

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