Millennials were the largest group of homebuyers in 2017 making up for 34% of the total buying pool. 66% of them were first time buyers meaning a large amount were already buying their second or third homes. Investors are beginning to understand that the millennial generation do not see homeownership as permanent, the average length of stay currently stands at six years, compared to the rest of homebuyers at ten years. In the next five years 66% of millennials are expected to buy homes. Here’s how to appeal to them:
99 percent of millennial buyers searched online while looking for a home in 2017 and 58 percent found the home they ended up purchasing on their mobile device; these statistics are expected to increase next year. However, when surveyed, 74 percent of millennials said they wanted help understanding the purchasing process and this is where investors and agents can play their part. Millennials take their research very seriously and a lot of the answers they are looking for can be found with a quick flick of the finger. With so many new apps and online sites now available, investors, buyers and estate agents need to boost their online presence to reach this audience.
68 percent of millennials say they use their first home as a stepping stone towards their dream home; they are generation perfectionists. Almost half of millennials say they would prefer to buy Move-In Ready homes versus project buys to avoid refurbishments because they just don’t have the time or money.
If you are selling to Millennials, think about some of the below!
- Location – millennials want to save time and money on their commute, a bike ride or walk from the office could well sway their decision to buy your property.
- Floor Plan – millennials want more open floor plans, even if that means a lesser number of rooms.
- Kitchen size – Millennial buyers consider the kitchen the place of congregation, compared to older generations who consider the living room the most important location in the household.
- Technology – Hopefully this is a no-brainer but of course these can be added after purchase, however, newer and more energy efficient technologies could make or break your sale.
- Home offices – Working from home has become a popular trend in the millennial generation, so extra space for an office from home.
What are you doing to appeal to Millennials in 2018? Although some of these things appeal to other generations too, the housing market is being highly influenced by the millennial generation. For anyone that’s selling a house or making investments in real estate, this is a factor that should be considered.
GKR London Property Recruitment are specialists in the real estate market, get in touch with us today if you are seeking a new role or new hire.