Sometimes known as Generation Y, Millennials are those coming of age around the new Millennium. At The Shannon Schmitz Group, we are very interested in this upcoming generation and how Millennial home buyers are different from previous generations.
As of 2015, Millennials range in age from 18-35. They make up about 24% of the population in the US – about the same as Baby Boomers – and are projected to become the largest age group in the US starting this year.
What does that mean to you? Well, chances are pretty good that when you sell your next home, you’ll be selling it to a Millennial. You may want to consider what they find most important if you plan to sell your home in the next few years. Here are some interesting facts about Millennials:
-As a group, they tend to prefer urban living, with close proximity to amenities like shopping, nightlife, culture, schools and parks. The Top 10 urban centers are: Austin, Salt Lake City, San Diego, Los Angeles, Denver, DC, Houston, Vegas, San Francisco and Dallas.
-The Pew Research Center reports that 80% of Millennials say they are financially comfortable, or will be in the near future.
Realtor.com estimates that one third of Millennials used a mobile website to look at real estate data in July 2014.
-According to The Demand Institute, there will be 21.6M households headed by Millennials by 2018, up from 13.3M in 2013.
-Facing the recession at a young age has made this a generation of goal setters: it’s estimated that Millennials will start saving for retirement 4 years before Gen Xers and 10 years before Baby Boomers.
Millennials are the most educated generation in our history, with 1 in 4 having a Bachelor’s Degree or higher. They are the first generation to be brought up in the technological age – they’ve always had the Internet, they’ve always had computers and mobile devices. They’ve also faced economic crisis and recession at a young age.
How does this affect them? Inevitably their skills sets, cognition and perspective will be different from the generations who’ve come before. Stereotypes have Millennials all living in their parents’ basements, interacting with the world only though various mobile devices. In reality, Millennials are perhaps a more thoughtful, more cautious group than other generations. They are fast-paced thinkers and are information driven.
Factors like college debt and the recovering economy have kept a lot of Millennials from entering the housing market, but this year that may start to change. Low interest rates, improving economic sentiment and rising rent will likely cause this group to make a big impact on the housing market in the coming years.
What can you do to attract Millennial buyers?
-Take excellent, professional photos of your home. Millennials will almost definitely view your home online before coming to see it.
-Great pictures are social media-ready and will help drive your marketing.
-Install Smart systems in your home. Millenials rate internet access, good cell service and technological capability higher than almost any other factor when choosing a home.
-Millennials crave information – have your homes stats, repair & maintenance histories, etc., easily accessible.
-Be green: cost and energy efficient solutions for your home will add a lot of value to a Millennial buyer.
At The Shannon Schmitz Group, we are experts in every aspect of the changing Austin real estate market. For more information like this, and to see an example of our award-winning home marketing, subscribe to our quarterly magazine, LOCALE Austin.
The Shannon Schmitz Group is known for the signature service they provide to their clients, customizing every detail to their specific needs. Powered by Austin Portfolio Real Estate and Keller Willams Luxury Homes International, these professional, hard-working Realtors® and their dedicated, technologically-savvy marketing team work together to provide the utmost in service to their clients for buying or selling real estate all over Austin. This includes the surrounding Texas Hill Country Area, including Spanish Oaks, Bee Cave, Lakeway, Lake Travis, West Lake Hills, and the famous Austin zip codes of 78703 and 78704.