Understanding Millennial Buyers in Northwest Valley
A new set of home buyers have entered the market and they are shopping differently than their parents or grandparents did. Yes, I’m talking about millennials and they’re currently the largest purchasing group in this country. According to the National Association of Realtors, millennials accounted for 38% of homebuyers in 2019. Most of these millennials are looking to purchase in the suburbs and the typical home is a little smaller than previous suburban buyers. If it’s time for you to sell your house, you need to know that understanding millennial buyers in the Northwest Valley is crucial for effective marketing and greatest marketing reach.
Who Are Millennial Buyers?
We look at two primary groups of millennials. The younger group of millennials ages 22 to 29 years old as well as the older millennials ages 30 to 39 years old. This group is now a major portion of consumers. They are the largest generation in American history with approximately 90 million members. This largest generation is certainly changing things up, including the way they buy. Extensive research has been done on this group and here’s what they found. Millennial buyers have self-confidence, they are tech savvy, they tend to have a higher level of education, and they rely on social connections.
What Are the Major Characteristics of Millennial Buyers?
There are a few significant aspects millennial buyers display when it comes to buying a home. We see them waiting longer to buy, typically waiting until they start growing their families. More married than single homeowners among them. So, let’s see what you need to know in order to market to millennial buyers in the Northwest Valley.
Generally, Millennial Buyers have what has been termed “a recession mindset,” having formed financial opinions based on the The Great Recession. These buyers tend to be thrifty and cautious when making financial decisions. Notably these buyers are encumbered with student debt and facing bleak job forecasts. Consequently, many buyers see buying a home as beyond their reach.
DIFFERENT VIEW OF HOME OWNERSHIP
Millennial buyers also view homeownership differently than their parents or even their grandparents did. Former generations saw ownership as both an investment and a status symbol. Millennials, however, tend to view it as a necessary rite of passage marking their full entry into independent adulthood. The independence and security that home ownership conveys are more important than the home itself. And, in general, millennials don’t expect to live in one home more than 15 years.
SEEKING DIFFERENT THINGS IN A HOME
Millennial buyers in the Northwest Valley are looking for different and very specific things in a home. This generation is known as or considered entitled. Millennials are still pretty frugal, which means they are often willing to make sacrifices to own a home. What this means for understanding millennial buyers in the Northwest Valley is that more often they are looking for smaller and older homes. These millennial buyers tend to value affordability above convenience. Interesting to note here that they do however want smart features such as ring doorbells or smart thermostats in their homes as well as a yard for their dog.
MORE LIKELY TO SHOP ONLINE
This is the one characteristic of millennial buyers in Northwest Valley that home sellers really need to pay attention to. Millennials are tech savvy and that technology is an important part of the searching and home buying process for them.
According to the National Association of Realtors, 94% of millennials begin their home search online. They are looking for high-quality listing photos and video presentations as these are key elements that make them consider taking another look. We also know that most millennials do their online research and home shopping on mobile devices. The bottom line is that they have done their research and are well informed. You need to make sure that the agent you hire has a strong digital marketing plan and can reach buyers where they are…online.
In conclusion, millennial buyers in the Northwest Valley are more likely to be college educated, married and careful with their spending. And now, they’ve become a large share of the home buying population that can’t be ignored. You just need to make sure your online marketing presence is strong, well prepared and professional looking to help ensure home selling success.
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