Millennials are the largest and most influential group of home buyers
Millennials are now the largest group of home buyers. Born between the 1980s and the early 2000s, Millennials now account for 23% of the population, surpassing Baby Boomers, with over 75 million Americans between the ages of 18-34. If you’re not targeting this segment, you’re missing out on 40% of today’s homebuyers.
Influence on Real Estate Market
According to the National Association of Realtors, Millennials account for more homebuyers than any other demographic segment. While many are buying their first home, others see the income potential in real estate investment properties.
What do they want?
Millennials aren’t just looking for small starter homes. According to a March 2016 National Association of Home Builders study, Millennials went 4-bedroom homes over 2,300 square feet. And where are they buying? The top 10 markets for Millennials, according to Realtor.com include Orlando and Miami, Florida.
How to reach them
Millennials have stated that technology is the cornerstone of their generation. They love their tech gadgets. So it’s no surprise that using technology in your real estate marketing will help you to best reach them.
Studies show that 94% of Millennials use online websites to search for houses. They are also the most active demographic market on social media. And video is amongst the hottest trends to reach busy Millennials. Offering online virtual tours of listings will surely capture their attention.
To keep up with the real estate market trends, you may want to create a specific strategy to reach Millennials. They are highly influential and have more buying power than previous generations at their age. But you’ll have to adapt to reach them and adopt some online tactics.
