Millennials: The New Face of Home Buyers
Millennials –individuals born between the early 1980s and the early 2000s — are a powerful collection. They have untold influence, and in 2015, their global spending power reached $2.45 trillion, according to CNN.
A large chunk of millennial spending has gone toward home buying despite student loan debt and other financial challenges, which prompted some disinterest in home buying. Nonetheless, it hasn’t totally dissuaded these young people from purchasing. In fact, studies suggest Millennial’s interest in home buying matches that of Gen Xers and Baby Boomers during their earlier years. Millennials are positioned to make an impact on the real estate market.
The National Association of Realtors (NAR) Home Buyers and Seller Generational Trends recently conducted a study where they found that individuals 34-years-old or younger bought nearly a third of homes purchased in 2014, representing the largest generational share at roughly 68 percent. As the economy improves and millennials begin to find financial success, they’re home purchasing will increase. This will compel industry professionals to establish meaningful bonds with the powerful faction, which has insurmountable consumer buying power. To do that, the market and industry must be ready to anticipate the needs of millennials and determine what’s important to the group. They can do this by adhering to the following rules:
Align yourself with the needs of Millennials, partnering with them to offer them an invaluable home buying experience.
Millennials are environmentally conscious, which has prompted an interest in urban areas that offer alternative modes of transportation and mass transit. They’re attracted to walkable areas with green spaces and smaller energy efficient homes, which demonstrates their commitment to generating a smaller carbon footprint.
Millennials are looking for long-term investment in their homes, where they plan to spend the bulk of their 30’s.
Also known as Generation Y, this group is interested in partnering with others in their circle. Having been raised with technology, Millennials are capable of using tech to access multiple industries. They value companies within real estate and other industries that utilize seamless, elegant, and time-saving mobile technology.
Millennials, like other interested buyers, respect “word of mouth.” They’re likely to pay close attention to recommendations offered by family, friends, peers,and experts.
Effectively engaging with millennials is absolutely possible, particularly if you position yourself as a partner by embracing a team mentality and demonstrating your value as a powerful ambassador to the home buying process. Also, it’s important to utilize technology that speaks to Millennials’ upbringing.
Automatic updates, a robust social media presence, and valuable content are necessarily for crafting mutually beneficial connections. Millennials are eager to engage with businesses within their space, they frequently promote through social media and word of mouth, but that means those who service them must be accessible, passionate, patient, informed, and relentlessly creative. To fully partner with this group of individuals, with unlimited potential, you must practice innovation and experimentation, and pay attention to diversity and rich dynamics.
Assured Title Agency is a Denver, Colorado-based title insurance company dedication to provided the highest quality customer service and peace of mind when conducting complex real estate transactions. Be sure to visit our websites:and . #titleinsurance #Denver #BeAssuredNow