According to the latest National Association of REALTORS® Home Buyer and Seller Generational Trends report for 2016, Generation Y, AKA Millennials (buyers 18 to 35), make up the largest share of homebuyers at 35% of all buyers. In fact, Millennials have made up the largest share of buyers according to the report for the past three years, consistently growing over the past four. Despite setbacks from the market crash of 2008 and recession, Millennials are becoming more traditional in their buying habits.
This year’s report saw an increased share who purchased in suburban locations and who purchased detached single-family homes. Forty-five percent of Gen Y buyers now have children under the age of 18 in their home, 64% are married couples, and 12% are unmarried couples (the largest share of all generations).
Millennials, along with every other generational group, prefer the suburbs. It’s easy to understand why Millennials love the suburbs when we take a look at the factors influencing neighborhood choice. The top three factors influencing choice of neighborhood for Millennials includes the quality of neighborhood (63%), convenient for job (60%) and overall affordability of homes (50%).
So What?
If you plan to sell your home in the near future, it’s important to get in the mindset of your audience – the homebuyer. Millennials make up most buyers and that’s one explanation for why 92% of buyers start the search for their next home online. That means your online home marketing strategy and digital presentation needs to be tighter than ever.
For more tips and strategies on how to reach a wider range of buyers, chat with a First Team agent about a marketing plan. We stand by our New Rules of Real Estate that allow us to ensure your success, regardless of market conditions.
