What to Expect From Millennial Buyers
Today’s real estate market, while diverse, has a large number of millennial buyers. In fact, the National Association of Realtors puts this group at 32 percent of those looking for a home right now. With this statistic in mind, real estate professionals and sellers alike need to know how millennials differ from buyers of the past.
Here are the three most notable ways in which this generation is impacting the industry.
They Do the Digging
If there’s one thing millennials are known for, it’s being tech savvy. As such, this group is far more likely to utilize the internet as a search tool than those in older generations. Many members of this group are even using the internet to find a home before seeking out a real estate professional — 50 percent to be exact. That said, most individuals in generation Y still value the expertise of a professional, and will prefer those who shine online with a presence on multiple websites, strong social media engagement, and eye-catching photography.
Space is Less of a Concern
Millennials typically value efficiency and affordability over square footage, in part due to their minimalistic nature. If a small floor plan is located near to work and entertainment (and even better, if it’s energy efficient), a Millennial buyer will usually sacrifice space as a tradeoff.
Renting Trumps Buying
For the average millennial, renting a home, apartment or condo is currently a more attractive prospect than actually owning one. The reasons behind this key difference vary from person to person, but can often be attributed to student loan debt, a desire for freedom, and settling down later in life when compared to past generations.
Millennials are molding the market right now, and being mindful of these differences will be an important factor when selling South Florida real estate in the years to come. If you have questions about how to appeal to buyers, reach out to a professional at Stein Posner today.