If you're thinking about selling your house it pays to know your target
audience and do some intel. This is a video that is the first in a series to
help you, as a house seller, better understand your target audience, the
buyer. Today's video is Real Estate Trends 2020 -- Millennial Buyers.
In this video I'm gonna give you three important things to know about millennial buyers
so you can do this, and this. Hey, I also have a free downloadable seller's guide
that is jam-packed full of awesome information when it is time to sell your
house. I'd love to have you download it. The link for it is down below in the
description box. Hi there, my name is Emily Farber, and I'm a Realtor® with
Lepic-Kroeger, Realtors® in Iowa City, Iowa. I love to help buyers and sellers on
their real estate journey, and in order to do, so I put out videos just like this
one every single Friday. If you haven't already, please subscribe. Hit that red
button down below, and pro tip, ring the bell, that way you'll be notified every
time I put out a new video and you won't miss a thing.
Today's video, Real Estate Trends 2020 -- Millennial Buyers, is designed to
help you, as a seller, better understand your potential buyers. Much of the
information I'm going to share with you in this video comes from the National
Association of Realtors 2019 Home Buyer and Sellers Generational Trends Report.
This is a massive study done by the National Association of Realtors to help
us understand the whys, hows, and who's of this thing we call real estate.
Millennials, the people born between 1980 and 1998, make up the largest population
of homebuyers. They currently account for about 37
percent of all home purchases, so if you have a home for sale chances are highly
likely that you will have millennial buyers considering your house. Factoid
number one. Despite what the media likes to portray, Millennials are very
interested in home ownership. The difference between Millennials and
previous generations, however, is some of the financial pressures that Millennials
have faced have caused them to delay major life events like purchasing a home.
Some financial pressures include things like student loan debt, credit card debt,
and wages that are not increasing at the same rate as the cost of living. As a
result, many Millennials have had to put off purchasing their first home. Because
they have put off purchasing that first home, their tastes have grown. Millennials
are heavily influenced by things like HGTV and social media influences.
Instagram, I'm looking at you. So what a millennial is looking for in a home may
be of a higher caliber than what other first-time homebuyers may have
considered acceptable. In fact, a third of all millennial buyers have waited and
saved for so long that they aren't even really considering
a starter home. If we think of a starter home as generally priced between, like, a
$150,000 and $250,000, a third of these
millennial buyers are popping all the way up to over $300,000
for their first home purchase. The Millennials don't tend to want the
McMansions that many baby boomers are now trying to offload as they look to
downsize. Those Millennials are not interested in the dated interiors of
those homes nor are they interested in the ornate opulence of them. What
Millennials do tend to like are slightly smaller homes, open spaces, and clean
lines. Did you know that previously owned homes make up about 86% of all
home sales? So these are some of the reasons why a
millennial buyer may be considering a previously owned home instead of new
construction: First off they're interested in the better price, second
they're interested in overall greater value, and third they're looking for
charm and character that you often can't find in new construction homes. As a
seller I think there's some important nuggets of information to distill out of
this, specifically your pricing strategy and any improvements you may choose to
make to your home in order to have it better appeal to potential buyers.
Millennials are specifically looking for environmentally-friendly home features.
Things like windows, doors, and siding. Another important factor for millennials
are commuting costs. Fact number three. millennials are heavily influenced by
technology, the Internet, and social media. Millennials rely on the Internet for
extensive research. Did you know that on average a buyer will spend ten weeks
searching for their next home, and of those ten weeks, the first three weeks
they are searching solo? They haven't even contacted a real estate agent. How
do you think they're doing that research without a real estate agent taking them
through properties? Mm-hmm... they're staring at the same thing you
are right now. Their phone or their computer. As a home seller, having a
top-notch digital campaign is vital... like so important. Without it you're like a
peacock without a tail. Who's gonna bother to look at you or your house if
you don't have that flashy display to catch people's eyes? Eighty seven percent of all home
purchases end up happening through a real estate agent, so you want your
online marketing presence to be so beautiful and so catchy that you're
pulling in all of those active buyers working with real estate agents
as well as the unrepresented buyers are going to be so enamored with your home
then it will give them the final little kick in the rear to contact that real
estate agent who will then get them into your property. Here's some questions to
ask yourself in regards to this: Does your real estate agent make good use of
social media? Does your real estate agent have a number of really great reviews?
Remember, millennial buyers along with many other age groups of buyers, really
rely on online reviews before making a decision. The reason you should care
about your agent's online reviews, not only for your own research in choosing
that agent to represent you, but for those unrepresented buyers. You want them
to feel comfortable enough to call up your agent and make inquiries. Because we
know millennial buyers rely so heavily on the internet, social media, and online
reviews, it is terribly important for your real estate agent to have a curated
online and social media presence in order to draw those people in and get
them looking at your property. Hey, thanks so much for joining me on today's video,
Real Estate Trends 2020 -- Millennial Buyers. I hope you have found this
information to be helpful and give you some guidance in helping you better
understand a very likely buyer for your home when you put it on the market. Don't
forget to download my free guide, Home Seller Tips.
The link for that is down there in the description box. It's been fun! I hope
you'll subscribe, and I'll catch you later!