8 Things to Know When Selling to Millennial Homebuyers

By Leap. 

Millennials are the generation buying the most homes. Here's what you need to know about this new kind of homebuyer. 

Home buying is on the rise, so who's buying all these homes? It's millennials. A desire for more space due to work-from-home pandemic policies, stimulus payments and low interest rates have fueled a surge in home sales. Still, many millennials are being priced out of a new home market, so many are buying fixer uppers.  

Here is what you need to know about selling homes to the 25-41 age bracket. 

1 - Remodeling is on the rise.  

Last year, homeowners embraced DIY projects while stuck at home. The first quarter 2021 Leading Indicator of Remodeling Activity (LIRA) report shows, “the projected growth of the home improvement market will increasingly be tied to professional activity levels.” Overall, annual homeowner remodeling spending should hit $370 billion by early 2022. 

2- The pandemic push.  

According to Clever Real Estate’s latest market survey, 30% of millennials say, “COVID-19 pushed them to begin house hunting earlier than originally planned” and 71% are willing to purchase a fixer-upper.  

3 - Millennials are the nation’s parents.  

A Think With Google report says, “as the oldest millennials enter their 40s, over 40% identify as parents” and more than a million millennial women become moms every year, per Pew Research. 

4 - What millennials want.  

The survey from Clever Real Estate reveals “millennials want more space to work remotely, enjoy outdoor living, and cohabitate with their growing families.” This means they want large kitchens (60%), ample outdoor space (45%), and enough space to grow into (43%).  

5 – More space is needed. 

The annual Life at Home report from IKEA shows homeowners want room to pursue their hobbies (38%), outdoor space/private gardens (35 %), and a “better work from home setup” (33%). IKEA says homes now serve as “playgrounds, gyms, schools, offices and mini-parks.”  

6 - Connecting to nature.  

The IKEA report says the inside and outside of our homes will “become more integrated, with priority given to the impact of light and nature on health and wellbeing. Homes will get lighter and greener, with large windows, communal gardens, balconies and roof terraces.”  

7 - Multigenerational homes.  

Demand for multigenerational homes has increased. About 20% of Americans already live in multigenerational homes, and the NAR’s 2020 Profile of Home Buyers and Sellers says 15% of home buyers want to buy one. Some existing homeowners opt to convert their current homes to accommodate their parents and their millennial children (ages 25-29). Popular remodels of these homes include adding bedrooms, bathrooms, and an additional kitchen. There may also be a need to remodel the home, incorporating universal design principles, making the home safe and accessible for everyone. 

8 - Selling to millennials.  

If you want to reach millennials, you need to up your digital game, particularly your mobile presence. Most (78%) use smartphones to research products/services and compare prices (75%). They expect to receive excellent customer service and are twice as likely to back out of a purchase if they don’t receive it. 

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Original article source: Leap