This Generation, know as the Millennial Generation, was born after 1980, and reached adulthood around 2000. This generation is generally defined by their focus and use of today's technology and they represent about one third of the population of the U.S. Some of the insights into the way this generation shops for a home is different, but not so surprising, from past generations.
Today Millennials usually begin home shopping with the use of National Real Estate Websites and Online Search Engines, unlike previous generations who relied more on Local Real Estate Websites, real estate signs, ads, and actually by visiting homes and neighborhoods.
The Millennial generation spends on average of 1/2 hour each day on Social Media sites such as Facebook, Twitter and Instagram. They are actually 20% more likely to find social media sites useful in their home shopping process. Millennials value the opinions of their friends and family more than previous generations and they are more community-minded and have a strong connection to family. In fact, roughly half say that it is important to live close to their family. So what do Millennials value in today's home? Research shows that Millennials rank the following five items as their most important factors in a home search:
1. Location and area. is it close to everyday conveniences, are the public schools performing well, are there people of similar backgrounds, social economic levels and interests in the neighborhood
2. Floor Plan/Layout: more open to allow for entertaining
3. Financing options: rate and terms and not so much bricks and mortar, they are not averse to on-line banking/financing
4. Quality of the home: well insulated, quality materials, environmentally friendly
5. Upgrades: solid surfaces, large master bath, well appointed kitchen, modern appliances
The Millennial Generation has required REALTORS and home sellers to refocus the way they market and present homes for sale. Change is a required characteristic in today's market place, but keep in mind that it still comes down to visiting the home, making the offer, negotiating the purchase and taking it through the closing process before the buyer can move in. REALTORS still create value.