There’s a new wave of home buyers out there. They differ in the way they shop for homes, they know exactly what they want. Millennials are currently the largest purchasing group in this country. And, estimates say, they will account for 43% of home buyers taking out a loan by the end of 2018. In addition, although many of these millennials are looking to purchase in the suburbs, they are usually opting for smaller homes than previous suburb buyers. If you’re selling a house, understanding millennial buyers in [mrket-city] is critical for effective marketing and optimal marketing reach.
Who Are Millennial Buyers?
Millennials compose that group of people born between 1980 and 1995, who are now a major portion of consumers. They are the largest generation in American history with approximately 90 million members. Extensive research has uncovered a few defining characteristics of millennials in general: self-confidence, technological savvy, a higher level of education, and a reliance on social connections.
What Are the Major Characteristics of Millennial Buyers?
Millennial buyers exhibit several major characteristics when it comes to home buying. They are waiting longer to buy, often moving back in with parents first, and there are more single than married homeowners among them. So let’s see what you need to know in order market to millennial buyers in Chicago.
Generally, these buyers have what has been termed “a recession mindset,” having been molded by the state of the economy while they were growing up. The Great Recession, has formed them, so they are thrifty and cautious when making financial decisions – especially when saddled with student debt and facing dismal job prospects. As a result, many consider buying a home beyond their reach.
DIFFERENT VIEW OF HOME OWNERSHIP
Millennials also view homeownership differently than their parents and grandparents did. Former generations saw ownership as both an investment and a status symbol. Millennials, however, tend to view it as a necessary rite of passage marking their full entry into independent adulthood. The independence and security that home ownership conveys are more important than the home itself. And, in general, millennials don’t expect to live in one home more than 10 years.
SEEKING DIFFERENT THINGS IN A HOME
Millennial buyers in Chicago are seeking different and very specific things in a home. First, although they have been called entitled, millennials are nevertheless pretty frugal, which means they are often willing to make sacrifices to own a home. And this also means that they are more likely to be looking for and willing to buy smaller and older homes. Millennial buyers, then, value affordability first and convenience second.
MORE LIKELY TO SHOP ONLINE
This is one characteristic of millennial buyers in Chicago that home sellers really need to pay attention to. Millennials are technologically savvy, and so that technology is an important part of the searching and home buying process for them.
According to the National Association of Realtors, 94% of millennials begin their home search online. In addition, high-quality listing photos and video presentations are key elements that make them consider a listing. Further, many millennials do their online home shopping on mobile devices. All this means that millennials have done their research and are well informed.
So millennial buyers in Chicago are more likely to be college educated, to be single, and to be cautiously frugal. And they are now a huge portion of the home buying population that can’t be ignored. But you have to get all the pieces of the marketing puzzle in place, especially the online aspect, for home selling success.