The buying crowd is younger, and they have very specific needs and wants !
By Renae Jensen
What is a Millennial?
Also known as the Net Generation or Generation Y, the millennial generation describes those between the ages of 18 and 34. Dates vary, with the earliest birthdate considered is 1976 and the latest is 2004. The Millennials were raised in a world very different to many of us. Their world was one of online connection, electronics, and mass social media influence. A target of massive marketing campaigns, this group likes the finer things in life, and often expect them. They are able to research a topic and product at the push of a button, and have received the plus/minus aspect of instant gratification. Some say they are a confident group, perhaps self-centered. Many of this group have faced the disillusionment of the great American dream as the traditional career path has floundered, and college loans have ballooned. Yet, this generation still is considered optimistic, creating a great new surge in entrepreneurship, inventions, and investments.
Leading the Home Buying Market
As 68 percent of the first-time home buyers’ market, and 32 percent share as homebuyers overall, this generation is making a difference in the marketplace. Many of these are primary residences for these younger buyers, but many are also purchasing investment properties and looking for opportunity. This generation likes to plan for the future and will invest in several properties.
Millennial Real Estate Highlights
City/Urban areas that have easy transportation, entertainment, and social areas.
Proximity to family and friends ( average is 10 miles) .
Family and friends are very important to this generation with almost 70 percent stating
that friends and family has an impact on the purchase decisions.
Luxury is important.
Home sizes are smaller.
New construction desirable.
Beauty and Amenities are vital. – steam showers, wine cellars, yoga/gym room
Multi-functional floor plans – modern designs –
Large rooms open to entertaining – not the traditional separate room functions.
Wood/ Tile flooring as opposed to carpet.
Fully connected home – no old cell services, or limited internet connections.
Environmental Awareness/Healthy Living
There is an environmental awareness in this group, and many will seek a greener/energy efficient home
or proximity to healthy lifestyles.
Local, Sustainable food, markets and restaurants
If you are a Real Estate Agent, here are some tips:
Communicate in Millennial:
Use the current tools and Apps available on the market.
Discuss the preferred methods of communication.
Discuss the process and expectations of the client.
Be welcoming and open to lots of family input / advice on any purchase.
Offer education on the real estate processes.
Be an invaluable resource for local facts/ and data. Know the area.
Renae Jensen provides education for NJ real estate agents and is owner of Conscious Design
Institute and Green Door training programs. She is currently teaching CEU Feng Shui for
Real Estate classes in NJ as well as courses for the public and other professionals.