Unlock the Millennial Homebuyer Market: How to Meet the Demands of the Internet-Savvy Generation

Introduction

As a homebuilder or real estate professional, it's important to stay up to date on the latest trends and preferences of the homebuyer market. And when it comes to millennials, there are a few key things you should know.

First, let's take a look at the numbers: according to the National Association of Realtors, 43% of all home buyers in 2021 were millennials, making them the largest group of homebuyers in the US. This is a significant portion of the market that you don't want to ignore.

So, What Do Millennials Want?

So, what do millennials want when it comes to buying a new home? For starters, they are heavily reliant on the internet for their home search. In fact, a survey by the National Association of Realtors found that 95% of millennial homebuyers used the internet to search for properties. This means that having a strong online presence, with high-quality photos and detailed property descriptions, is essential if you want to attract millennial buyers.

Individual, bigger, better.

In addition to being internet-savvy, millennials also place a high value on customization and personalization. This generation wants to put their own stamp on their home and make it truly their own. According to a survey by the National Association of Home Builders, the ability to customize a home was the top reason cited by millennial buyers for choosing to purchase off-plan. As a builder or real estate professional, it's important to offer a range of customization options and allow buyers to make their own choices about things like finishes, layouts, and other features.

Another typical millennial preference, which relates directly to the COVID-19 pandemic, is larger, more spacious homes. According to a recent NAHB study, more than a third (36%) of millennials are looking for a larger home.

Another survey, conducted by Cognition in 2021, shows that more than 83% of millennials are looking for sustainable homes. 77% of Millennials said that they are willing to pay more for environmentally sustainable products, and of course, those would be even happier to pay more for the house if it will save utility bills in the future.

New Buyers Demand New Experiences

Finally, millennials are also attracted to technology and the use of digital tools. From virtual reality home tours to smart home automation systems, this generation expects a high level of digitization in the homebuying process. By incorporating technology into your marketing and sales strategy, you can appeal to this tech-savvy generation and make the homebuying process more convenient and efficient.

In summary, to attract and sell to millennial homebuyers, you need to have a strong online presence, offer customization and personalization options, and incorporate technology into your sales process. By understanding the preferences and expectations of this important market segment, you can successfully tap into the millennial homebuyer market and drive sales.

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