Millennial home buyers
Roughly 92 million Americans (30%of the US population) are changing the way we sell homes, according to a recent Goldman Sachs report. It's the millennial generation, born from 1982 through 2002.
Millennials make up 21% of consumer discriminatory purchases; 46% say they have over 200 friends on Facebook and 70% feel a responsibility to share feedback with companies after a good or bad experience. Many are concerned they won't get financing to purchase a home due to high student loan debt and surprised to learn they can. Although their home buying research is done on line, the millennial buyer ultimately seeks the experience of a REALTOR to guide them through the process.
Younger millennials without children search for an urban lifestyle. A developer proposing a condo project in the new downtown Bonita Springs is learning from this demographic on how they want to live - shops on the ground floor and condos above, for example, which is a less expensive option for cash poor millennials. Millennials with children are seeking good school systems that are not always found in urban areas. Ave Maria in Naples has dedicated staff to reach the millennial buyer - 25% of Ave's Facebook followers are millennials and 98% of them check Facebook every day.
The millennial buyer is just beginning to affect the Southwest Florida market and it may be time to amp up your social media reach. Baby boomers continue their strong impact on our market and these parents of millennials frequently (and in our market have the ability) to assist their children with the purchase of the home or just buy it for them.
Let's get this conversation started!
by: Kathy Zorn