Over the last 4 years, buyers that are 36 years old or younger (Millennials/Gen Y’ers) are the largest share of home buyers at 34%. 66% of these buyers were also first-time home buyers.
This year’s report saw an increased share who purchased in suburban locations and who purchased detached single-family homes. 49% of buyers 36 years and younger now have children under the age of 18 in their home, 66% are married couples, and 13% are unmarried couples (the largest share of all generations).
With those numbers, it’s well worth spending some time to learn a bit more about these buyers. You NEED to know what they’re looking for and what’s important to them.
We’ve compiled this list of the top 5 reasons Millennials are choosing to buy:
To Have Control over Their living Space – 93%
Many Millennials who rent a home or apartment prior to buying their own homes, dream of the day that they will be able to paint the walls whatever color they’d like, or renovate an outdated part of their living space.
Many others who have waited to add a pet to their families daydream about the day that they’ll be able to go pick out their ‘furever’ friend. Owning your own home gives you the freedom to make those choices.
To Have a Sense of Privacy & Security – 90%
It is no surprise that having a place to call home, with all that means, in comfort and security, is the #2 reason. As a homeowner, you have control over who has access to your home, and you are able to secure it how you see fit.
To Live in a Nicer Home – 81%
Similar to the #1 reason, when you purchase a home, you can choose to live in a nicer home or choose to renovate a home & restore its glory. Owning also allows you to accommodate your growing family or a family member who may need to move in.
To Feel Engaged in Their Community – 75%
Owning a home in a community is one of the major reasons why residents become more civically involved. The stakes are raised once your home value is directly tied to the neighborhood and community in which you live.
To Have Flexibility in Future Decisions – 53%
Owning a home allows you to use your monthly housing cost as a savings account that can be borrowed against in the future.
Having this option available during uncertain times is just one of many reasons why homeowners feel more secure in their homes.
Experts At Work
At Appointments Today, our ISA’s are highly trained in building rapport with your leads and understanding exactly what drives their motivation. Our clients benefit greatly from this knowledge as we craft the messaging our Inside Sales Agents deliver to your leads to ensure we add the most value and achieve the greatest results.
If you’d like a demo of what we can do to help you grow your real estate business. Click here to schedule a time that works for you.