Millennial Homebuyers Have Finally Arrived
As part of the Leading in Luxury series, Sotheby’s International Realty® and Inman recently took a look at millennial homebuying trends and found something interesting: though they are entering into homeownership at a later age than previous generations, they are doing so at higher price points, essentially “bypassing the starter homes that were essential for their parents.” Now that millennial homebuyers have arrived, let’s take a look at what their purchase preferences are.
A Personal Touch
Millennials don’t just care about the brands of the products they purchase, they also put a great deal of effort into their personal brands and “are vigilant about how their choices reflect back on them.” It’s more important for this generation to establish two-way communication with their real estate agent, as 48 percent of millennials said they prefer this style, compared to just 24 percent of baby boomers.
It’s All About the Lifestyle
Though the size of a home does fall under some category of importance for buyers, millennials are much more interested in the lifestyle that their home will afford. As a 2017 study by Sotheby’s International Realty Affiliates LLC revealed, “eight-five percent of emerging affluents are less concerned with buying and selling, and more concerned about moving to new places, experiencing new cultures, and knowing what’s ‘next’ right now.”
It doesn’t come as much of a surprise that a generation who grew up in the age of the internet and YouTube videos is pretty darn insistent on doing things themselves — and this includes home searches. While they are looking for homes online, however, they are also seeking the advice of a real estate agent that can provide them concierge service, expertise on the local market, and walk them through the home purchase process.
For more, read the full article on Inman here.