We had the pleasure of recently attending a presentation about Millennials and Homebuying. The presentation was given by Brandon Johnson, a fellow realtor serving the greater Alexandria area of MN. Brandon was a dynamic presenter, and we walked away feeling we better understood this segment of homebuyers. For those unaware, Millennials are the generation born between 1981 and 1996 (as defined by Pew Research). That range puts the oldest turning 37 this year, the youngest 22. Sub generations may occasionally be broken out between Generation Y (1981-1991) and Generation Z (1991-2001) according to Urban Dictionary, with the primary difference between Y and Z boiling down to the extent of technology during their youth. Generation Y merely had access to flip cell phones and gaming systems, whereas Generation Z has grown-up using smartphones and tablets. The differing technology access and usage during pivotal developmental years has heavily influenced consumer preferences, habits, and priorities, among many other things.
One point that Brandon shared is that this younger generation is holding-off longer on the "heavy stuff" - homebuying and marriage. One data point showed that in 2012, less than a quarter of adults aged 18-31 were married and living in their own household. This is down from over 50% of the same age population in 1968. That's not to say they don't see themselves owning a home someday. Another point that Brandon shared from Trulia is that 93% of those ages 18-34 plan to buy a home at some point in their lives. The desire is still there; it just has to fit into their timeline. So, when it comes time for them to buy – how do we reach them? Brandon shared a lot of data points basically pointing to the fact that social media will continue to play a huge role in the future and that we've got to start making videos. People want to sit back and watch over reading a lengthy update. You still with me?
To keep it short, Millennials want to text with their Realtor, whom they chose due to his/her "trustworthiness, responsiveness, market knowledge, and general reputation". Brandon pulled from a Zillow Group Trends report for those primary important attributes. So, as we've learned, we've got to keep those social media reviews coming and keep our phones handy. In fact, we'll be right on the other side of 952-258-3100 if you're ready to start looking.
Photo credit: goodfreephotos.com