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Millennials don’t just tweet, they also buy houses

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03/21/2014 | Author: Editorial Staff

If you want to reach the largest group of prospective first-time homebuyers, your website better be mobile-friendly. Consumers born between 1980 and 1995—also known as Millennials or Generation Y—are entering the peak period when people typically buy their first home, and they'll be looking to you for help in person and online. 

The National Association of REALTORS® 2014 Home Buyer and Seller Generational Trends report sheds some light on this group's behaviors and expectations. 

They want to own property
Gen Y buyers represent the largest group of recent homebuyers (31%) and the largest group of first-time buyers (76%), according to the report. In fact, 87% of buyers younger than 33 considered their purchase a good financial investment. 

They talk about you 
While Millennials are likely to use the Internet to find professional recommendations, that's not necessarily the case when purchasing a home. The report found that younger buyers were predominantly referred to their real estate agent by a friend, neighbor, or relative. 

They want real estate info on their smartphones
More than half of young buyers reported using a mobile device during their home search and looking online for properties first during the homebuying process. Members of Gen Y are also most likely to search online for general information about the homebuying process. 

So, how do you do it? 
What practices have helped you find success working with this consumer group? Comment below to share your experience, and visit Realtor.org to check out the full report and several related resources

Categories: Research
Tags: research, buyers and sellers research, consumers

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