Selling to the Next Generation: Here’s What Millennial Buyers Are Looking For

Millennials now make up a significant part of the homebuying population. In 2022 alone, nearly 52% of millennial households were owned as opposed to leased. This demographic is now a major buyer and seller in real estate and those looking to sell their homes shouldn’t  overlook this demographic. Furthermore, shrewd home sellers should take a little time to understand what it is Millenials are looking for in a home.

Here are a few things you can do to effectively sell a home to millennials:

1. 1. Enhance your online presence.This may seem obvious but is still worth mentioning. Online marketing plays a vital role in millennial house-hunting. According to the National Association of Realtors, 97% of buyers in 2020 searched for their dream home online. Nearly 99% of millennials used the internet to buy property.

      If you want to capture your target market, invest in digital marketing and boost your visibility online. There are a few ways you can do this:

      • Ensure that online visuals of your property are optimized for mobile devices
      • Leverage social media platforms
      • Using virtual tours to showcase properties

      While all this may sound technical (and it is when done well) you’ll find that a good real estate agent already utilizes these strategies.

   2. Consider using video marketing instead of photography when listing your home.Real estate photography is a tried and tested method of attracting buyers, but there’s an even better way to market your home: video tours.

      According to experts, tech-savvy buyers are more likely to browse a property with video tours and live streaming options, as these give them a more in-depth view of a house compared to photographs. With virtual video tours, Millennial buyers can virtually step into a home and have an enhanced experience.

   3. Emphasize proximity to offices and workplaces. As a group, millennials are more likely to buy a home that’s close to their place of work. Data from NAR shows that nearly half of Millennial buyers place high importance on commuting costs when considering a home. A whopping 74% of participants say a location convenient to their job is a critical factor in choosing a neighborhood.
   4. Don’t overprice your home.Growing up in the digital age has led millennials to become discerning shoppers who carefully evaluate their options before making a purchase. Additionally, studies indicate that 58% of millennials prioritize affordability when choosing a home. As a seller, it’s crucial to set a reasonable price for your property. Overpricing your home in an age when it is relatively easy to find house price comparisons will likely drive away potential buyers.
   5. Consider texts instead of calls.Although the digital age has made communication easier than ever, younger groups are now more particular about who gets access to them and when. Many even prefer to communicate over text, as calls are typically reserved for urgent matters and personal conversations. Many agents are adapting to this culture, with about 90% of real estate agents transacting with clients via text message.
   6. Add smart and eco-friendly features.As a seller, it’s essential to keep up with the trends that appeal to millennials, such as smart home technology and eco-friendly features. While climate concerns are fiercely debated in the public and political sphere, it is generally true that Millenials are more concerned about climate change and sustainability than previous generations. Having sustainability features go a long way to making a good impression. While it’s not always economically viable to install equipment like solar panels, a well-insulated home that reduces energy consumption can also be appealing for Millenial home buyers.

I’m Michelle McQuade, and I’m a real estate agent serving communities in Ohio. Find out more about real estate in Ohio here. If you’re thinking of selling your property, or are looking for homes in Cleveland, Ohio, I’m more than happy to help. Contact us at 440.823.2448 or via email.