For some time, real estate developers and professionals have believed that millennial buyers ignore the suburbs for housing options, choosing instead the more urban 24-7 live-work buzz provided by big cities.
It is true that millennials continue to congregate in major urban hubs but areas with mass transit and particularly with an emerging a “24-7 live-work environment, are also popular with the demographic. More and more, the bulk of buyers coming out to the suburbs are millennial and they are a huge part of the buyer pool.
The fall of the suburbs is hugely exaggerated. Contrary to popular belief, more people across all age cohorts, including millennials, are still moving out of cities and into the suburbs. According to U.S. Census figures, about 30% of millennials live within urban areas. It doesn’t seem that the other 70% are rushing to move downtown anytime soon.
Agents should be ready to find themselves serving more and more millennial clients looking for rental and for-sale housing in the suburbs.
What Millennial Buyers Want
- Neighborhoods near mass transit and suburban downtown districts.
- To avoid or escape the high cost of housing in cities.
- Affordable alternatives that sport the latest in modern amenities
- Areas with a blend of suburban and urban characteristics
- New and clean.
- “Old and charming,” must be fully renovated and move-in-ready
- Near shopping, and transportation.
As city rents continuing their dramatic increase, millennials are among our key target markets.
Part of the nationwide surge in home sales in suburbs and other metro suburban markets are to renters and homebuyers escaping the city’s high housing costs or lack of market rate or affordable housing.
“One major pattern identified by industry experts, is an up-tick of millennial renters becoming first time home buyers in the suburbs. As long as the locations are near train stations, downtown or town centers, they will benefit from this trend.
Marketing to millennials
Perhaps the most reliable factor when working with millennials is the immediacy of the market. Your millennial buyer isn’t going to wait for the open house. For this reason, sellers will have to be prepared to keep their property viewing-ready all the time. Agents need to be ready to show property on the buyer’s timeframe.
With millennial buyers, the market is always within reach, only as far away as their smartphone or tablet. Because they’re fully connected, millennials can and do look at listings and analyze data 24/7.
This is a visual generation and great pictures will bring in the buyers. Be sure to have the best listing photos online at the moment the home hits the market. Nothing is more frustrating to young buyers, than getting a text notification about a property in an awesome location, to find the listing doesn’t have any photos.
Millennial buyers are visual. Spend extra time on the photo shoot, and make sure your agent hires a professional photographer. Good photos will get your buyers in the door. Give them what they want.