Millennials are driving our market—here’s what this means for buyers and sellers.
Search All Newport Homes on the MLS
Get a Home Value Report for Your Newport Home
Millennials are the biggest demographic in the country, and in 2019, they accounted for 37% of all home purchases.
What does this mean if you’re a seller? A millennial buyer is an internet-savvy buyer. They search for properties online, which means yours must have good photography. Long gone are the days when you could just have your agent snap a couple of pictures of your home with their cellphones and expect a good sale.
Millennial buyers are also active on social media, so you need an agent who’ll hire a professional photographer and who knows how to market to a broad range of demographics. Their marketing plan should address not only millennial buyers, but also Gen Xers and baby boomers.
Additionally, millennials typically want a lot of amenities in their home, and being environmentally conscious is important to them, so consider making your home as energy efficient as possible (adding new windows, updating the heating system, installing smart-home technology, etc.). According to Freddie Mac and other housing data, millennial buyers are interested in things like jetted tubs, kitchen islands, and trash compactors, so speak to a home improvement specialist and see whether these additions are sensible for your home.
You need an agent who’ll hire a professional photographer.
”
So, knowing that millennials are driving the market, what does that mean for buyers? If you’re a millennial buyer, it means your greatest competition is a buyer just like you. If you find the perfect home on the market, odds are good that you’ll have to compete for it, so make sure you have a good buyer’s agent on your side.
This agent should be focused solely on you and know how to connect with sellers. They should also know how to make your offer stand out against the competition. When it comes to your offer, ensure you’re pre-approved to buy, and talk to several lenders and find out which financing programs suit you best.
A great tip to help you compete in this hot market is to write a personal letter to the seller of the home you’re interested in buying. Let them know who you are—you never know what connection you’ll make! Perhaps your kids go to the same school, or you both had labradoodles. These personal touches can make a big difference because sometimes people are emotionally attached to their home.
If you're a homeowner and haven’t refinanced, interest rates are still low, so consider doing that now. If you plan on selling two or three years down the line, this will help you make the upgrades your home needs now.
Regardless of what your real estate plans are, the Harbor to Hill Real Estate Team is here to help. We have our finger on the pulse of the market, so if you have any questions, call or email us. We look forward to speaking with you.