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Millennial Home Buyers in Orange County
Millennial home buyers were the largest factor in increased homeownership in 2017. For the first time in 13 years, the percentage of homeowners in the U.S. rose. And, millennials were the largest increase compared to any other generation or age group.
What does that mean? It may be a seller's market out there, but the millennial home buyer will dictate the next generation of home sales. In 2017, 65% of millennials who bought a home were first-time home buyers. And, in the next five years, approximately 66% of millennials are expected to buy a home.
5 Things You Need to Know
If you are planning to sell a home in 2018 and beyond...
There are 5 things you need to know about millennial home buyers. Preparing your home for sale in order to appeal to the millennials could be the difference between selling your home for top dollar and sitting on the market. Let's take a look at the facts!
1. There are 92 million millennials in the U.S.
The "perfect neighbor" has changed! While this is different for every homeowner, most millennial home buyers expressed a desire to live in communities with shorter commutes and greater walkability - even if it meant a smaller home.
2. Millennials are just as good, or better, than other generations in managing money.
Millennials have been mislabeled! The negative stereotypes of millennials being foolish with their money, not long-term planners, and dependent on their parents are just not true. A total of 63% of potential millennial home buyers are saving money, 33% to buy a house.
3. Millennials buying homes increased from 34.7% to 36%.
And, for good reason! Rents are at an all-time high. Wages increased by 2.9% last year. Millennials make up the largest population in U.S. history. The ground is laid for millennial home buyers to be the next in line for homeownership!
4. Millennials conduct their home search quicker, smarter, and online.
First impressions are everything! Typically their home search typically lasted 8 weeks, they looked at a median of 10 homes, and they valued photos or virtual tours most. Before a millennial home buyer even steps into your home, they have most likely seen the exterior of your home from searching online properties.
5. Millennials look closely at renovations, problems, and price.
Now, let’s talk numbers…
36% were looking to avoid renovations and problems the home
47% bought new homes to avoid renovations and problems
32% were considering a better price during the home search process
It's important to understand that the process of selling your home starts long before you go on the market. Your home is your most important investment. It matters how your Realtor® prepares your home for sale. It matters how your Realtor® markets to millennial home buyers. It matters who you work with!
*Statistics sourced from the National Association of REALTORS® Home Buyers and Sellers Generational Trends Report
If you need help preparing to sell in 2018 – to schedule a FREE Home Valuation – Contact Us Now!
The Swan Team | OC Real Estate
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