Sell Your Home to a Millennial Home Buyer, Wells Fargo Suggests

Published by nora | Filed under Buyer / Seller Tips, Market Trends, Miscellaneous, Real Estate

If you’re selling your home, here’s another group to target – the Millennial Generation. This group consists of those born between 1979 and 1991, the oldest of whom are now in their 30s.

This is in addition to another group – the Generation X – which was identified as a group for home selling opportunities by John Burns Real Estate Consulting at a recent gathering of the National Association of Home Builders. During this gathering, it was contended that Generation X would lead other generations in helping the housing market recover because of their higher rate of geographical and occupational mobility.

The millennials, on the other hand, are being touted by other real estate market participants like Wells Fargo as having among the most potential to rev up home buying because of their belief in the benefits of homeownership. Of the 51.5 million millennials, about six million of them have reached the age when buying a home is a major and pressing decision to weigh.

In Wells Fargo’s survey of 3,000 Americans, majority of them, particularly the younger ones, still dream of home ownership despite hearing a lot of discouraging things about the housing market. They also are more trusting of institutions compared to previous generations, so it follows that they understand the need for more stringent credit requirements and evaluation, as expressed in the survey.

According to the Pew Research Center, the four generations are determined as follows:

• Millennials – those born in 1981 and after
• Generation X – those born from 1965 to 1980
• Baby Boom or Boomer Generation – those born from 1946 to 1964
• Silent Generation – those born before 1946

Among these four generations, it’s a given that the millennials are as Internet-savvy as the Gen Xers as it’s in during their time when Internet tools and technology became part of people’s everyday lives.

If you’re selling homes, these are the collective characteristics of millennials, according to studies by Pew Research.

• They’re the most racially diverse among the four generations, with the percentages of the minority groups higher than in previous generations. Whites account for 59.8 percent of the total population while Hispanics account for the second highest percentage – 18.5 percent. Hispanic Americans have surpassed blacks, who now account for 14.2 percent. Asians account for 4.3 percent while other races account for 3.2 percent
• They’re the most politically involved at their age.
• They’re more open to interracial dating.
• They’re the least inclined towards religion.
• Tweeting, texting, Google, Facebook and YouTube are part of their everyday lives.

For home sellers to reach this group therefore, they need to incorporate these online and digital tools in their marketing armory.

If you’re selling your home in Tampa, let the Tampa4U.com armory of digital tools and selling talent work for you.