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2019-04-18 13:04:29
Local 2019 Real Estate Trends (Millennial Buyers)
It’s not just Boomers and Gen Xers anymore, Millennials are taking over the buyer market!  No, it’s not your imagination, millennials are finding careers, getting older and are leading all other generations in buying homes.  According to the National Association of Realtors, Millennials have purchased more homes than all other generations for the fifth consecutive year.(1)


 
As household income for Millennials increases, they are buying their first homes primarily in middle and upper-middle class neighborhoods.  What could this mean for you?

If you’re thinking about selling and with Millennials in mind, here’s what will sell your home:
  • Size matters but how the space is used is more important.  Make sure your house is uncluttered and streamlined.  It’s always easier for a buyer to visualize “their” new home with the space void of personal items.  Think of the pictures you see in home magazines and try to reproduce those images in your home.
  • Buyers are leaving the suburbs and are moving back to the cities. With restaurants, shopping, parks, easy transportation and other amenities, Millennials are on the move back into town more often buying houses than condos.  Homes within striking distance to historic old towns are in high demand.
  • High-tech and low-maintenance are high on the list for Millennials.  Updated homes with modern appliances sell for a premium.  The more complete the upgrades, the better.
  • Internet exposure for you home is critical.  Gone are the days of looking at twenty homes a day to find the right one.  Most of the shopping is done online with less and less time spent on the ground.  In order to make a great impression, high quality photos are a must and landing pages must be complete and easy to use.
  • Sellers continue to seek the assistance of a real estate agent when selling their homes.  Across the board, sellers use an agent close to 90% of time.  The near universal use of an agent to sell a home helped keep for-sale-by-owner transactions at their lowest share ever for the third straight year (8%).(2)
If you’re considering buying, here’s what you need to know:
  • If you can be flexible, it will work to your advantage.  If you’re looking for a fully updated, three-bedroom, single-family home, be prepared for some competition.  If you can make some concessions, the results may be better.  Either way, working with a real estate agent who knows the area, the available homes, and the market is a must.  Often, a qualified agent can find you a home that’s not even listed in the MLS which is much more difficult if not impossible on your own..
  • If you’re thinking you may save some money on a purchase by working directly with a listing agent and not having an agent represent you, you’re likely wrong.  Last year, 90% of Millennial home buyers used real estate agents to purchase their homes (92% of younger Millennials).  This is higher than the 84% of other generations who used an agent.  Millennials say that the top benefit of working with an agent was understanding the buying process.(3)

Wondering what your Boulder, Lafayette area home is worth in TODAY'S market?  Call us at 303-915-6815 or email us for a FREE, no obligation home value report.

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