In Cincinnati real estate it’s all about timing. Who’s moving? Who’s downsizing? Who’s moving up? Who’s resizing?
According to the 2018 Home Buyer and Seller Generational Trends study, recently released by the National Association of REALTORS® (NAR), Millennials make 36% of home purchases. Baby Boomers are 32% of the market followed by Gen X 26% and the Silent Generation at 6%.
Rising rental prices and relatively low-interest rates attracted Millenial buyers during the past 12-to 18 months. The main things attracting to millennial buyers is a sense of community and wanting friends and family nearby. The NAR survey found 52% of millennial buyers have at least 1 child making single-family home purchases (85% ) a higher priority than purchasing a condo (2%)
How to attract Millennial requires appealing to the highest number of specifics as possible. According to an infographic from Keeping Current Matters -5 Key Elements attract Millennials:
It’s easy to assume that all homes and condos are attractive to Millennial buyers.
However, sellers need to consider 46% have student debt, 65% are 1st time home buyers and 86% believe buying a home is a good financial decision. Realistically all buyers are dealing with mortgage lenders who are leery of too much debt. 1st time home buyers have watched a million hours of real estate shows and assume every property has been updated within the last 6 months with the top of the line flooring, appliances, and countertops.
So if you’re selling a normal Cincinnati home you need to counter Millennial expectations with how you present and price your home. Busy pictures, cluttered spaces and lack of up-to-date paint and flooring are the easiest to correct before marketing any property.
Millennials may be a little pickier than other generations when it comes to settling for features they don’t want. Also, they’re really not interested in a doing a lot of upgrades after they purchase.