Being a millennial myself, I know how hard it is to keep a large steady income, save money and pay off your college loans. But our generation is making a huge impact on the real estate world, one we should be proud of.
According to the National Association of Realtors
- In 2015 millennials surpassed baby boomers as the largest generational group in America.
- 90% are using an agent when selling and buying a home.
- 63% will use the agent again or will refer to that agent when selling (lowest percentage of any generation.
- 70% will use the same agent or will refer to that agent when buying.
- 50% of millennials were refereed to their agent by family or friends.
- The average credit score is 625 due to college/loan debt.
- 75% like calls even thought they are a “social media gen”.
- 94% use websites for home searches and 51% of those people buy from a online search.
- Millennials make up for 32% of the national home buyers.
- 40% of millennials would rather invest in real estate instead of stocks.
While millennials may have waited a bit longer than prior generations to get married, start a family, and buy a home, Zillow reports that half of first-time home buyers in the United States are under 36 years old and first-time buyers make up 47 percent of all property sales.
Knowing these statistics it is very important for us to connect with the millennials as an agent. Millennials see the advantages in owning a tangible asset and with Lake Tahoe homes you can physically see and occupy the investment.
Buying a vacation home is not just for retirees. Millennials are now looking to the second home market, such as Lake Tahoe properties, as an investment opportunity and in some cases buying a vacation home first before their primary residence in an expensive city. The National Association of Realtors (NAR) finds that the average age of a vacation home buyers dropped to 43 years old, compared to 61.
So how do we reach these millennial buyers? Traditional advertising is not effective; make sure your online presence is active, engaging and authentic. The accumulation of material goods does not motivate them. Instead, collecting meaningful experiences, having a social impact, and living a life of freedom is what really lights them up. They want to feel that you understand them, and they expect customized and attentive service from you. Take everything that you love about your town or community and package it in a way that millennials can’t resist. Not hard when Lake Tahoe properties are your area of focus.
Because many millennials are new to the Lake Tahoe home buying process, they need an agent who can coach them through unfamiliar territory. That’s exactly what we here at Century 21 North Lake want to do. Millennials tend to be much less interested in finding the perfect Lake Tahoe home and much more interested in finding the right community that can support their interests, passions, and needs. With 20 plus years experience and knowledge of the area, Kelly Smith and his associate are here to help.
Contact us (530) 546-8224 or email at firstname.lastname@example.org
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