Today’s buyer profile is shifting and two demographic groups are emerging as interesting case studies – Millennial buyers and Baby Boomers.
Coldwell Banker Agent Gianna Burdi offers her perspective on these two growing buyer segments:
According to recent report by the National Association of Realtors, millennial homebuyers (age 33 and younger or born 1980-2000) are on the rise, currently accounting for 28% of today’s buyers. Gianna has had personal experience dealing with millennial buyers and makes the following observations:
- Millennial buyers want to be “in town”, meaning close they want to be close to a town’s downtown area where they have easy access to public transportation, shopping and dining. “My last 10 transactions have all been with young buyers who are adamant about finding a home close to a downtown area,” said Burdi.
- Millennial’s are very motivated when they look for a home and desire as much data as possible about the home, area and market to make the best informed choice. They are ready to make offers and aren’t hesitant to make multiple offers on several properties.
- Typical for this demographic, a millennial buyer is very loyal and happy to provide word-of-mouth referrals when they have a good experience. They value wisdom and want to work with agents who have many years in the business.
This is one segment group that Gianna is very familiar with – not only is she selling to baby boomers, she also works with one every day – her mother (an agent as well) who is a baby boomer herself. She has been on both sides of the fence and offers the following insight:
- Many baby boomers have been in their homes for 20+ years and are unfamiliar with what buyers today are looking for in a home. They need to be willing to re-position their home to overcome some of today’s buyer’s major objectives.
- For baby boomers, the home selling process is extremely emotional, whereas millennials view the process more as a transaction. “I’ve had a baby boomer client take up to 12 months to put their home on the market, even when they know they need to sell it and downsize. For them, it’s like leaving some of their most treasured memories,” said Burdi.
- Similar to the millennials, many baby boomers are also looking for “in town” living options. As they downsize, they are looking primarily for townhomes and condos in a desirable downtown area where they can close access to a variety of entertainment and public transportation selections.