How to Appeal to the Largest Buyer Market Segmentation

Con­trary to mes­sag­ing in main­stream media, mil­len­ni­als have and are growing up. The gen­er­a­tion born between 1981 and 1996 are in their twen­ties or even late thir­ties. Many mil­len­ni­als are enter­ing or are already in the home-buy­ing mar­ket. With mil­len­ni­als expect­ed to out­num­ber Baby Boomers in 2019, they’re are a force to please. Mil­len­ni­al home buy­ers are moti­vat­ed. The vast major­i­ty see own­ing a home as being more afford­able than rent­ing. But they’ve also been called the ​fussiest gen­er­a­tion when it comes to buying a property. They know what they want and are will­ing to wait until they find exact­ly that. While past gen­er­a­tions may have looked at their homes as sta­tus sym­bols, mil­len­ni­al home buy­ers want some­thing dif­fer­ent. Their cri­te­ria for a new home may include ow main­te­nance, com­fort and sus­tain­able design.

Mil­len­ni­als are also an altru­is­tic gen­er­a­tion. They are more social­ly-con­scious than their pre­de­ces­sors. Whether it’s giv­ing back to their com­mu­ni­ties or choos­ing brands with a green plat­form, sus­tain­abil­i­ty is at the fore­front of their decision-making. Use of green build­ing updates and tech­nol­o­gy will also hold you in good stand­ing in the mil­len­ni­al mar­ket. Whether it’s ener­gy-effi­cient appli­ances or smart ther­mostats, they will see these fea­tures as require­ments, not val­ue adds.

While mil­len­ni­als may pre­fer an ener­gy-effi­cient home, they don’t want to pay more for it. Fac­ing a com­pet­i­tive hous­ing mar­ket and finan­cial con­straints like high stu­dent debt, they are both social­ly- and bud­get-con­scious. Mil­len­ni­als are not inter­est­ed in fix­er-uppers the way past gen­er­a­tions have been, and do not bud­get for sig­nif­i­cant repair and main­te­nance costs when plan­ning to buy a home. Accord­ing to the Nation­al Real­tors Asso­ci­a­tion, near­ly half of mil­len­ni­als who bought new­ly-built homes did so to avoid major repairs and renovations. The twenty through thirty market are a gen­er­a­tion of researchers. Access to online list­ings and neigh­bor­hood apps makes it eas­i­er than ever to eval­u­ate not only the home on offer but its sur­round­ing area too. Qual­i­ty of the neigh­bor­hood is paramount when look­ing at real estate listings.

Mil­len­ni­al home buy­ers have at least one child which could play a part in moving away from apartments and condos to a single family detached home. These buy­ers are look­ing for space, includ­ing back­yards and open con­cept inte­ri­or design. What makes a mil­len­ni­al com­fort­able in their future home will vary from buy­er to buy­er. They are very focused on val­ue for mon­ey. They want unique details, not cook­ie cut­ter lay­outs, made with durable high-qual­i­ty mate­ri­als. An open floor plan, par­tic­u­lar­ly for liv­ing and din­ing areas. Multi-functioning rooms and a quiet place to work from home are big.
Options for cus­tomiza­tion will also appeal to these buy­ers. Whether it’s a pop of col­or in paints, or choic­es of fix­tures and appli­ances, mil­len­ni­als want to functioning residence that will stand up to time.