We’re impressed by Goldman Sachs’s new animated infographic dedicated to the attitudes and interests of millennials. In just a few minutes, you can learn quite a bit about the largest generation in U.S. history.
- 93 percent want to own a home in the future.
- Marriage and family are being put off until later in life, but more than 70 percent want to have family one day.
- While many major purchases, such as cars, aren’t as important to them, buying a home was considered extremely important or important by 70 percent.
But what really got us thinking was how much millennials’ affinity for technology has changed their shopping behavior. Their knowledge and ease of use of web-based tools puts them ahead of other demographics for online price comparison and shopping. As price is a more important factor to them than for other generations, they are also seeking value.
Consider millennials’ focus on fitness and wellness. They use apps and online tools to find healthy foods and track fitness goals. They are familiar with finding everything they need to reach their fitness goals online. And, because it’s a key value, while consumption in other areas is declining, millennials are spending more on athletic apparel — a lot more.
What does all this mean for housing?
Millennials want to buy a home, but they want value. They want to know they are making a wise and affordable decision. And they are looking for solutions online. They expect to see product comparisons, options, reviews and detailed information when searching and shopping online.
Plus, their active lifestyles will impact where they want to buy. They want to find the right community as much as they want to find the right house. Most importantly, it will all depend on their ability to find the right home financing solution for their situation.
Ask yourself these questions to determine how well positioned you are to serve these digital natives and prospective buyers:
- Are you offering homebuyers what they want and in the format they want it?
- Is your website educating your target audience?
- Do your listings provide details beyond just the basics?
- Do you share buyer success stories and agent reviews?
- Is your site visually stimulating — from desktop to mobile?
Millennials will be online first to find these answers. When home shopping, they will want to know as much as possible — from school and walkability scores to loan options, including homeownership programs.
Rob Chrane is a former Realtor and broker with more than three decades of experience in real estate and mortgage finance. He is the president of Down Payment Resource.