Today’s Home Buyers lives are imbued with social media content about everything from shoes to sporting events to ice cream and now…houses. In fact, A Meredith Corporation survey shows that millennial homebuyers place a higher value on social media than other generations throughout the homebuying process. Millennials rely on social media for the inside scoop on things like the area they’d like to live in and the aesthetic value of their possible future home.
According to the 2019 Better Homes & Gardens New Home Buyers report, which featured a survey of recent homebuyers, as well as real estate agents, 33% of millennial women homebuyers said that their home must be Instagram-worthy. This is significantly higher than both Generation X (36%) and baby boomers (20%). There are many reasons why the push for “Instagram-able” homebuying has been so great, but one reason may be that millennials view homeownership as an accomplishment they want to be acknowledged for. Nearly a third — 31% — of millennials surveyed admitted to viewing home purchases as a sign of success, compared with 22% of Gen Xers and 12% of boomers who feel this way.
Realtors haven’t missed the signals from their younger homebuyers. According to a recent study from the National Association of Realtors, social has become integral to scoring clients and closing deals across the industry. Here’s a brief snapshot of the report’s findings:
- 77% of realtors actively use social media for real estate in some way, shape or form
- 47% of real estate businesses note that social media results in the highest quality leads versus other sources
- 99% of millennials (and 90% of baby boomers) begin their home search online (as opposed to in-person referrals)
So what does this mean for the home buying process?
Despite millennial homebuyers being less likely than previous generations to afford homes in your area, these homebuyers are pickier than ever. They are also better educated on the current housing stock and the real estate agents in their area. It’s important to take this into account when listing your home in order to attract the best buyers possible for your property.
And who knows… maybe, they’ll want to take a selfie with you at their new digs!
Don’t miss the upcoming March 2020 Trends issue of Better Homes & Gardens, which will feature findings from the New Home Buyers report.
SOURCE Meredith Corporation