Las Vegas, Nevada -- When you hear the word, "Millennial" the images that immediately come to mind are of young, underemployed individuals who hang out at coffee shops all day and still live with their parents with no intention of ever moving out, however, this couldn't be further from the truth. In fact, millennials made up the largest percentage of homebuyers in 2014.
Millennials, a term often used to describe adults 34 and younger, accounted for 32% of all home purchases last year, according to the 2015 National Association of Realtors® Home Buyer and Seller Generational Trends study. In fact, the median age of a millennial home buyer was 29, with a median income of $76,900. What’s more, millennials were most likely to buy with their unmarried partner.
The study additionally found that an overwhelming majority of millennial buyers search for homes online and then purchase their home using a real estate agent, with millennials using agents more than any other age group.
What’s driving all the home buying? Many young people are employed and having babies. Therefore, they need space. Also, with rising rent, buying a home and locking in a fixed payment for the next 30 years makes good financial sense, to those who can afford to buy.
Even after witnessing the recession, seeing their parents lose their homes, and suffering the indignity of low employment rates, millennials are coming out on top. Those who were employed saved their money and were able to use Federal Housing Administration low-down-payment loans to gain a foothold. Still, a full quarter of young buyers depended on their parents for down payment assistance, according to the report, compared to 15% for Generation X, those aged 35 to 49.
Millennials appear to be changing the way Real Estate works. According to Las Vegas Realtor® Bill Myers, with The Myers Team at Simply Vegas Real Estate, “Real Estate agents who have relied on selling homes by using traditional marketing methods such as ‘Open Houses, Flyers and For Sale Signs in the front yard’ may have difficulty attracting millennial buyers.” According to a report released by Entrepreneur Magazine, "Millennials under the age of 36 spend an average of 17.8 hours a day using different types of media." In fact, according to the report, millennials spend about 5.4 hours a day on social media, which includes texting, blogs, Facebook, Instagram, Twitter, etc." Additionally, the majority of millennials prefer using their phones over all other forms of electronic entertainment. Millennials are getting their information online and rarely pick up a newspaper or magazine. According to Myers, “For home sellers, this means that in order to attract the largest pool of qualified buyers, it is important to use a marketing plan which showcases your home online, on mobile friendly web sites frequented by millennials.”
Additionally, Myers said, “Since the majority of home buyers are searching online, the importance of quality Real Estate photography cannot be overlooked. Cameras have been getting better and better over the past few years, yet the photos in the MLS can be very poor, and some agents don’t even put in photos at all.”
Myers Team Owners, Bill and Francoise Myers with Simply Vegas Real Estate are Top Las Vegas Realtors® and specialize in Seller Representation. Their listings include professional level photography, exclusive ultra-wide angle professional video tours and they are experts with internet marketing.
Contact The Myers Team at 702-677-4343
For Traditional Sales, click: http://www.LasVegasList4Less.com
For Short Sales, click: http://www.NevadaShortSaleInfo.com
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