According to the 2017 National Association of Realtors “Home Buyer and Seller Generational Trends”, the millennial generation has dominated the real estate buying market and has made up the largest share of homebuyers for the past four years. In 2016, at 34 percent, over half of these were also first time home buyers.
What are millennials looking for when they purchase a home? The report noted that 46 percent of millennial homebuyers (currently aged 18 to 35) purchased newly constructed homes to avoid renovations and any potential problems with a re-sale home. Another interesting find was that heating and cooling costs were the most important environmental features for 33 percent of them.
This is perhaps part of what’s fuelling the “green” trend. Millennials are looking to purchase homes with high-quality, eco-friendly products and energy-efficient materials—right down to details like house wrap and weatherization systems. When you consider these home buying statistics with the fact that millennials heavily research products using knowledgeable online sources, it’s obvious that today’s homebuilders have a golden opportunity to educate and influence this fastest growing sector of future homebuyers who rely on “expert content” over “branded content”.
Builders, contractors and manufacturers of home improvement products are also using this opportunity to influence and encourage these buyers through social media, online blogs and e-news.
Companies such as DuPont™ with their Tyvek® HomeWrap® product, see this as an opportunity to educate while learning more about this demographic and using this knowledge to influence and understand that they shop differently.
In this market, businesses need to understand that this demographic of home buyers wants to be engaged and involved in researching their choices. They not only want quality products, but also want to ensure those products come from corporations that share the same social and economic values.
Even organizations in the “building envelope” sector that were a bit sceptical or hesitant at first, are quickly realizing that sharing their knowledge and insights will not only help engage and educate millennial homebuyers, but also help to position their company as an industry expert who understands what today’s consumer wants and needs.—
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References:
DuPont™, National Association of Realtors®