Call it what you wish, after seeing years of my generation dominate the housing market this Boomer is pleased to see the next generation of first time buyers hit the market with a vengeance. And it’s especially true in our very own D.C. metro area market. “Millennials,” (and I will call them that only once as I believe they shudder at this label,) represent our future and the very best of America. This group of young people and everyone seems young to me nowadays, have now surpassed Baby Boomers as the largest U. S. population group. More than 80 million strong they are the first generation of “digital natives,” tethered to their smartphones, connected to news and information via social media, influenced by bloggers and reviews, they seek convenience, efficiency and value total transparency. With a buying power of more than $600 billion annually and growing, this market represents the next great wave for the real estate industry and now constitute the largest group of homebuyers. They account for 33 percent of the Washington DC population and 27.4 percent and 27 percent respectively in suburban Virginia and Maryland.
Data from our website averyhess.com also reflects a strong interest from these consumers.
- Majority of visitors are ages 25-34 followed by ages 35-44
- 60 percent female
- 50.4 percent access the site via mobile, 42.5 percent via desktop and 7 percent via tablet
- Strong correlation to key affinity interests such as lifestyle, commutes, hobbies, food/dining and shopping
- All social media generated traffic comes through the AveryHess Facebook page
Just beginning to enter their prime home buying years as they dig out from school debt, settle into careers, see their salaries increase and find a partner to share a life with, buying that first home is taking on greater importance. Accordingly AveryHess has focused its efforts the last several years on educating our agents with how to reach this group, how to shift marketing and communication strategies, and how to integrate the new technologies and tools we offer to more effectively engage and develop relationships and respond with immediacy. Above all else is a focus on Trust, Transparency, Brokerage Expertise and Knowledge that will provide these buyers added value in an increasingly complex transaction. Nina Chen-Landes, AveryHess agent based in Tysons office confirmed, “When working with first time buyers today, the number one thing is education. Although many of these buyers start off doing a lot of online research, they can’t Google search their way to home ownership. They like to engage a professional who helps evaluate their situation, go through the buying process one step at a time and show them properties they can afford. There is no substitute for person to person service”. The in-depth neighborhood expertise our agents provide, is still as valued as ever, and continues to be a differentiator that separates the average agents from the greatest ones. Carmel DesRoche, AveryHess agent based in the Rockville, Maryland office added, “I find that younger buyers today wants the expertise of an agent that walks them through the process of buying a home every step of the way and also provides them with all the information to address the questions that other first time buyers frequently have asked.”
Finally, this transition of economic power in the U.S. from the Boomers to this new generation has taken more time than anticipated as a result of the great recession of 2007 to 2009. It has taken a good 7 to 10 years for our young folks to recover from an event that slowed their job opportunities, slowed their salary growth, postponed their ability to save, necessitated alternative living arrangements for many and to finally feel comfortable moving forward with a new home. But they’re here now, and will be for years to come.…so as the surfers say “Dude, let’s go catch a wave!”
“Scott’s Thoughts: Millennials on the Move”
“First Time Home Buying Millennials” Learn How to Convert Renters into Buyers (Presented by George Mason Mortgage)
“Millennials Want Neutral Paint Colors: Creating a Great First Impression”