Combined, baby boomers and millennials represent a significant chunk of the home buying market. According to the 2016 National Association of Realtors® Home Buyer and Seller Generational Trends report, millennials were responsible for 35% of home sales, with baby boomers not far behind at 31%.
The challenge comes when you realize that you have one set of listings to market to two very different groups of home buyers. From social status to cultural values to taste in décor, the two markets just don’t have much in common.
So, how do you market your listings in a way that will appeal to BOTH generations?
Let’s start by looking at the trends and values each group has shown, and consider these values against the listings themselves. Here are a couple examples:
1950’s Downtown Townhome
LOCATION is your friend for this example. Proximity to work, dining, and shopping have special importance to this group of socialites. Many young couples are more willing to compromise on price than location, according to NAR’s recent reports. What a home from this era might lack in open concept, it can make up for in proximity to amenities and entertainment – if marketed correctly by you.
While these buyers may appreciate a central location, they will probably be more thankful for the low-maintenance features of a townhome. Most boomers are DOWNSIZING, and many are buying their second or third home. They have likely had their share of large yards to mow and are now just looking for a cozy place to relax.
Newly Constructed Suburban Single-Family Home
Most home developers are catering to the OPEN CONCEPT, which is often what millennials are looking for. They want to be able to entertain with guests centrally located for a greater social experience. The open concept home also makes it easier for parents to keep an eye on the kids. The potential issue about the commute could easily be thwarted by an emphasis on all the extra SPACE!
Suburban LOCATION is the big seller for this group. According to a report from NAR, 48% of buyers over the age of 49 bought in suburban neighborhoods in 2015. Retirement means no working commute, so boomers likely won’t mind the distance from the city center. A newer home is likely move-in ready — a plus for boomers who don’t want to deal with renovations.
MILLENNIALS AND BOOMERS
One desire both generations have is AFFORDABILITY. The median income for millennials and boomers is actually pretty close, with the more measurable gap being with regard to priorities. Generally, low cost, low labor home maintenance will be a top priority for boomers, while commute and entertaining potential will be important for millennials. Keep these things in mind and adapt your marketing strategies accordingly for superb sales potential!