According to the National Association of Realtors, there are several trends emerging for the 2016 housing market, but the key in the coming year? Youth Springs Eternal!
Marketing to Millennials
By 2016, Gen Y will make up 32% of homebuyers*, so sellers will want to take advantage by working with real estate agents keen on highlighting your home where Millennials live online. This means, not only on the large, national websites, but on social media and other digital channels. Sellers should ask their agent what type of digital reach a listing will receive. The more websites your home appears online, the better chance your address will roll to the top of the search. Agents adept at using other digital tools, like email Marketing and electronic contracts, will also make the process more attractive to Millennials.
Let’s Make A Deal
Real estate agents on both the buy and sell side always have their client’s best interests in mind, especially when it comes to closing the deal. That said, 2016 is shaping up to be a buyer’s market. As more inventory opens, sellers willing to cut deals may find a quicker turnaround time. What does that “deal” look like financially? Findings show it will NOT be a one-size-fits-all. Younger buyers will be eager to “look around” before they make a final decision. So, if you’re looking to close fast, be sure to discuss with your agent how you can make your offer more attractive.
The National Association of Realtors* reports 75% of first-time homebuyers are now ages 34 or younger. Working with a Realtor who understands the buying habits of “newbies” will make the entire process a lot smoother. For sellers, this may mean more time on market as first timers review increasing inventory options.
One Stop Shops
Younger buyers may not be familiar with the number of professionals needed in any real estate transaction. Many real estate agents have built-in relationships with mortgage, title, insurance and home design pros. If you’re shopping around for a real estate agent and are new to the process, be sure to ask about his/her affiliated resources. The best agents are happy to do this research and referral work for you!
The McCleary Group would be happy to answer any questions you may have! Feel free to contact us.