Millennials are expected to inherit approximately $68 trillion from their Baby Boomer parents in what will be known as “The Great Wealth Transfer.” Millennials will have a lot of power in shaping future real estate trends – including luxury real estate trends especially since they make up the largest portion of homebuyers in the nation.
According to the ALAW report, 92% of millennial millionaires have purchased property – with over 80% being Single-family homes. They are interested in fixer-uppers to an extent with 77% of millennial homeowners doing it themselves. Highly rated television shows like Love It Or List it, Flip or Flop and House Hunters reinforce millennials’ impulses to buy as well as to DIY.
The age-old saying of “location, location, location” is EVERYTHING. The hot spots are close to the neighbourhood coffee shops, local bakeries, markets, and fitness facilities. Millennials are willing to give up square footage in order to utilize space by being eco-friendly and maximize the enjoyment of their smaller spaces with smart home technology. Millennials are more willing to consider non-traditional markets where they can get more bang for their buck but still get their modern luxuries and lifestyle they are dreaming for.
88% of millennials have a facebook account according to Harvard University. Yes, you read that right – 88%. Promoting your properties on Facebook is a goldmine to reach these millennial homebuyers (as well as their older counterparts!) but instead of hiring someone to input each listing individually – save money, time, and add more clientele in your portfolio by using the ListingLogic platform.