Millennials are Finally Looking to Make a Move!
Picking up from my previous post, one of the best quotes in Google’s recent article “House Hunting Season: 6 Key Trends That Search Reveals” was made by Jonathan Smoke, chief economist at Realtor.com.
Smoke was quoted as saying “It is likely that we are on the cusp of millennials starting to emerge from mom and dad’s basement.”
Recent trends in Google search traffic substantiate that mobile usage and real estate visits are on the rise. And most of this traffic is being driven by millennials. It’s also important that real estate pros pay close attention to what home buying millennials care about. Here a few of their priorities:
- neighborhood info
- school districts
- child care facilities nearby
- availability of high-speed, internet-ready homes
These priorities are based on a Move.com survey of U.S. online home searchers conducted in May of this year.
Real Estate Website Action Alert!
Millennial buyers aren’t the only demographic driving the rise of mobile. Across the generational spectrum of buyers, mobile search is increasing which means immediacy, speed and mobile-compatible home buying tools are required. Now more than ever, agent sites and property search tools need to be mobile compatible. As for millennial buyers, why not give them what they want! It’s a must that agent websites offer detailed neighborhood pages with listing data, school info, nearby child care, and indicate the availability of high-speed internet.
Home search and tools that will calculate affordability are also top mobile tools millennial buyers need. What’s the first question that comes to mind when a buyer has found a home. You guessed it! “Can I afford it?” Buyers need responsive tools that “do the math” for them. Agents and their lender partners also need to understand that 1/4 of all Google searches for “mortgages” have taken place on a mobile device. Searches for the keyword term “mortgage calculator” make up half of those searches. Targeting these keywords on your site and making these tools easily accessible are more important than ever. That’s your action item! Offer these financial calculating tools and keyword-focused content that resonates with this demographic that is easy to use on their mobile device.
Yes, believe it or not mobile homes are back. Mind you, some of these aren’t your grandmother’s mobile homes. High-end mobile homes come tricked out with popular building materials like granite counter tops, hardwood floors, and top of the line appliances. This is especially true in California where mobile homes have sold in excess of $1,000,000! Google has ample search data to prove mobile home searches are up. Searches for mobile homes have been on the rise since 2011. An alternative type of mobile home is the “tiny home” category. Mobile or set up on a foundation, this category of mobile home meets the minimalist attitudes of both boomers and millennials. Built with top building materials that are eco-friendly, top tiny home builders include:
Google’s article also states the reasons behind this rise in mobile home searches:
- sky-rocketing home values
- reduction of carbon footprint
- millennials seeking affordable housing solutions due to high student loan debt
- a less-is-more lifestyle choice
I had the opportunity to tour tiny houses built by both Wishbone and Eco-Hut at the recent Raleigh Home Show and I have to say I was impressed by the use of space and the quality of the construction.
MLS Action Alert
While mobile homes isn’t a property type that will appeal to most agents, there will be a select few who can be the expert for these homes. Offering unique saved searches for mobile homes in your market (if it exists), may make sense.
For millennials, McMasions are out. Small and versatile homes are in. For some millennials, even fixer-uppers are cool. Wise agents know to configure and offer these buyers unique saved IDX searches for school-based searches, searches preset for smaller homes, starter homes, fixer-upper homes, and affordable homes. Even “tiny homes” is a term buyers Google. Are you offering these property search tools for this type of home buyer?
Riddle Me This?
Leave a comment and share how your real estate website is dialed in to this wave of millennial home buyers? Until my next post, Bobby