The share of first-time buyers for existing home sales stands at 30% for December 2015, according to Friday's new release by the National Association of Realtors. The reading is far below the historic "normal" level of 40%. Therefore, how to court millennial buyers has become a crucial topic for builders these days. Construction Dive staffer Emily Peiffer talks to experts on the National Association of Home Builders International Builder Show in Las Vegas and shares her takeaway from the conversation. Peiffer writes,
Keeping in line with the millennial trend, Jill Waage, executive editor of Better Homes and Gardens, shared the results of the publication's survey of 1,600 homeowners and focused on the millennial takeaways. She emphasized the younger generation's preference for personalization, their focus on the living experience of their home as a hangout area, and their interest in the joining of digital connections with personal connections.
PersonalizationIn the survey, 63% of millennial respondents said having a home customized to them was a top priority, and 60% said having a home that is a reflection of them is more important than it was to their parents' generation.
Waage said that millennials' thirst for personalization likely stems from the fact that they are in their first homes, and they know they will be living there for several years. With that in mind, the homeowners want to make it as comfortable and uniquely theirs as possible. The Internet age and popularity of Pinterest and online shopping has also offered owners countless ideas for home renovation ideas. "They’ve been planning this since college with Pinterest," Waage said. "They already know what they want. They’ve already shopped it out."