When you sit down and prepare to sell your Ottawa condo, knowing who your target market is, will help you stand out and get results. Millennials, like baby boomers or Gen X, don't have a single definition, but the are typically considered to be people born between 1980 and the late 1990's. They are addicted to technology, and are now one of the larger demographics buying real estate across North America.
If you are not going to include or pay attention to Millennial clients, then you are cutting out a large pool of possible buyers from your condo. So, you ask if it is just marketing hype? Should you even care?
Take a peek at these economic and real estate statistics below that indicate Millennials are ready to purchase in the coming months - and beyond.
Half of 25-to-34-year-olds project to account for half of first-time buyers in the next decade. (Harvard University’s Joint Center for Housing Studies)
A third of homebuyers during the first quarter of 2014 were Millennials. (National Association of Realtors)
Mortgage rates should remain near their record lows through the end of the year and start of 2015. (Bankrate)
Credit standards are easing for first-time buyers, which is great news for many Millennials with low scores. (Wall Street Journal)
Home prices are expected to improve between May 2014 and May 2015, with a predicted rise of 6%. (CoreLogic)
77% of Millennials are confident they’ll know how to organize personal finances in the future. (Wells Fargo)
From 2015-25, Millennials are forecast to form 24 million new households. (Harvard University’s Joint Center for Housing Studies)
Many young renters aspire to buy homes soon, as they view homeownership as more ideal than renting. (Fannie Mae)
From February 2013 to December 2017, home values are forecast to improve by an average of 22%. (Zillow)
Over 80% of Millennials say they are either currently comfortable financially or will be soon. (Pew Research Center)
Eight in 10 Millennials cited the recent U.S. recession as the main reason they’ve become better savers. (Wells Fargo)
Older residences, including foreclosures, are providing Gen Y'ers countless affordable home options. (National Association of Realtors)
Take advantage of this knowledge and contact me about selling your Ottawa condo. Click the button below. I would love to help you out!
Written by Matt Richling
Matt is a licensed salesperson at RE/MAX Metro City Realty in Ottawa, Canada. Matt loves helping sellers and buyers find the perfect home that fits their lifestyle.