According to the National Association of Realtors® in its “2016 Home Buyers and Sellers Generational Trends Report,” the millennial generation (also known as gen Y) made up the largest share of homebuyers last year at 35 percent. This represents an increase of 3 percentage points compared to the previous year and is an ongoing trend that is projected to continue to grow rapidly.
What are millennials looking for when they purchase a home? In this same report, it was noted that 46 percent of millennial homebuyers (currently aged 18 to 35) purchased newly constructed homes to avoid renovations and problems. Another interesting finding was that heating and cooling costs were the most important environmental features for 33 percent of them.
So it should come as no surprise that millennials want to purchase homes with high-quality, eco-friendly products and energy-efficient materials—down to details like house wrap and weatherization systems.
When you consider these home buying statistics with the fact that millennials heavily research products using expert online sources, it is obvious that today’s homebuilders have a golden opportunity to educate and influence this fasting growing sector of future homebuyers.
According to a 2014 Nielsen report on the role of content in the consumer decision-making process, consumers rely on “expert content” over “branded content” in each category studied—purchase consideration, affinity and familiarity.
As a pro-oriented building supply dealer, you can help your customers take advantage of this opportunity by encouraging them to consider using expert blogs, e-newsletters and a strong social media presence to make inroads with this generation of homebuyers. By sharing their knowledge and insights about the high-quality and energy-efficient products they use in their new home construction, homebuilders can help engage and educate millennial homebuyers and position themselves not only as industry experts but as homebuilders who can deliver what these homebuyers demand.
Topics can include everything from fixtures and flooring to exterior facades and so much more. Take house wrap for example. The brand used most by readers of Builder magazine is DuPont™ Tyvek® HomeWrap®. Known as a major contributor to more durable, energy-efficient homes, it is a brand homebuilders can rely on to help influence buyers. In addition, DuPont nonwoven building wraps are made in the United States, which is another important requirement for millennial consumers.
The bottom line is that millennials shop for homes differently. They want to be engaged and involved in researching their choices and they seek expert advice online. They want the best products and they want those products to come from companies that care about and share their generation’s values.