If you're preparing to sell your Sacramento, El Dorado or Placer County real estate, one of the most important things to consider is how you're going to market your home, and this involves understanding the current demographic of prospective buyers.
On Tuesday, March 11, the National Association of Realtors (NAR) published a press release announcing the results of its 2014 National Association of Realtors® Home Buyer and Seller Generational Trends study, which provides up-to-date insight into the U.S. housing market. According to the source, Millennials—individuals under the age of 34—made up 31 percent of recent home purchases, outdoing Baby Boomers and members of Generation X.
Lawrence Yun, the NAR's chief economist, commented on this data in the association's press release, stating the following:
"Given that Millennials are the largest generation in history after the baby boomers, it means there is a potential for strong underlying demand. Moreover, their aspiration and the long-term investment aspect to owning a home remain solid among young people. However, the challenges of tight credit, limited inventory, eroding affordability and high debt loads have limited the capacity of young people to own."
The main takeaway here is that if you're planning to put your house on the market in the near future, you should do what you can to make your listing appeal to buyers in their 20s and early 30s. The best way to go about marketing your property is to work with one of the top real estate agents in Northern California. Jon Hesse has a history of over $100 million in real estate sales and a decade of experience assisting buyers and sellers in the Greater Sacramento area. Jon is in his mid-30s, putting him right on the cusp of the Millennial generation and giving him a great understanding of this demographic. Call him today to discuss selling your home.