It may be hard to believe, but those millennials that all the news articles used to complain about are all grown up. That means there are now three generations of homebuyers out there, and marketing a home to different generations has never been more complicated.
Baby boomers, Generation x, and millennials all fall into the category of potential homebuyers. To make matters even more complicated, generation z, usually categorized as those born after the year 2000, will soon be in the market as well.
If you are selling a home, it is more important than ever before to understand the needs and desires of each of these generations and how to market to them -- particularly how the right images can capture their imagination.
Baby Boomers
This may be the oldest generation on the market, but that shouldn’t discount them when it comes to selling houses. The baby boomer generation (those born between the years 1946 and 1964) holds 54% of the total wealth in the United States of America. This makes them a prime demographic for homebuying.
What’s even more interesting is that many boomers are actually on the market for new homes. In the past, when a generation reached their golden years many chose to downsize into smaller homes that involved less upkeep. Baby boomers, while not completely following this trend, still account for a large portion of homes that are sold each year.
Facts About Baby Boomers
Baby boomers prefer more traditional and ornate homes
Over 50% of younger boomers have looked online at homes for sale
Boomers hold the largest share of wealth in the United States
85% of baby boomers plan to keep working past retirement age
What Your Listing Photos Should Focus On
Showcase high-end updates, well-kept indoor and outdoor areas, and traditional spaces
Highlight spaces that can be used as offices or for work
Generation X
Generation X resembles what was known as the Silent Generation (1925-1945) in many ways. This age group was born between the years 1965 and 1980 and has largely been overshadowed by the baby boomers before them and the millennials after them.
They are a smaller demographic -- but they’re in their home buying prime. Many in this age range still have children at the house and will be looking for good schools and safe neighborhoods. This demographic is also known to be more decisive when homebuying, preferring to do the research online before contacting a realtor.
Facts About Generation X
More likely to look at homes in person
Younger and teenage children, so looking for long-term homes
Typically more decisive when homebuying
What Your Listing Photos Should Focus On
Child-friendly spaces, including room layout (a virtual walk-through can really show them what the house will be like before they visit)
Outdoor area and walkability (aerial drone shots can help capture this)
Generation Y (Millennials)
This is the youngest generation of homebuyers. They are the first generation to have exposure to the internet from early childhood and have spent more time than any other generation online.
They are slow starters into the real estate market, holding only 3% of the nation’s overall wealth. That is set to change, though, as they are set to receive the largest transfer of wealth from their parents, a massive $68 trillion.
As millennials enter into their 30s and begin to have families, many are ready to find their first home. As far as buyers, millennials are less concerned with the ornate houses of their baby boomer and Generation X parents. Instead, this generation prefers smaller and more modern houses in urban areas. They are also active on social media platforms like Instagram and expect quality content when looking at real estate photos.
Facts About Millennials
Largest demographic for homebuying
Active on Instagram and expect quality content
Location is extremely important
Willing to go over budget for areas they like
What Your Listing Photos Should Focus On
Show views from inside home
Use drone photography to show exterior and walkability
Don’t skimp on editing (they’re used to high production values, so it really takes great images to catch their attention)
With all of these different generations and personalities on the market, it’s important you know who to focus your marketing efforts on and how to reach them. A big part of this means showing your home in the best light possible to appeal to the right audience. And remember that a large number of Alaskan homes are sold to people before they even step foot in the house, so your marketing needs to be comprehensive and well thought out.
Reach out to us for real estate photography that will stand out and captivate potential home buyers no matter what generation they’re a part of.