For a while now, the real estate market has had to put up with the vibrant Millennial Homebuyer generation and their unique, sporadic housing demands. This generation consists of those born between the 1980s and late 1990s and is arguably the most significant section of the population all over the world.
🏤 Who are these Millennial Homebuyer?
They have often get taunted as the ones who will shape the design of homes for decades to come, and it’s easy to see why.
Millennials (Generation Y) are the single largest clique of homebuyers.
Their penchants are incredibly different from that of baby boomers and other house buyers.
As many would say, Millennial Homebuyer are globally-attuned demons for convenience and flexibility and are adventurous, but very sensitive to house prices.
But they still yearn to own homes. It turns out that the desire to have and own shelter is right up there with food, water, and love. It is a basic need that spans the ages and one that knits us together as a people.
So, yes, the millennials are homeowners and buyers too. They just have a slightly different view. The core instinct is the same. The desire to set themselves apart from the former generations seems to be a compelling attribute that defines this unique and exciting people.
🤷♂️ What are their tastes and preferences?
It’s a bit difficult to pinpoint what appeals to millennia homebuyers as their likings in an ideal home are erratic.
They hate clutter and would instead prefer to own a clean, stylish and urbane house, whether it’s modest or humongous.
In fact, according to one survey by the National Association of Home Builders, storage space, and larger attics were the two primary considerations.
But going deeper into their tastes, we can classify millennial homebuyers into two:
There’s a class that consists of young professionals who would prefer a turnkey home.
They are those creative or romantic millennial house hunters who would rather sweat equity and money over an extended period in anticipation for a fruitful future. They’d opt for an affordable 0ne bedroom home in Phoenix before they’d every buy a 4 bedroom home in Gilbert.
The second group is made up of those who would like to move into a house that entirely has unique features that are captured explicitly on their preferred list of wants. This could mean buying a solar-powered home in Tempe or a condo in a tower building like Optima Biltmore or something that can be paid off ASAP because it is priced on the low side of the spectrum.
Let’s highlight the five main things contained in a millennial homebuyer’s wish-list:
As price sensitive as they are, millennial homebuyers take affordability very seriously.
That’s why funding institutions like banks and mortgage agencies have been rolling out less-stringent financing programs for first-time millennial homebuyers.
The web has helped them too by including lots of useful tools that calculate monthly home expenses a lot simpler.
🎛️ Big Kitchen, Open Floor Plan
Moving away from the previous penchant for formal dining rooms to big kitchens isn’t a shocker.
Going by their preferences, the kitchen is the new hangout room.
A millennial homebuyer would rather have a spacious, fully-furnished than a quintessential living room.
Mostly, the kitchen is the new living room.
Alongside that, most of today’s young buyers like an open floor plan rather than having a compartmentalized layout.
An open floor layout in the living room is perfect for their endless parties and entertainment.
👨💻 Home Office
The sudden rise of work-at-home culture has changed a typical millennial homebuyer’s wish-list.
Today, you will find someone looking for a home that has a special compartment where one can set up a home office.
This is true going by the recent statistics that over 13 million Americans and a lot more all over the world work from home.
As yet another factor that ranks among the most crucial features on a millennial homebuyer’s wish-list, technology can make one buy a house or ditch it altogether.
It isn’t about cable and telephone, but preferably wireless service, internet and more recently, the emergence of smart technology.
A house with a robust, reliable and robust internet connection gets snapped up quickly.
⚡ Energy Efficiency
The world has been embracing clean, renewable energy and those who’ve helped bolster this are the real estate industry.
Green energy helps cut energy costs and keep the environment clean.
That’s why in some parts of the world, it’s now mandatory to erect solar panels on the roof of new houses.
These aren’t the only features that comprise a millennial homebuyer’s wish-list.
Some prefer a house that demands little or no maintenance while others need a decent, modern and luxurious apartment to take stunning photos.
Regardless of these and other features, it is your responsibility as house seller to ensure you have their interests.
Some Searches to Consider
More Great Article from Top agents All across the Land
How Millenials Are Changing the Real Estate Market – by Anita Clark
First Time Home Buying Tips For Millennials – by Paul Sian
Selling Your Home To Millennials – by Petra Norris
Debunking Myths Behind Millennial Home Buying Habits – by Debbie Drummond