Millennials constitute the majority of today’s homebuyers.
According to a statistical studyby the National Realtors Association, Generation Y who are individuals born from 1980 to 2000 make up 35 percent of the whole home buying population. This is followed by the Gen X who took 26 percent of the share.
Millennials have led the home buying crowd for three straight years now. A good 67 percent of them are first-timers. The typical choice is a detached single-family home which made up 83 percent of all home purchases. A surprising finding from this study reveals that in fact, student debt remains a major reason why Gen X and some of the younger Boomers have delayed home purchase.
Following the trend, realtors and sellers are asking: how do we cater the needs of this new generation of home buyers?
It starts with recognizing what these “needs” are. Do millennials have the same preferences as their older counterparts? What changes have transpired over time, especially with the reach that technology continues to provide in today’s real estate market?
Here, we have compiled some of the factors that are prime in attracting a millennial homebuyer:
Open Floor Plans
Modern homebuyers prefer layouts where big spaces allow freer flow and movement within the house. While the previous generation may have preferred compartmentalized spaces, how the new generation entertains has shifted preference to open floor plans. A common example is the slowly growing choice for free space between kitchen and living areas. Some even sacrifice dining rooms in favor of bigger room capacity.
Flexibility for a Home Office
Millions of Americans are now doing business within the comfort of their home. Telecommuting in the US has rapidly increased home-based population to over 13 million. Having a home office is a home buying feature that those who live the lifestyle would certainly favor.
Although not at the top of a millennial homebuyer’s considerations, a home’s energy efficiency is one of the factors that is gauged when looking for a home. Oftentimes, they factor this element and the cost it would entail after they close on the sale.
Eighty-eight percent of today’s homebuyers go online to search for homes; 94 percent of these are millennials. The extensive reach of online marketing can no way be ignored if one is to thrive in the real estate business.
If you list your house online, make sure it comes with professional photos that present the house at its best. Visual assistance is certainly a feature that online home shoppers would first look into. Give them a feel of the home without getting them off their seats.
Updated Home Features
Updated kitchens and bathrooms are attractive to homebuyers primarily because they want to avoid the additional fees that come with repairs or renovations. If you are a seller who is confident of the quality of these spaces in the property you are planning to sell, make sure to present them well and highlight any renovations or repairs you have recently made.
The Location Factor
Single homebuyers prefer locations that have close access to public transportation or to nearby parks, malls, and activity centers while younger homebuyers who already have families and kids prefer places near their children’s schools. Locations that are more residential are also more preferred by the latter group.
HOA Cost Considerations
High FHA dues usually discourage young or first time homebuyers. On the other hand, buildings that can be financed via FHA are often found favorable.
House Time Vs Me Time
Busy is an apt word for the typical millennial. They no longer plan weekends for lawn-mowing; they hire people to get the chores done. This is also the same rationale behind why home features that require minimum upkeep seem to be more attractive. The less work for petty things at home, the more time they have for themselves and for other things that matter.
The Technology Aspect
While it rarely counted a decade ago, technologyis now a question of primary consideration. Majority of homebuyers want access to the internet and call services and whether the location of the home would make the acquisition of these services easy is a fairly a determining factor for the sale of a home or property.
Before you list your home for sale, use your knowledge of these factors as a guide to get the best deal. Be sure you have answers to all possible questions to get matched with the right buyers as soon as possible.