Do you want to make your home appealing to the up-and-coming Me-Generation? Then, you need to be aware of the millennial home buying trends which are transforming the real estate market.
In this article, you’re going to discover how you need to adapt your home to respond the what the millennials want to see in their first home. Let’s go!
1. Move in Ready Homes
The majority of millennials want to be able to move straight into the home once they have purchased it.
They don’t want to have to spend time and money making renovations to the property after they’ve moved in.
That’s why if you want to make your home attractive to the younger generation, you need to make sure everything is in working order in your home. This includes any electrical or plumbing work that is required.
Besides, many millennials simply don’t have the spare cash to spend on upgrading their new home. Remember, they’re already saddled with high student debts and staggering living costs.
2. The American Dream
You may be shocked to discover that actually, 65 percent of millennials associate homeownership with the American Dream. This number is higher than previous generations.
In fact, just over 58 percent of people between the ages of 35-49 believe homeownership and the American Dream as synonymous. While under 57 percent of people between the ages of 50-64 agree.
3. Buying a Home in Under 5 Years
Two-thirds of millennials expect to buy a property in under 5 years time.
While over 30 percent of young people are planning on buying a property in the next couple of years.
So, millennials are the target market for your property.
4. Instagram-able Homes
Millennials are the Instagram generation!
So, it’s not surprising that they research the property before while they look for a home.
An incredible 99 percent of millennials take advantage of the information on the internet when searching for the home of their dreams.
In fact, nearly 60 percent of millennials find the home they end up buying while browsing properties on their smartphone.
After they’ve searched online, many people either drive by the property in the car or get in touch for a viewing with the owner.
That means the style is important too. Find out more about the designs millennials are going for nowadays.
5. Go with Realtors
Even though millennials take advantage of the internet more than any other age group, that doesn’t mean they don’t want to hear from the experts.
Nearly three-quarters of millennials admit that they want help from real estate agents during the process of searching for a property.
In the end, more than 9 in every 10 millennials purchase their property through a realtor. That’s more than any other group.
6. Homeownership Not Forever
We often think about homeownership as permanent and renting as temporary. However, that’s not necessarily how millennials think about it.
Nearly 90 percent of millennials are open to moving to another property in only a few years after they purchase. They’re not necessarily going to stick around for long in the current home.
Nearly 70 percent of first-time home buying millennials want to get on the property ladder with the hope of moving to another property soon enough.
Whereas the average homeowners stay in the current property for up to a decade, on average millenials move every 6 years.
7. Updated Luxury Kitchen
For many baby-boomers, the living room is the center of the home. However, for most millennials, the kitchen is where the magic happens.
That’s why three-quarters of millennials want new appliances when they move into the home. They don’t want to have to make compromises with a refrigerator from the 1990s.
Many millennials are searching for an open plan kitchen/living space. This makes it much easier to host for dinner parties and other gatherings with friends and family.
Nearly half of millennials want a luxury kitchen with all the latest trends and gadgets to cook their healthy vegans dishes.
8. Sustainable Housing
Millennials believe that climate change is the world’s biggest problem. That’s why they want to live with a lower carbon footprint than previous generations.
They want a home with energy efficiency, such as high-quality installation. Nearly half of millennials want their home to have solar panels installed on it before they move in.
Also, smart home features, such as thermostats, which keep the home at the optimal energy efficient temperature is also desired by millennials home buyers.
But, they also realize that such changes to the property are going to cost more. That’s fine with them. They’re happy to pay more to save the planet.
9. Home Office Facility
According to The New York Times, an increasing number of Americans are working remotely from home. A large proportion of these people are millennials and young people.
Therefore, it’s not surprising that millennials want to have a dedicated home office space to concentrate.
10. Tech in the Home
Millennials are digital natives. They grew up with the internet at their fingertips.
Nothing has changed in this regard. They want their homes to have all the latest tech innovations from smart home devices to a high-speed internet connection.
Millennial Home Buying Trends
Now you know the millennial home buying trends which are changing the real estate market forever.
If you want to have curb appeal among millennials, you need to keep all of the above in mind when you’re preparing your property for sale.
Check out more information and advice on selling your home on our website.