According to NBC News, millennials – those born between approximately 1980 and 1999 – make up the largest group of home buyers at 34%. “Millennials don’t like cookie-cutter floor plans — they want their homes to be unique and personalized to their styles and tastes and to really represent who they are,” says Alicia Huey, president of AGH Homes in Birmingham, Alabama, and 2013 president of the Greater Birmingham Association of Home Builders.
If you are a seller in today’s market, understanding the trends that are shaping millennial buying decisions can help you showcase the right aspects of your real estate in order to make the best deal.
The suburbs are more appealing to millennial homebuyers than urban locations, with up to 66% of millennials showing that preference, versus around 16% who prefer big city living.
Many millennials, aware of the effects of climate change, want to do their part to conserve natural resources. Therefore, many of them opt for “green homes,” which are designed to save energy, water, and gas so that they have a lesser impact on the environment. Green homes feature things like recycled roofing materials, solar panels, and low-flow appliances.
A survey by North Shore Fireplace of 1,000 millennials found that 75% of them place new appliances as the number one priority in a home. For sellers, this means you should consider upgrading your appliances and make sure to advertise those upgrades in your marketing materials.
Many millennials look for homes that will accommodate the family they have or are thinking of having in the near future. Homes in safe neighborhoods with fenced in yards and outdoor space for entertaining are very important to this age group.
Kristi Knight, the vice president of marketing for Vivint, a home automation services provider, says that millennials have a greater expectation of technology than previous generations. “They anticipate having a high level of interaction with their homes.” This means services that allow them to unlock their door, control their thermostat and cameras to show them what is happening at home when they’re not there – all via smartphones or tablet devices.
The main thing millennials want is a home they can personalize. Most of them want a clean slate, one that they can make uniquely their own. Millennials want their own footprint and don’t look for the styles of former generations. They want the latest and greatest for their homes, so in today’s market, being up to date is key.
Millennial Home Buyers | First Time Buyers. (n.d.). Retrieved from https://therealdeal.com/la/2017/11/10/millennials-are-finally-buying-homes-but-only-when-theyre-instagrammable/
More Than Mid-century: What Millennials Want In A Home … (n.d.). Retrieved from https://www.homes.com/blog/2018/02/more-than-mid-century-what-do-millennials-want-in-buying-a-home/