Millennials Are Coming In Waves
Millennial or Generation Y, those born between 1980-2000, have become the largest segment of home buyers today. They fall into two groups: those who prefer a turnkey home that needs little or no work or they’re buyers who want to invest sweat, time and money to make the home their own.
Although these two groups seem far apart, they still have a lot of the same must-haves on their list.
7 Must-Haves For Millennial Home-Buyers
- Updated kitchen and baths. This is especially important for this generation because they are on a limited budget. Kitchens and bathrooms are the two most expensive rooms to update. Young buyers can’t afford the updates since most of their savings will be needed for the down payment on the house.
- Hang-out rooms. At one time, a formal dining room was on every buyer’s list. But today the formal dining room doesn’t appeal to the younger generation. An open floor plan that can easily transition from kitchen to the room with the TV [family room] is high on the must-have list for the perfect home. The kitchen & family room have become the new “hang out” rooms.
- An office. The number of Americans who work from home is growing. That makes a home office important for many buyers. Even if the house does not have a designated “office,” real estate agents will point out rooms that could be used for an office.
- Location, location, location! There are young buyers, and then there are young buyers with children. The former group may prefer to be close to the action of the city, while the latter might prefer something more residential. They also want great schools, easy commutes to work and local amenities.
- Low-Maintenance. The millennial generation grew up watching their parents go to work every day and then spend their weekend working hard taking care of chores and home maintenance. Most young homebuyers are not going to follow in their parents’ footsteps. They want their weekends to themselves so low maintenance is another item high up on the list of must haves.
- Technology. ranks high as well. Ten year ago, buyers didn’t care about a home’s technological capabilities. Today, young buyers want to know about technology available. Internet and cell service matters a lot to this generation.
- Environment. Although not top on the list, going green is in. With energy costs on the rise and growing interest in protecting the environment, young buyers are conscious of buying homes that are green. They are looking for energy-efficient homes.
Keeping in mind the “must-have’s” that this generation considers important when buying a home will help sellers market their homes in a way to attract the largest number of buyers.