How Millennials Are Changing The Housing Market
Millennial generation (individuals born between 1982 and 2000) have burst onto the home buying scene in 2017 and now represent one of the biggest shifts in home buying trends in years. According to a Realtor.com survey of home shoppers, 52% of all home buyers in 2017 will be of the first-time variety. (And nearly 62% of those will be under the age of 35.)
What does this mean for the would-be home buyers and sellers in 2017. These first-time buyers are representing a completely new demographic in the market and have a very different set of priorities when buying their first home. Millennials are becoming homeowners much later in life than baby boomers. When they get their first home they are spending more for renovations in their first year of ownership than any other generation in the past.
This new millennial generation of first-time home buyers is focused on safety, privacy, and more space, indoors and out. That’s because millennials’ top reasons for buying a home are that they’re getting married or moving in with a partner, growing tired of their current living space, or planning an addition to the family. Or perhaps all three!
Doing major renovations that are centered on your personal preferences may be hurting your chances of selling more than helping.
Millennials are expressive and want their homes to match their style, design and color schemes. Think less clutter, more space, the simpler the better. It does not mean don’t fix important issues, just don’t overdo it.
Great condition homes are still selling faster in today’s market.