Welcome or Register

What Millenneal Buyers Want in a Home

Must-haves to sell to millennial home buyers

 

Millennials are a big deal. They the largest population since the Baby Boomers. They are about to enter their prime purchasing years.

By the year 2020, Millenneals will spend around $1.4 trillion annually  - or 30% of all retail sales in the United States alone. This means that business owners either need to start thinking like Millennials now or they’re going to risk getting left behind fast.

What is a Millennial?

(Generation Y) -- those born between 1980 and 2000 -- comprise the largest segment of the buyer market (35%), ahead of Generation X (26%), which covers those born between 1965 and 1979.

 

They're young professionals who prefer a turnkey home that needs little or no work, but sometimes they are creative/romantic buyers who want to invest sweat equity and money over time, and put their personal stamp on the property and add value for the future.

Here are certain "must-have" features on their lists.

 

  • UPDATED KITCHEN & BATHS

Updated kitchen and bath © Artazum and Iriana Shiyan/Shutterstock.com

The primary reason younger buyers seek updated kitchens and baths is because they have limited budgets.  Most of their savings will go toward the down payment and furnishings. Kitchens and bathrooms are also the most expensive parts of a home to update, and young homeowners cannot afford to sink a lot of money into those areas.

 

  • BIG KITCHEN WITH OPEN FLOOR PLAN

Big kitchen, open floor plan | BLOOMimage/Getty Images

The kitchen has become the hangout room along with the family room, An open space that can easily transition from kitchen to TV room is high on the list of the perfect home for young buyers. In essence, the kitchen is the new living room.

Today's young buyers are also more attracted to an open floor plan, rather than a layout that compartmentalizes the home.

They want people to flow through the home during gatherings, rather than be sectioned off in rooms.

 

  • HOME OFFICE

Increasing technology is making us more mobile, young buyers have more options than ever to work from home, depending on their job. Having a dedicated space is important because it will help keep them focused and concentrated on work while they are at home on a Skype call, planning a presentation, setting up their workday or simply paying bills.

 

  • GOOD LOCATION

Good location © Daxiao Productions/Shutterstock.com

Younger buyers look for properties that are in proximity to public transportation and that have a good walking score.  Those with children may want to live in more residential setting.

 

 
  • LOW MAINTENANCE HOUSING
  •  
  • Low maintenance © Stuart Monk/Shutterstock.com
  • Low-upkeep features such as wood floors (as opposed to carpet) and granite counter tops are both attractive and relatively hassle-free.

    There is a generational shift toward a society that's more "disposable," where homeowners prefer to replace rather than repair.

    Many young home buyers grew up watching their parents spend weekends with their honey-do lists, or they had chores to do on the weekends. Most young buyers are not going to follow in their (parents') footsteps. They don't want to do that stuff.

  •  

    • TECHNOLOGY

    Free stock photo of apple, desk, laptop, notebook

    Internet and cell service matters a lot to this generation, and they're going to ask, so you need to have answers.

     

    A generation ago, buyers didn't care about a home's technological capabilities. Either it had cable hookups or it didn't. Today, buyers want to know about tech. They want to hear about wireless service and internet, not cable and telephone.

    In some cases, a house's appeal can be increased or diminished because of the strength of a mobile carrier's signal or its internet service provider options.

     

    • ENERGY EFFICIENCY

    Free Stock Photo: an energy efficiency rating label with a pile of coins, energy saving concept

    Young buyers are conscious of buying homes that are green.
    Buyers in general, are looking for energy-efficient homes, and if they are not already set up (for energy efficiency), then the buyers will often factor those costs into their budgets so they can do it after the close of escrow.

     

    • STAGING OF A HOME

    secrets of a house stager

    Staging is a critical part of selling your home.

    Want to exceed a home buyer's expectations?

    Staging a home is always helpful as it helps people to feel at home the moment they walk through the door, as opposed to having to imagine what it could look like once they move in. 

     
    • NONE, OR LOW HOA (HOME OWNER ASSOCIATION) FEES

    A home's asking price often fits their limited budgets, but home owners association dues and the possibility of large assessments can cancel out that good sales price....& forget Special Assessments...

    They want to maximize their monthly housing budget by finding a property with low monthly assessments.

     

    • A STRONG ONLINE MARKETING PRESENCE WITH PHOTOS

    Grace Muller and Abrey Whelan

    Instagram is huge, as is Facebook, Twitter, Pinterest, and other Social Media Avenues

    If you're serious about attracting young buyers, you need to think about how your property shows online.

    Don't underestimate the importance of a quality online listing. According to the most recent analysis from the National Association of Realtors, 88% of buyers use the internet to search for homes, including 94% of millennials.

    Younger buyers start their searches online.  The home must have professional photography that shows the home in its best light, or they will move on before ever stepping foot in the door. Real estate agents are the second-most common resource for finding a home, with 87% of all buyers citing an agent's help as a key factor.

     

     


     

     

     

     
     

 
 

 

 


 

 

 

 

DON'T MISS A NEW LISTING AGAIN IN FLORIDA!
Register Now
Already registered? Login

Contact Me

FREE AUTOMATED EMAIL UPDATES
Sign in to take advantage of all this site has to offer. Save your favorite listings and searches – also receive email updates when listings you like come on the market for free!
*Contact Information is NOT Shared*
 

Donna Tripp reviews

All of my Inventory has sold.  I NEED listings!


Buying or Selling?

Quick Search


view all


Any

Any

No Min.

No Max.
Donna Tripp PA, CRS, GRI
Charles Rutenberg and Associates


Phone: 407-416-0445
Email: dontripp@bellsouth.net
Licence #: SL670608

Facebook.com/donnatripprealtor