Millennials are now 34 percent of homebuyers nationwide, and their influence on the housing market will only grow. As more and more younger Millennials become first-time homeowners and older millennials move on to their second or third properties, this generation will become the dominant force in real estate. If you are selling a home or involved in the real estate business, this cohort is both the now and the future. Learning to appeal to Millennials opens real estate market potential.
How Millennials Are Different
In an article for INC Magazine, John White, founder of Social Marketing Solutions, notes that Millennials want everything in their new homes to be just right; accustomed to an online world, Millennials spend countless hours searching the Internet for their dream homes. After all, they can see into the home right from their smartphones, making it easy to view a vast array of properties without having to be taken on a long, exhausting tour by a real estate agent.
White notes that the Millennial generation is known to spend hours researching a purchase as mundane as a sweater. They want the best sweater out there and feel let down if they settle for something average or worse. With these kind of buyers, the online profile of a home for sale takes on an entirely new significance.
What Millennials are Looking For
While they may spend their weekends researching houses, they have no intention of spending their weekends repairing them. Millennials are a busy generation. Many work multiple jobs. They have no time for DIY projects. They also have no money to pay a remodeling company. Due to stagnant wages and high student loan debt, they are as cash-strapped as they are time-strapped.
They want the house move-in ready, with minimum potential for out-of-pocket costs. Proximity to work is also important. A long commute is the last thing they need to add to their overloaded schedules.
In addition to location, updated kitchens and bathrooms are high on the Millennial’s wish list. Millennials also eye energy efficiency. A programmable thermostat is a must. Energy efficient appliances are more than a bonus. Mega-green features like solar panels will put your home on the millennial hit parade.
Millennials are all individuals, but they are all individually hooked on the Internet, busy, cash poor, and looking for a home they can settle into over a weekend.