Okay Boomers believe it or not but the Millennials now represent the largest sector of the housing market! They are officially becoming home buyers and it is time for real estate agents to adjust their marketing efforts accordingly.
“Millennial home buyers are often looking for a lot at first and then they’re scaling back as they start searching for a home because of high prices and the limited selection of homes in most markets,” says Danielle Hale, chief economist for Realtor.com.
Despite the obstacle of low inventory of homes on the market, Millennials are not likely to compromise on the condition of the home, which Hale says is in part because of their lack of experience as homeowners.
It is imperative for developers and realtors to understand the priorities and preferences of Millennial buyers in order to target that age range. Below we will talk about some of the main preferences that Millennials are leaning towards.
Millennials range anywhere from mid twenty’s to late thirties. This means that some are just now entering into their professional career and others are potentially ready to take the next step, buying a home with a family.
“As a whole, millennials are very interested in a sense of community and place a priority on the neighborhood,” says Kerron Stokes, a real estate agent with Re/Max Leaders in Denver. The older generation typically wants a shorter commute from home while the younger Millennials have more flexibility.
Pets vs Parking
One of the first questions Millennial home buyers are asking, “Is this building pet friendly?” And if they are in the market for a smaller home, a yard for their fur baby is always a must.
“Most buyers put their family’s needs first when looking for a home to buy,” Hale says. “For younger millennials who haven’t started a family yet or even those who do have kids, the family pets are also a priority. That’s one reason many young buyers want an outdoor space.”
If it means they have to sacrifice the nice parking garage or drive up parking…then they will do it for their pet.
Considering that Millennials grew up in the digital age, it should be no surprise that more tech savvy appliances are preferred. They enjoy the convenience of technology that they can control remotely. Appliances such as smart thermostats, smart doorbells and more that can be controlled from an app are all the rage.
A simple tweak that sellers do is to swap out standard outlets for ones that include USBs for charging. These types of USB outlets typically costs $7 to $9 per switch. Basically any new technology that can come at a reasonably low cost will be a huge hit for this age group.
Most buyers today, especially Millennials are requesting open floor plans. That means taking walls down where it is needed. Many people want to have the space for kids running around, dinner parties, and entertaining.
Staging the home to make it more appealing to millennials can include adding some bar stools to a kitchen island so buyers can visualize having coffee or drinks in their *new* home.
Another tip is, if you have an older home with a formal living room, you might want to stage it as a lounge with a cool bar cart for hanging out or a library, because younger buyers usually don’t want any formal spaces.