Today, Millennials continue to purchase homes in large numbers. Experts believe this demographic segment will remain a driving force in residential sales markets during 2019 and into the near future. Industry professionals should pay close attention to five trends:
As a generation which grew up using computers and cell phones, Millennials typically research housing online. They frequently learn about properties of interest to them through social media or Internet listings. Real estate agents hoping to work with Millennial clients should consider assisting them by filling in details and information not readily accessible via Cyberspace.
While many Millennials prefer urban properties, in large numbers this demographic has begun searching for affordable, comfortable homes in suburban areas. Today, Millennial home seekers often come into competition with older buyers from the Baby Boomer generation. Both groups desire housing in comfortable neighborhoods with many amenities and conveniences within easy walking distance.
Currently, homes equipped with spacious, roomy kitchens hold great appeal for large numbers of Millennials. As members of this generation increasingly focus upon raising families, the appeal of generously sized kitchens has gained momentum. Surveys indicate large numbers of Millennials prefer modern appliances. If you plan to market properties to many eager buyers, consider investing in newer model conveniences.
Since Millennials utilize mobile technology and high tech gadgets in far greater numbers than their parents, it makes sense they also frequently find the concept of an automated “smart home” quite appealing. Housing which features connectivity and the ability to digitize and automate daily life may soon become more popular. Paradoxically, some analysts also note the willingness of Millennial buyers to consider some vintage houses in trendy styles.
Despite their preference for modern luxuries, Millennial home buyers sometimes invest the effort to upgrade older homes. Appealing sales prices may lead some young buyers to accept “fixer upper” properties. This demographic segment as a group still lacks the financial resources of the Baby Boomer generation.