Some must-haves for Millennials
I’m not a big fan of real estate TV. Maybe I get enough real estate while I’m at work. Maybe it is the ease and superficialness of the storylines. Either way, it constantly astonishes me what’s on the homebuyers list of must-haves and if I watch to the end, how closely the home they eventually buy matches what they thought they were looking for.
With the ever-changing landscape of real estate, and with new generations always entering the marketplace, it can appear like everyone wants different things when looking for a brand-new home. First time home buyers make up almost 40% of the market, so many millennials are currently getting into the market for a new home and they have different wants and needs compared to the generations that came before them. Below are some must-haves for this generation that might surprise you:
Money and utility.
When it comes to purchasing a home, millennials like to stay on budget. They are sensible with their money and intend to have the ability to enjoy their homes without becoming “house poor”. They are not buying the McMansions — the biggest house they can afford — like their parent’s generation!
Millennials value experiences and seek homes they match their lifestyle. When it comes to spending on real estate, they are well-informed on the market conditions and look for value.
The future is now. Technology enables millennials the time to do the things they want to do. When it concerns house hunting, they prefer things to be automated.
Millennial customers are interested in smart homes with state of the art innovation. The Millennial generation is the most electronically engaged, as a result, they want wireless thermostats, smart security systems, wireless speakers, Wi-Fi cooking ranges, smart locks, and also eco-friendly computerized light and shade controls.
Quality of life.
Millennials are changing the housing market. They want different things than past generations. Their top priorities (what they are looking for), to the method they shop, are different than before. True value for them depends on the top quality of life. And they will not give up their way of life to have their desired home.
Millennials demonstrate that lifestyle is a top priority for them — so much so as they would certainly agree to take a pay cut for a better quality work-life balance. The same concept is true for other facets of millennial life and realtors should be aware of this when out showing properties. For home sellers this means your home should be “move-in” ready.
Millennials do a large amount of their purchasing online, house hunting included. They’re most likely to browse the internet than to visit homes. They shop from home. If you want to sell your house to a millennial you had better have a strong internet presence and if you assume a few images will be enough, you’re mistaken — they need to see every room of your home.
Making use of other social networks could likewise inspire them to consider your home. Instagram, Snapchat, Twitter…the more buzz the better.
One thing that remains the same for all generations is the importance of location. Millennials like to live near work and near things they love to do. Location has significant impact in their decision of where to live.
You might assume that urban locations would be more suitable than residential areas for most millennials, yet this might not be 100% accurate. Those between the ages of 25 to 34 are less likely to live in urban areas. A city way of life might not always be the best fit for this generation, after all.
Millennials love their phones. They browse social networks while texting their buddies. But making an actual phone call is a little foreign to many. When home buying, they like this exact same experience. They typically expect their questions to be responded to immediately and (generally speaking) they do not like the pressure of phone calls. They need room to manoeuvre and they like to be in the driver’s seat.
The previous generation were looking for fixer-uppers. This generation wants move in ready.
This blog post really generalizes the wants, needs and behaviours of an entire generation. That means that there will be lots and lots of exceptions to the rule. In my defence, I can say that 51% forms a majority (and sometime less) and I think that most of the above things are true most of the time.