Top Five Things Millennials Are Looking for When House Hunting
Year to year, the real estate market goes through many changes. One of these changes is the type of buyer we are seeing. Millennials are those born from the year 1980-1994, meaning today they are between the ages of 26-40. It’s important to understand that millennials are a major group that we’re seeing emerge into the real estate market – read below to find out just what they’re looking for while house hunting:
#1: Smart Homes
The millennial generation grew up in the age and rise of technology. That being said, millennial buyers are attracted to smart homes and appreciate technology in their house. So much so, that millennial buyers are more likely to purchase and spend more money on a home that has technology. Some smart home features that millennial buyers are looking for are voice controlled systems that can control lights, appliances and music.
#2: Updated Features
Millennial buyers want a move in ready house more than any other generation. Millennial buyers want to see updated bathrooms, kitchen appliances, and features. Many of these buyers are going to have full time jobs, families and other obligations that make renovating a home difficult.
#3: Location, Location, Location
This is one of the most important things millennials are looking for when buying a home. Many millennials are working in metropolitan cities and being close to work is a must. Location is so important to millennials due to the social aspect of it – they want to be close to restaurants, shops and stores.
#4: Open Floor Plans
Open floor plans are a big trend when it comes to millennial buyers. The millennial buyer is more creative than past generations, which means they enjoy having an open floor plan to be creative with. Millennials are more likely to be working from home, so having a floor plan where you can makeshift an office or workspace is important. Entertaining is a huge factor when it comes to the importance of open floor plans as well. Having a large, open kitchen or entertainment area to host family and friends is essential.
#5: Energy Efficient
More and more homebuyers are looking for energy efficient homes, millennials in particular. Many millennials have a growing interest in the environment, and they want the home they’re living in to help the planet as much as possible. In addition, energy efficient homes can save lots of money on electricity bills. LED lights, smart thermostats and solar panels are all bonuses when it comes to millennials buying a home.
With the ever changing real estate market, it is important to keep up with trends that buyers want. These five things are important to keep in mind when showing homes to prospective millennial buyers. Knowing what millennials want and don’t want will help both the buyer and seller save time, resources and energy when house hunting.
Sources:
https://www.businessinsider.com/personal-finance/millennials-buying-homes-how-can-afford-real-estate
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