What millennial home buyers want
At 38 percent, millennials make up the largest segment of home buyers today, according to the latest generational trends report by Realtor.com.
So if you’re selling your home soon, it’s highly likely that a Millennial will purchase it. Get ahead of the game when you learn what appeals to millennials when it comes to finding their next home.
Millennials grew up binging hours of Fixer Upper, Property Brothers, Flip or Flop and the like, and as a result, many of them expect HGTV-esq homes. Unlike Gen Zers, Millennials aren’t willing to buy a home that needs significant work. Instead, they’re searching for move-in ready homes outfitted with the latest design trends.
Location is everything
The generation that delayed having kids longer than any other population segment now has them, and suburban living is high on their must have list.
Millennials have a deep desire to build community and look for neighborhoods that have lots of young families. It’s also very important for them to be close to good schools and activities for their children. The big migration from urban areas to suburban life will only grow larger, as more and more Millennials have flexible work schedules.
Much like Gen Zers (those born between 1997 and 2012), Millennials are looking for homes that work for them. They need a dedicated home office, not a makeshift desk on their dining room table.
Raising a family with full time jobs, Millennials are often too busy to make it to the gym, so many are now seeking homes with space for a home gym. And since most Millennials now have younger kids, this buying population wants a bonus room for kids to play in, too.
Pets are also very important to Millennials, so ample outdoor space is a huge selling point. Mudrooms complete with dog baths are also becoming popular, as well.
You either love or hate an open floor plan, but if you’re a Millennial, you love it. This segment of the buying population loves open concept living for two reasons: One, it’s way easier to keep tabs on small children, and two, these floor plans work perfectly for home owners that love to entertain.
The Millennial generation has fully embraced technology and as a result, they’d like their homes to be equipped with modern technology designed to make their lives easier. Smart appliances, doorbells, thermostats and plenty of usb outlets are a must for the millennial home buyer.
While you can’t do anything to change your home’s physical location, you can still work to appeal to younger buyers. Here are some suggestions:
— Stage formal dining or living rooms as home offices or play spaces for small kids
— Incorporate a home gym space into a bonus room
— Knock down walls that keeps your home feeling closed in
— Don’t neglect your backyard as a secondary living space. Stage your yard with outdoor furniture, a grill, fun lights and brightly colored plants. If it looks like an area you’d like to entertain guests, you’re on the right track.
— Significantly declutter your space before your first showing. Millennials subscribe to the less is more principle and will be easily turned off if your home is brimming with clutter.