Millennial Home Buyer Trends
The millennial generation is simply one you can’t ignore in the housing market, as they are now the largest generation in history. Millennial home buyers are highly motivated and know exactly what they want in a home. With this large generation of people popping up in the housing market, it is important to know their home buying habits. Mark Spain Real Estate keeps you in the know by providing top millennial home buyer trends!
Interested in selling your home? Whether you are a millennial home buyer, looking to downsize or find your forever home, Mark Spain Real Estate is here to help!
Popular Interior Home Styles
Millennial home buyers look for modern kitchens with updated appliances, granite counters, and eye appealing cabinetry. They enjoy large kitchens that they can congregate in, as well as entertain and host friends and family. Kitchens are one of the most important rooms in a home when searching for a home, so kitchen design and style is everything for millennial home buyers!
Millennials also look for homes that have already been updated. This market tends to be in a recession mindset, so they can be very cautious with their financial decisions. It will be difficult for these buyers to purchase a home and have to update the bathroom or kitchen after.
This market is also looking for homes with an open floor plan. They want to be able to entertain guests easily, with rooms that flow into one another.
Sustainable Home Features
Millennials tend to be the most socially conscious out of all the generations. With this said, they make more green and sustainable choices. They enjoy homes built with green building materials as this puts less strain on the environment.
Millennial home buyers also highly admire energy efficient appliances and storage. However, they are price conscious so they want to avoid spending a fortune on sustainable home features. It’s all about finding the right balance between green building materials and energy efficient appliances to keep home prices in line with what millennials want.
According to the National Association of Realtors, most millennials avoid purchasing a home that requires heavy maintenance or repairs. Millennial home buyers aren’t interested in buying fixer-uppers like past generations. When selling a home to this market, make sure all necessary renovations and repairs have been made, as this can significantly detract from a home for them.
These home buyers are looking at the best value for the best price as well as comfortable living spaces. In particular, millennials are looking for speciality rooms in their future homes. For example, a home theatre, media room, play room for the kids, or a home office are great selling points for a home. Millennials value these rooms as they add comfort to their home space.
Millennial home buyers also enjoy customization. They feel most comfortable when they are able to choose the design, look and feel of their home. Offering customizable options is a great way to attract these home buyers.
Millennial home buyers are here to stay. This is why it’s important to know their buying habits so that you can make informed decisions when selling your home. Looking to purchase your next dream home? Contact Mark Spain Real Estate today!