What Millennial Homebuyers Want in 2018
In real estate, every buyer is different. Key features that might be a big plus for one buyer might be a total waste on another. Finding the right balance can be tricky—especially when you want to impress extra-picky Millennial buyers. So how do sellers meet the high demands of the latest homebuyer generation?
The best real estate agents understand the importance of playing up a home’s best features. Of course, these assets can change depending on the type of buyer. After all , beauty is in the eye of the beholder. You need to start by knowing exactly what it is that your buyer holds dear!
The Millennial Homebuyer Mindset
To be fair, not every Millennial is going to have the same perspective on what makes a home great. Like any generation, the Millennial population is diverse and ever-changing. However, certain characteristics can be useful for describe the majority of these buyers. For starters, they tend to be more focused on square-footage quality, not quantity. Oftentimes, even smaller homes can be a great match.
Millennials share an interesting background. Unlike their parents, Millennials entered early adulthood during a difficult economic recession, a world-wide financial crisis, and a big housing bust. To top it off, the majority of Millennials also struggle with steep student loan debt. One challenge for these homebuyers is that they may not have the credit scores or income level to swing a bigger purchase. Fortunately, the polls continue to show that Millennials are perfectly comfortable opting for smaller spaces. In fact, they often prefer homes with just the essentials. (Of course, getting the latest tech or an updated kitchen is always a plus!)
Most Desired Home Features
As we move into 2018, Millennial buyers are sure to respond well to smart-home technology. One survey reports that 81 percent of buyers are more likely to go with a listing that’s already set up with smart-home features. While most older homes on the market won’t already have these upgrades installed, it’s a relatively simple add-on. Then, everything from your living room lighting to the thermostat and security can be controlled right with your smart phone. It’s a great bonus for Millennial homeowners because they can make adjustments anytime and anywhere—whether they’re in the next room or out of town.
Open floorplans and the latest energy-efficient appliances are top picks for almost any buyer in the 2018 real estate market. And in a lot of ways, the Millennial market and Baby Boomers are more alike than one might first think. A location that’s within walking distance to lots of amenities is great for these buyers, when available. Plus, both types are usually looking for a space that’s not too big, and not too small. When their home doesn’t have any unused space, they don’t have to worry about wasted energy and higher costs.
Additionally, the majority of the Millennials group still wants that grand, master suite—just like most buyers. One of the most-requested home feature in a poll of 1,000 Millennials was a large master bedroom. (Second only to new appliances.) Although they might be happy with a smaller space on the whole, these buyers will still appreciate a bigger space to spread out. Knowing how to style a master bedroom to maximize its flow and make it feel even more spacious can help weary buyers submit an offer.
Professional Home Staging for Millennials
With a focus on versatile living spaces and less of a need for traditional, single-use spaces like formal dining rooms, you might think Millennials are hard to please. But with the right setup and organization, it’s easy to showcase just about any home as Millennial-friendly. Professional home staging can go a long way to showcase the best features for these buyers.
Knowing which rooms can support a mixed-use setting—like a playroom or a home office—can help potential buyers envision their future. If you need help with a new listing or staging a new build, the design experts at Home Matters can help! Contact us today to learn more about our staging packages. We’d love to help make your listings shine!