Millennial Homebuyers Are on the Rise, What to Keep in Mind if You're a Home Builder or a Realtor

The housing market is currently experiencing and further preparing for a wave of millennial buyers, those between the ages of 20 and 37.  It’s believed that millennials have long delayed buying homes due to reasons including student loan debt, the recession, and the idealistic movement toward city living.  Now that the amount of millennial homebuyers are on the rise, home builders are consciously constructing properties that satisfy the needs and desires of millennials and Realtors are adjusting their marketing techniques to attract millennials.  

Why Millennials are Looking to Buy

Many millennials are now looking to buy homes in suburbs and locations where they can begin a family of their own. There is more space for dogs and children to run and play.  

Other millennials are looking to buy in the city, closer to public transportation and their jobs.

They want to avoid the rise in apartment rental costs and put their hard-earned money towards an investment

What Home Builders Should Keep in Mind When Constructing for Future Millennial Homebuyers

They are looking for patio-style homes and smaller yards that are easy to maintain

Energy-efficient homes are rising in popularity due to the desire for environmental conservation and lower monthly bill costs

They are still seeking a high level of quality in homes along with character and comfort

They want plenty of space to entertain friends and family such as open floor plans with kitchens that open into the living room and a large outdoor living space.

Millennials seek areas to socialize within their homes and lounge around

They want rooms that they can easily turn into a home office or a study area, a guest room, or storage or extra closet room.

They seek low maintenance homes that require little up-keeping such as properties with wood floors and granite countertops

What Realtors Should Keep in Mind and How they are Adjusting to Reach Millennial Homebuyers

Millennials are budget conscious

Most of budget will go towards furnishings and the down payment

They are looking for homes with less repairs

They want to add a personal stamp on the property

If any home alterations are made, they will be to add value to the property for the future

They want updated and finished baths and kitchens

Millennials are looking for reliable wireless service and internet connection, therefore, it’s important to be prepared for any internet-related questions.

Staging a home is important and often effective.  For first-time homebuyers, it’s easier for them to envision living in a home when it is staged

Many are interested in buying a condo but, due to being budget-conscious, they are looking for places with no special assessments and with FHA financing

Millennials do almost everything online.  Therefore, it’s crucial for Realtors to have a completed online presence and a quality online listing including complete websites and Trulia, Zillow, and Realtor.com profiles, as well as professional photos of your listings.