Make way baby boomers millennials are coming through! As of Decemeber 2019 Millennials made up the largest majority of homebuyers in the market, with a respective 37% of homebuyers in 2018.
Millennials are approaching purchasing a home a new way causing relators and sellers to have to adapt their habits in the ever changing home selling market in Charleston and beyond.
‘Older’ millennials are approaching their late 20’s and early 30’s and evolving from urban rentals to suburban lifestyles. It is well known that millennials have started house shopping later in life due to the economic decline when they began their careers, but what makes their search different?
1- Millennials want a move in ready home. Statistics are showing that this generation is less likely to be forgiving with homes that need small renovations or updates.
2- Millennials have a harder time sacrificing luxury amenities for properties that may be seen as an “investment”. Spending years in rentals, most of which in luxury communities has set standards for living above average.
3- Millennials are focused on community and neighborhood, often leaning towards walkable communities versus proximity to offices. Many more millennials are working from home, or with flex schedules, allowing them to be more selective about where they choose to live.
4- Millennial choices are often led by their pets. While many are getting married later in life, having children later in life, or choosing to not at all, pets are a big factor in choosing a home to purchase. Millennials opt more for pet friendly buildings and spaces than prioritizing parking.
5- Millennials want outdoor space. Whether it’s driven by having a small yard for the dog, or a space to entertain a small yard is important to this generation.
6- Millennial home buyers are all about the technology. Smart home features (especially non subscription security options, such as the popular Ring system) are a priority when looking at homes for this age group.
7- Millennials prefer sleek, minimalistic designs with open floor plans when searching for a home. Farmhouse trends are sticking around with barn and pocket doors being a large draw to these buyers, while formal spaces and elaborate décor is a turn off.
8- Millennials are paving the way for digital communication and marketing within real estate. Video tours, FaceTime walk throughs, drone footage and online listings have taken a stark uptick in the last couple years as millennials have taken over the market. Communication with agents, brokers and lenders has also evolved to almost primarily text messaging or email versus phone calls.
9- Millennial house buyers are surpassing the traditional ‘starter home’ and purchasing houses in the $300,000-$500,000 range causing a shift for sellers who normally wouldn’t market their homes to younger buyers.
If you are selling an older home it may be a good move to focus on a few features for this younger homebuyer group. Small updates such as USB charging outlets can go a long way. Staging may also be a great investment to affordably alter your more traditional home to appeal to the millennial home searcher.
Need some help marketing to a new taste? Contact me, I would love to help.
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