Millennials or those born between 1981 and 1996 are expected to dominate the housing market this year. It’s certain that they are slowly but surely shaping the housing market by their choices, expectations, and what they consider a hard yes and what’s a definite hard no. If you want to appeal to millennial homebuyers, focus on the things they are looking for.
The open space
One of the benefits of an open space concept or an open floor concept is the fact that you won’t be hindered by walls. Moreover, you’re free to organize the given space to your own liking and preferences because you’re not bound by walls. An open floor gives you the freedom to move freely between the living room, dining room, and the kitchen. Millennials are also into the fact that their guests can be all over the place and that they can organize casual get-togethers in their homes. So, houses or apartments with an open floor layout are more appealing than those that are defined by walls.
People want to make their homes as useful as possible and millennials are no different. They are interested in making their homes as functional as possible which means that one room can have multi-purposes. Ideally, a room can have two purposes, which makes it a multifunctional space. The most common dualities are a bedroom/exercise room, bedroom/office, dining room/office, and so on. Using a room for more than two purposes can create visual clutter and the room will probably get lost in all the furniture. When you’re staging an apartment or a house, you can use this to your advantage and appeal to millennial buyers. Converting part of a room into a designated office space is important because many people are working from home these days.
A real home office
While some millennials will be satisfied with a multipurpose room, which is both their office and their bedroom, others will like to have an entire room turned into an office. Home office, a study both fall into this category. Basically, they are looking for a home with a spare room they can convert into their remote working oasis. Sometimes working from a room that is also your living room can blur the lines between life and work. That is why millennials want to make a clear distinction between their home and their work. Home offices will help them achieve this goal, stay productive, and on track with their goals.
They’re not in a rush to buy
The fact that millennials are not rushing into buying their own real estate is because they’re trying to establish themselves first. This means that they will seek further education in order to expand their career in order to be confident enough to commit to additional living expenses. While some are interested in buying a fixer-upper, there are also those who wish to buy a new home. Fixer-upper is considered as a DIY project, something creative they can work on and save a little. Whereas, there are also those millennials that are turning to trusted new home builders and swimming pool builders to get a new house tailored to their lifestyle. When they oversee the entire project from start to finish, they can get everything they need. Either way, there’s no rush and they are carefully going through their options until they find the right one.
Location is always among top priorities to any type of buyer but the preferences vary. Millennial buyers are thinking ahead and looking for a good neighborhood where they can raise a family. This means that they will look for a location with good schools, parks, recreational facilities, medical centers, and calm surroundings. While buyers in their twenties are considering this option and that’s why the location should be good enough to raise a family, buyers in their thirties are already serious about it. In any case, the right local communities are important for both younger and older millennials.
They do their home search process online
Before they make a list of houses or apartments they want to see in person, they do their research online. So, if you’re looking to sell, you should put up your property online and increase your chances of attracting a millennial buyer. They look up everything online because they’re used to having access to information. They expect the same from the housing market because pictures speak a thousand words.
You can have a professional photographer take photos of your property from various angles. These photos along with a rich description will definitely make the right impression on millennial homebuyers.
We hope these seven tips will give you an insight into what’s hot and what’s not so desirable to millennial homebuyers. Give priority to these things and you’ll appeal to the largest group of potential buyers.