Thursday, February 21, 2019 / by Jody Lee
Newsflash to Home sellers: Millennials account for 36 percent of real estate buyers, according to the National Association of Realtors. Eighty-six percent of millennials also believe that buying a home is a good financial investment. That’s why it’s essential to know what Millennials want in homes. Their values and desired lifestyles are very different than their boomer parents.
Generally speaking, boomers who bought homes to start families purchased what their budgets allowed and fixed them up over time. Nothing could be further from the minds of typical Millennial buyers.
Energy efficient homes are a win-win: The environment is one of the biggest global concerns for millennials, and 78 percent are willing to change their lifestyle and shopping habits to help protect the environment. Millennials’ desire to help conserve energy and protect the environment has helped fuel the current trend of environmentally-friendly features in homes. Millennials want homes that have energy efficient features like solar panels, energy efficient appliances, and technology in their homes that will help them conserve energy, such as smart lighting and smart thermostats. This not only helps them save money but satisfies their desire to do their part in helping the environment.
Add smart home technology: It’s no surprise that the generation that grew up with tablets, laptops, and smartphones would want a home that is as technologically savvy as they are. When house hunting, a home with smart home features tops the list of millennial wish lists. One of the main things they want is integrated home technology; 86 percent are even willing to spend more money
The ideal neighborhood: for millennials is a mixture of both the suburbs and the city. Rather than settling down in bedroom communities, they prefer areas that have walking access to shopping and entertainment, good public-school districts, and well-kept parks, jogging trails, and green space.
Making room for Fido: For a growing number of millennials, the decision to purchase a home is influenced by their desire to give their four-legged friends a better life. In fact, one survey found 33 percent of recent millennial homebuyers’ decision to purchase a home was influenced by their pets. This decision even outranked motivators like marriage and having children; 25 percent said marriage was the reason they wanted to buy a home, while 19 percent cited their children as the motivating factor.
Every seller can improve the selling value of his or her home. A bit of good planning, based on key trends, and the right upgrades and the right staging can position your home for the broadest audience.