Millennials are completely different than any other generations before their time. It probably has to do something with the fact that they are provided with internet, where they can research whatever they want and inform themselves.
This fact also greatly contributes to the way millennials are changing the real estate market. Millennials know exactly what they want from a new home and internet will help them achieve that. And what’s more, they will not hesitate to ask a realtor to help them during the process.
Another contributing factor to the shift millennials are introducing is the hard economic period lasting for quite some time now. As it is very difficult to save up some money for purchasing a house you can afford, millennials are very keen on finding a home that is move-in ready, which means they want an updated kitchen, bathroom and household appliances. There won’t be any money left for repairs, so they are asking for the best offer there is. Another way millennials are trying to save money is finding an energy efficient home that will also allow them to help the Earth.
Now that we know the background situation of millennials, let’s see how it is they are exactly changing the today’s real estate market:
1. Location is important for different reasons
For millennials, the location is not at all about the status. It’s a matter of convenience. They are trying to find a home that will be close to their work and urban areas with markets and coffee shops but at the same time, they want nature and open spaces to be close enough so that they could enjoy recreations whenever they feel like it. The other thing with the location issue is the ecological awareness of millennials – they are trying to reduce their carbon footprint, so many of them will try to find a home that allows them to cycle or walk to places important to them.
2. Neighborhood with advanced technology
Millennials are more sophisticated when it comes to internet signal – it has to be the best possible. Every modern technology available in homes – they must have it. Whether it’s interior smart appliances with built-in Wi-Fi or solar panels and rainwater collectors on the outside, the latest technology is a must for them.
3. Affordability combined with current trends
Millennials want it all – modern furniture and kitchen, hardwood floors and comfortable and spacious bathroom, all for an affordable price. Of course, they are prepared to give up on space in less frequently used rooms, such as the bedroom, in exchange for a bigger room where they would like to entertain and spend most of their time. In general, they would be ready to purchase a smaller home if it would mean the price is more than acceptable, and the home is modern, without the need to upgrade it no more.
4. Stress-free environment
Millennials are all about reducing stress and finding different ways to relax as much as possible. They seek for a stress-free environment in a home away from busy traffic, and if they need to commute to work, they’ll try to find a location that will allow them to spend as less time as possible on traveling. The stress-reducing habit even expands to the way millennials move to a new home. They will rather seize the opportunity to use moving services that will save them from a headache while packing and transporting their belongings. Many of them will even try out eco-friendly opportunity like Boomerangbox to protect their furniture and appliances and make a better use of their own time.
5. A thorough online research
Anybody who is trying to sell a real estate these days should better make sure that the information they give is true and complete. Otherwise, there will always be some millennial who will do a detailed research on the web, checking the seller’s background, as well as of the real estate. In other words, both agent and seller should be prepared to be bombed with numerous questions regarding plumbing, electricity bills and other issues regarding the property.
6. Pictures are important
A proper and precise presentation is everything – millennials want to see the best version of the property to even consider checking it out in person. Lighting, light staging, and other details are expected to be top-notch. Using a drone is another thing millennials prefer, so they could get a view of the neighborhood and topography.
All in all
Millennials definitely have significantly different needs and demand when it comes to real estate market than previous generations. They are more concentrated on their free time and comfort and they expect a high-quality offer within an acceptable range of price. They have raised the bar for both sellers and agents, that’s for sure.