As rent costs rise nationally, the number of millennial buyers across the U.S. continues to increase. This generation, born between 1980 and 2000, is about 92 million strong and is stated by the 2019 Home Buyer and Seller Generational Trends report from the National Association of REALTORS®(NAR) as the largest generation of homebuyers.
Knowing what millennial buyers are looking for in a home is the key to successfully helping make their dream of homeownership a reality. Follow these tips:
Fast and easy information - When considering any purchase, millennials typically use technology to first research their choices. This generation wants fast, accurate information, so real estate listings should be online and posted across all social media channels.
It's about location, not size - Most millennials are much more interested in the location of the home than the actual home itself. A smaller home in an active and trendy area is likely going to be more appealing to the millennial generation than a larger home on the outskirts of town.
Open, multi-function interiors - The appeal of socializing and living casually attracts millennials to homes with fewer partitions and walls. Many millennials are also attracted to versatility of space. For example, they would rather have a room that can serve multiple purposes than a formal dining room that is strictly for sitting and eating.
Minimal maintenance - Because many millennials work long hours and have many interests, they prefer properties that require minimal time and care. Homes or condos with a small balcony, terrace or patio may be more appealing than a large yard with landscaping.
The millennial generation is changing the homebuying process, and real estate agents must be prepared to market accordingly.