The 2018 Housing Market and Millennial’s

The 2018 Housing Market and Millennial’s

1.) They Rely On Technology

Millennials grew up in a world ruled by technology. In seconds you can find the answer to the most obscure questions with just a few taps of the finger. This ultimately affects the way millennials operate during the home buying process. They rely on customer reviews and online research to dictate their purchases. In fact, 99 percent of millennial buyers searched online while looking for a home in 2017 and 58 percent end up purchasing the home they found on their cell phones. With a plethora of apps and online sites at the hands of prospective buyers, investors and real estate entrepreneurs need to amp up their online presence.

 Don’t be deterred, though millennials seem to rely on technology, that does not mean that that avoid professional help.  Of all generations, Millennials were the number one buying group to purchase their home from a realtor. Millennials may like to feel as though they are in complete control, especially during the research process, they still understand that while the internet is filled with information, no information is more valuable than personal experience – something only a real estate agent or investor can provide. If you’re curious about how to get your home sold fast, click here.

 2.) They Strive For Perfection

Even though millennials are less likely to stay in the first home they purchase forever, most say they will use their first home as a stepping stone towards their dream home.

Nearly half of home buying millennials say they would prefer to buy a brand new home versus “fixer-uppers” in order to avoid renovations and plumbing/electricity problem. This means investors who focus on new construction and even rehabs will probably be able to catch the eye of a millennial buyer. The reason for this is they don’t have the time or money to tend to tend to a fixer-upper.

 3.) Things That Will Impress A Millennial Buyer

• Big Kitchen – Millennial buyers consider the kitchen to be the place of congregation. 46 percent of millennials say they want a luxury kitchen.
• Open floor plans – In years past, home shoppers opted for houses with more rooms at a smaller size. Now, Millennials want more open floor plans, even if that means a lesser number of rooms because it makes it easier to entertain guests.
• Updated kitchen and bath – Updating a kitchen or bathroom after moving into a home is rough after making that downpayment for the home. That’s why they would prefer both to have already been updated.

• Home offices – Working from home has become a popular trend in the millennial generation, which means agents and investors should find properties with dedicated home office spaces for their millennial clients.
• Energy efficient appliances – 47 percent of millennials say they want solar panels and efficient energy storage as “going green” and sustainability are high on the list of their priorities.
• New technology – Good cell reception and an array of internet provider options can make or break your sale to millennial homebuyers. Of Americans who use smart home products (i.e. smart TVs, remote security systems, etc), 43 percent are millennials.
• Ideal location – Millennials want a home that is close to work so they don’t have to waste money on gas. While this generation might prefer a more urban location, they are actually buying in more suburban areas. Keep this in mind when showing your properties, investors!