Millennials, with the eldest members of this group being in their early 30’s, are driving a large part of the current housing market. After a long wait to get into the market, fighting a challenging economy, they definitely know what they want.
Buying within their means and staying in their homes for as long as possible is important to Millenials. They are all about building equity. This means that getting the most for their money is a high prority.
Updated amenities and modern features, including wiring for technology, are being prioritized over large living spaces and luxury finishes. Having a good understanding of the still struggling economy, Millenials are willing to sacrifice square footage for better quality, walkable neighborhoods and greener living.
Open concept floor plans, flexible living spaces and outdoor areas are taking precedence over the formal and traditional spaces of older homes. Millenials want spaces they can make their own and adjust to fit their more modern needs.
Affordability remains paramount when juggling student loans and a sluggish job market.
It’s important for Sellers to understand how making necessary repairs and updates to their homes can make them much more attractive to this new wave of home buyers.