Millennials seem to influence all industries. But who are they? Who are the ones we refer to as the Millennials? They are the largest up and coming generation of the present era. The generations that are born between the 1982 and 2000 are referred to as Millennials, and around the world, they are more than 80 million in number. They have great purchasing power so they are the main factor that influences the lucrative market. The real estate market depends on the preferences of the buyers. However, many real estate agents fail to understand the requirements of the millennial market and this leads to misaligned offers. The result is fewer and fewer closed deals.
The real estate market waited for them to enter the industry, but now that the event is happening, the fervent hope is slowly dying. Millennials want to buy homes, but they created certain trends, and the bulk of the properties listed on sale are unsuccessful at offering them what they need. If there are real estate agents who manage to sell houses to these generations, they changed their strategies to make sure that they are bringing relevant offers. It is important for investors to put themselves in the shoes of the buyers to understand their perspective.
Millennials housing preferences
It is true, they have different political and social beliefs from the ones of their parents and grandparents. They share some views with the older generations, because they want to buy houses that offer them access to community comfort, so they prefer properties located in cities. They do not check only the house, but also the surroundings, because the main factor that influences the purchase is walkability. If there are shops and restaurants close to the house, then they see it as a plus. Also, they check if there are bus or metro lines that offer them access to the places they want to get.
The most important thing they want is a high quality life.
They do not want to make sacrifices when it comes to their dream home. They would rather prefer not to buy it, if they do not find the one they are looking for. The perfect home is the one that comes within their budget and that it meets their lifestyle standards.
They prefer urban houses
Millennials do not buy enormous suburban properties. They are focused on saving money, energy and being efficient. They prefer to be close to their workplace, to their social group and to the city resources. They are queuing for urban spaces, and this means that they pay for smaller houses.
They are size conscious, even if they live in smaller houses they do not clutter them with objects.
They buy open plan houses
The designers who build houses to be sold to millennials know that they choose open plan houses, and they make sure to create efficient houses. Their generation does not like hallways, they do not find them a purpose. They fancy for big kitchens, open space, and rooms that entertain them.
The majority of houses sold to these buyers have luxury kitchens and lounge furniture.
They also consider a plus if the furniture items are multipurpose, they would buy a couch only if it has built-in storage.
They value individualism
One of the main features that makes them different from the other generations is the fact that they want to buy homes that have their own personality. If the house is unique on the market, then it will definitely receive offers from millennial buyers. Cookie-cutter floor plans, extravagant materials, eclectic furniture, they want everything that can help them stand out. They do not focus on the long term value of the propriety they buy, they want to invest in a house that offers them the possibility to personalise it.
Home customisation is crucial.
The layout and style of a house are the factors that convince them to make an offer. They are not interested in buying a house, they can sell in the future, they want to feel comfortable.
They pick simple
The older generations, referred to as baby boomers were in great search for accessories. Millennials on the other hand want functional and simple houses.
Houses that do not facilitate clutter.
They limit the number of accessories they buy, partly because they live in smaller houses than their parents, and partly because they want everything to look sleek.
They are tech savvy
Technology is one of the most important parts of their life, so they want to incorporate it into their houses. Google Home and Alexa are common devices for their houses. Everything that has integrated smart technology is a point of interest for them. The Wi-Fi-connected devices, smoke, heating and lighting detectors, and the TVs monitored from mobile devices are the ones that catch their attention. They are the reasons why they pay for a house.
They prefer a space that removes any safety hazard.
They protect the environment
Eco-friendly materials are the key if you want to sell a house to a millennial. They want to protect the environment, they make sure that their houses are not painted with toxic products, and the materials used for building the house and manufacturing the furniture are only eco-friendly ones.
Green materials, appliances and lighting systems are features they are looking for.
These houses not only that protect the environment, but help them save money, so they have multiple reasons to make demands for these houses.
They are sustainability focused
They are considered the most sustainability-focused generation the humankind experienced. They are sharing the resources, they use only renewable energy sources, they support independent businesses and they use only eco-friendly materials.
More than 50% of them install solar panels and grow their own food.
Small gardens are seen everywhere, they introduced the concept of window-box gardens and city gardens.
Article by Cynthia Madison