What Millennial Buyers Want When Searching For a Home Online
According to a 2014 Consumer Insights Survey, millennials are the largest generation of homebuyers our country has ever seen. With 92 million people looking to buy homes over the next few decades, their influence is sure to transform the real estate industry and push it into a new direction when it comes to marketing to potential buyers.
So who makes up the millennial demographic?
Millennials are born between 1980 and 2000, with a large majority of them still in school and some not yet able to drive. They’re tech-savvy, concerned about the environment, and love the idea of investing in real estate and most purchase a home at the age of 21 while 34% of these buyers make over $100K a year!
Millennial homebuyers are not only tech-savvy, but they’re also digital savvy and love photos and social media. The National Association of Realtors reports that 91% of millennial homebuyers start their home buying journey online. So if you’re thinking of selling your home in the near future, you need to make sure your online listing is picture-perfect since according to a 2017 Consumer Housing Trends Report by Zillow claims that 41% of young buyers admitted that home staging is important when looking to buy a home. Thus, having your home staged accordingly is going to help create those eye-catching photos that drive buyer traffic.
Millennials are also known to scour the internet for their dream home, so if your online listing isn’t showcasing your home’s features (or the features they’re looking for) then it might not even get noticed. Luckily though, this upcoming generation of home buyers have very specific tastes. If you want to get your home noticed, here are the 5 trends millennial buyers are looking for in their homes.
Like we mentioned before, millennials are tech-savvy. And they want their home to be no different. If you’ve installed tankless water heaters, solar panels, energy-efficient appliances, smart thermostats, and other smart home-like technology, millennials are going to love your home.
Millennials like smart home technology because its environmentally-friendly, reduces their carbon footprint, aligns with their values and lifestyle. Even if you aren’t planning to sell in the next 2-3 years, investing in this technology will benefit you when it is time to put your home on the market. Millennials will be willing to pay more for your smart home and you’ll be able to recoup the money you invested.
For a while, everyone was wanting a fixer-upper. Homebuyers were willing to take on outdated houses that they could renovate and turn into their own. However, millennials aren’t really interested in being the next Chip and Joanna Gaines. Instead, they want something move-in ready.
They also want something that isn’t going to cost them an arm and a leg in repairs. NPR reported that about half of millennials who bought nearly-new homes did so to avoid major repairs and renovations. These buyers are particular and want big showers, family rooms, new kitchens, and have a thing for earth tones – in a nutshell, they are looking for the perfect “lifestyle”!
To get millennials interested in your home, highlight the move-in ready qualities in your listing. From fresh paint to a new roof to a new HVAC unit, your home will stand out from the crowd and impress potential home buyers.
Outdoor Living Spaces
Despite their love for technology, millennials still need time to decompress and unwind after a long day at work or school. And there’s no better way to relax than enjoying the fresh outdoor air and lush green trees.
NAR also found that 57% of millennials prefer buying the suburbs so they have more access to backyards, fresh air, and outdoor fun.
And it’s not just being able to get outdoors that millennials like, it’s the opportunity to entertain outdoors too. Homebuyers are looking for outdoor spaces that have kitchens, or at least a sink, worktop, grill, and refrigerator.
Similar to an open concept kitchen/living room, this kind of outdoor space allows seamless entertaining for any event. If you have a fantastic outdoor space, you definitely want to showcase all the space has to offer. Virtual staging is a good way to do this, as you can add furniture and warm and inviting elements to peak the interest of buyers online and get them to tour your house in person.
The National Association of Home Builders recently surveyed millennials on the top features they want in their home, and the #1 thing they said was a dedicated laundry room. The survey reported that 86% of millennials want a laundry room in their home, According to their survey, 86% of millennials want a dedicated laundry room in their home. They want a place where they can wash, dry, fold, and hang their clothing without it affecting the rest of their home.
Plenty of Storage
Similar to having a dedicated laundry room, millennials also want their homes to have ample storage. Storage can come in many forms too, like a walk-in pantry, garage storage, and linen closets.
This makes it easier to entertain, have family over for extended visits, and keep homes clutter-free. Smaller homes on the market might find it difficult to overcome this trend, however, if you get creative you can find plenty of ways to create extra storage throughout your home. Adding shelves to closets, using cute cloth boxes to store items, and being organized will make it seem like there is more storage in your home.