Millennial home buyers have become the largest demographic in the home buying market, as people born between 1980 and 1995 now represent 30 percent of the nation’s total home buyers. With their busy work schedules and low-maintenance preferences, millennials have created a new set of requirements for their ideal homes.
- Low-Upkeep features: The average millennial has a busy work and social life; so low-maintenance housing features are extremely attractive. Examples include granite countertops and hardwood floors, which have an average life expectancy of thirty years. Many young buyers tend to avoid houses with wall-to-wall carpets because of the associated upkeep.
- Energy Efficiency: The average millennial is aware of the environment and interested in eco-friendly energy options, as well as the subsequently reduced monthly utility bills. This includes features such as double-glazed windows, LED lamps, and proper installation.
- Open Concept Kitchens: The days of a formal dining room are over. Now homebuyers are more interested in casual areas where they can relax with their guests in a less formal setting.
- Separate laundry room: This feature is considered added value because of its convenience. According to the National Association of Realtors, this room is so important that fifty-five percent of young homebuyers said they wouldn’t buy a home that didn’t have a separate laundry room.
- Home Office: With increased demands of the work force, many millennials are required to work after hours, even after they leave the office. This year, HomeBay even reported that 13 million young Americans work from home every day. Providing a home office option, particularly with natural lighting, will therefore drastically increase the attractiveness of the property.
- Staging the home: As shown in last week’s article, “U.S. Home Sellers Experience Greatest Price Gains Since 2007,” today’s competitive market provides homebuyers with endless options when it comes to choosing the perfect home. In order to stand out, sellers should have professional photographs taken with their home staged in the most attractive way. This will attract buyers who do not necessarily have the time to see the house in person.
If you ever need any guidance about the housing market, the mortgage loan process, or anything related to the home-buying process in general, our home mortgage specialists are here to help. Whether you’re a millennial, first-time homebuyer or a permanent homeowner, you can rely on us to provide you with the information you need.