Newsroom

February, 13 2019

Marketing TOD: The Millennial Edition

Surprising Millennial Home Buyer Must-Haves 

 

With the ever-changing landscape of real estate, and new generations entering the market, it can seem like everyone wants different things when searching for a new home. Many millennials are now entering the market and have different needs than the generations before them. Here are some must-haves that may surprise you about this generation. 

 

  • Location, Location, Location - Some things remain the same across all generations; the importance of location. Research has shown that millennials want to live close to work and things to do. This a huge deciding factor for them when choosing a home. 
  • Technology -Automation is the way of the future. It allows for millennials to free up more time to do the things they want to do. When it comes to house hunting, it looks like they prefer everything to be automated. 
  • Low maintenance -In the past, Gen Xers were looking for fixer-uppers. HGTV was leading the charge with encouraging home buyers to buy a house and fix it up. With the busy lifestyles most millennials lead, they are choosing to go against the norm. They want something move-in ready and doesn’t require a lot of maintenance. They would rather spend their time with friends or traveling than work on their home. 
  • Social media presence -Millennials do a large amount of their shopping online. House hunting is no different. They’re more likely to browse the web than visit homes they want to buy. They can see everything they need right from the comforts of the couch. If you want to sell your house to a millennial, it helps to have a large social media presence to get their attention. If you think a few pictures will fly, you’re mistaken. They need to see every room of the house. 
  • No direct communication -Millennials grew up attached to their phones. They browse social media while texting their friends. That makes for limited time to actually pick up a phone and call someone. When home shopping, they look for this same experience. If they have a question, they generally want it answered instantaneously while continuing their day. They don’t want to be constantly pushed or called. They need space to make their decision and if they want to buy a house, they’ll make it known. 
  • Budget and practicality - There has been some negative talk about the way millennials choose to spend their money. Of course it makes sense to spend $10 on avocado toast! However, when it comes to buying a home, millennials will give up luxuries in order to stay on budget. They are practical and want to be able to enjoy their space with the money they have. Millennials value experiences and look for homes they can enjoy spending time in with friends and family.  
  • Quality of life - Millennials are slowly changing the housing market. Many desire some different criteria than past generations. Their priorities, to the way they shop, are different now more than ever. True value for them lies in the quality of life. They don’t want to give up their lifestyle to have their dream home.