It’s official. Millennials are now America’s largest generation officially surpassing the baby boomers, according to new research released by the U.S. Census Bureau.
A whole new generation taking the nation by storm brings on a whole new group of potential buyers who dream of fighting off student loan debt, moving out of mom & dad’s basement and one day, owning a home of their very own.
This large group of potential buyers brings mass opportunity to the real estate and mortgage industry. Knowing what millennials want in a home and how to market to them is key in producing successful transactions and building long lasting relationships. So what exactly are these buyers looking for?
In order to market to millennials, you must first understand what they really want. Here a few things to keep in mind when working with the potential new generation buyers:
Back to the Burbs
Contrary to what many believe, young homebuyers do not all want an urban lifestyle. Born & raised in the suburbs, many millennials want to return to their roots when they do decide to take the leap to buy a home. The suburbs offer potential home buyers affordable housing, good schools and job growth, however, don’t take your buyers too far off the beaten path. Millennials still enjoy living in close proximity to a city and the many amenities city life has to offer.
Quality over Quantity
When it comes to home size, less is more for this new generation of buyers. Wanting smaller yards with less outdoor space and less maintenance, millennials prefer smaller, higher quality homes. High quality homes today are technologically efficient, have smart home appliances, LED lighting, and new amenities.
Speaking of high quality homes, another important feature millennials desire in their dream homes are energy efficient appliances. Growing up during the “green movement”, millennials want to save money on heating and cooling while doing their part to help the environment. Programmable thermostats and homes made with renewable/reclaimable materials such as glass & bamboo prove to rank high on millennial wish lists today.
Home for Experiences
Millennials are all about experiences and it is no different for them when it comes to their homes. Young buyers today want flexible, open space with room to entertain family & friends. This means they desire large, open floor plans with kitchens that open into living rooms and outdoor space, such as a small patio for parties. Fewer partitions and walls are key to fulfilling this group’s social needs and will score big with millennial homebuyers.