The new kids on the block aren’t kids anymore. Millennials are all grown up, and they’re now the generation with the most buying power. Millennials might get a bad rep for spending “frivolously” according to the standards of the generations that came before them, but one thing is for sure – they know exactly what they want when they spend their money.
When it comes to buying houses here’s what millennials are looking for, and how you can make sure you’re giving it to them:
Contrary to popular belief (aka stereotypes), millennials are less likely to live in urban locations overall, and more interested in finding homes that are close to the things they do and the places they work. Knowing your city is key to serving millennials. They are likely to approach agents knowing exactly what they want access to in their location and knowing exactly where they can get it is going to give you an edge over the competition.
Millennials want nice yards. That’s right, 75% of millennial home buyers prefer nice outdoor spaces and amenities such as decks, vegetable gardens, and nice fences according to Traditional Home magazine. Focus on homes with amazing curb appeal and great landscaping to appeal to this priority on most millennials’ home buying list.
Millennials might be slightly more traditional than you thought when it comes to buying a home, but don’t forget, they grew up with the internet (literally and figuratively) and having modern amenities is a definite priority. Smart homes and energy efficient appliances are key features for millennial buyers. Automation and tech-savvy amenities are key selling points and more than 80% of millennials want upgraded amenities such as hardwood floors, garage storage, space to exercise and full laundry rooms. Open concept living and family areas are a huge seller to this crowd as well (thanks a lot Property Brothers, right?)
Millennials are people, too. And like most people, their needs and wants are individualized to their own experience and not just their generational experiences. Keep that in mind as you follow these tips on how to appeal to millennial home buyers.
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