Millennials are quickly taking over the housing market. According to a study, Millennials, or people ages 34 and younger, made up about 32% of homebuyers in 2015 and that number will continue to grow. As part of the Millennial generation that is currently in the process of buying a home, I thought this would be a good time to share some of my thoughts about what we are looking for in a house, and how you as an agent can help us through such an exciting but difficult process.
8 features Millennials homebuyers value in a home:
Open floor plan
Millennials, like myself, can be social butterflies. I love having people over which means that having an open floor plan is crucial for entertaining. I want to be able to entertain my friends and family while I am in the kitchen preparing appetizers, or be able to see the TV in the livingroom while I am cooking. Having an open floor plan also makes the home more inviting and seem larger than it may actually be.
Abundant natural lighting
Who doesn’t like natural lighting in a home? One of the great things about natural light is that natural lighting just makes people feel better about themselves. Who wants to live in a dark home feeling depressed all of the time? I sure don’t. The more natural lighting, the better. If there ever comes a time where there is “too much” sunlight, curtains can be a simple fix.
Did you know that about 25% of buyers under the age of 35 consider having hardwood floors “very important”? For me personally, I know that my first home needs to have hardwood floors. Not only do hardwood floors cut down on the allergens in your home, but they also make cleaning much easier and they also give the illusion that your home is larger than it actually is.
Walk in closets
We have all heard the stereotype that women love to shop… well, unfortunately for my wallet, I do fit that stereotype. I have more clothes than I know what to do with so having a walk in closet is huge for me. I’ve had the “sharing closet space” talk with my spouse too many times to count. A walk in closet would mean that we could share closet space. Another benefit to having a walk in closet is that it is much easier to stay organized.
Garages have several benefits tied to them. Having a garage means that when I come home late at night, or leave early in the morning, I can enter my home safely without having to walk outside. My loved ones take comfort in this and so do I. Garages are also great for storing items that you don’t need constant access too. Store your bike in the garage without having to worry about it getting stolen. Whatever the case may be, garages are a great addition to any home.
While having a backyard can sometimes require more maintenance than a home without one, a yard is great for dogs and kids. The backyard doesn't need to be huge or elaborate - it just needs to be a place for children, or fur children, to run around. Sometimes there just isn’t enough time for me to take the dog out and get ready for the day which is when a yard would come in handy. While you're getting ready, the dog can be outside. If you have kids and you don’t feel like driving to a park, utilize your backyard. Yards are also great places to entertain on a nice day!
Safety first, kids! Choosing the right neighborhood is not only key for your own safety, but it is important for the safety of your personal items. There are some things that you just can’t protect yourself from, but choosing a neighborhood with low crime rates is something that you can control. It is unrealistic to think that a Millennial, or any homeowner for that matter, can stay home 24-7 making sure that your home isn’t broken into and their valuables are not stolen. It is also unrealistic to live your life in fear of something happening to you or your home which is why choosing a safe neighborhood is so important.
Being a first time homebuyer is an overwhelming experience for anyone. The real estate industry is constantly changing and if you aren’t keeping up with the trends in order to maintain a variety of demographics in your client base, you are likely to have challenges succeeding. Are you ready to take on a Millennial homebuyer?