Gen Y's are also known as "echo-boomers" or "millennials". In addition to the top 17 features listed below by Bea Fields of Souther Pines, NC I thought I add a few notes I found helpful from a recent Webinar I took specifically on this topic:
- These echo-buyers are buying their first home as early as age 26
- They're busy bodies, they prefer instant messaging, email is old to them
- 97% of them have cell phones and it's how they communicate
- One in three are non-Caucasian
- Be as prepared as you can be with these buyers, they do their research
- They like doing things on their own but will take the expert when they're ready.
- As Bea indicated, they want a home close to work, near parks, the gym bars, restaurants and shopping.
- Believe it or not, they're huge on Craigslist but live on YouTube
I want to start this post by saying that, as with all demographics, not all Generation Y home buyers are going to want the following list in a home. But, the trends with this age group seems to be leaning in the direction for certain amenities and features when buying or renting a home.
I also will just add that as Generation Y begins to marry and have children, a few of these desires may change, but we still have 5-10 years to get to that point. Generation Y is marrying later in life, so for now, this list will be helpful when selling a home. If any of these are evident in the property you are selling, make sure to point them out.
So, here we go:
1. Efficiency in space.
2. Utility: Gen Ys want to know that each room has a useful purpose. If you are selling a house that has a "parlor", show it as an office or a technology room.
3. Simplicity in design: Gen Ys have been overloaded with junk and informaton…so keep it simple.
4. Multi-pupose rooms. Gen Ys don’t really care that much about a formal living room or dining room. They are much more interested in open spaces, multi-purpose rooms and large kitchens (even though they eat out a great deal). I recently visited a friend that had creatively designed 700 square feet so that it was open and felt much bigger than actual. A murphy bed was used and could then double as a bar for entertaining.
5. Housing that is within walking distance of grocery stores, shopping, dining, night life and gyms. The ability to “stroll” is critical to this generation. Gen Ys want to be able to park their cars and walk from location to location.
6. Energy efficiency (point out any appliances that are energy efficient or any areas or structures which are LEEDS certified).
7. Easy access to neighbors their own age and to a diversity of people from all walks of life and all ages. They want to be surrounded with their own peers, but Gen Ys also want a thriving, buzzing network of interesting people. Gen Ys crave diversity, so the more interesting the people in the neighborhood, the better your chances will be of selling.
8. "Bite-Sized Spaces". Gen Ys think in bites…not huge, sprawling spaces. Don’t assume they want a great deal of “space”. Many Gen Ys say that they can be happy in a smaller home or condo that is efficient, has some space in the back for entertaining and that is accessible to the lifestyle they want to live.
9. Access to hiking, biking and running trails.
10. Yard space for outdoor activities and outdoor entertaining.
11. Neighborhoods which are “dog and cat friendly”. Gen Ys are big on animals, so make sure to ask if they own a pet. Many will bring their pet with them to see the home.
12. Technology that is advanced and current. If you are selling property in an area with free wireless, make sure to drive that point home.
13. Wide but not deep…Gen Y’s don’t care much about depth in a house…they want width and a bigger back yard or outdoor dining space. Again...just ditch the cut up rooms with formal living and dining rooms in the front of the home that only have one purpose. Look to sell homes that are close to being one big open room and one additional office space (and of course a nice bedroom).
14. Low maintenance (Gen Y’s travel a great deal, so they don’t want a great deal of upkeep).
15. Modular homes are pretty popular as well as duplex living to keep the cost lower.
16. Any homes which have recycled materials (recycled countertops, cabinets, doors, etc).
17. Homes which may have an area with its own private entrance for guests or for the purpose of subletting.