The Millenial Homebuyers are Savvy and Know What They Want

By
Real Estate Agent with Ebby Halliday Realtors 0695644

The Millenial Homebuyers are Savvy and Know What They Want

It may be hard to believe, but not all of the 18- to-35-year-old generation is so weighed down with college debt that they’re living in their parents’ basements. Contrary to popular perception, the Millennials are driving home sales. In fact, the National Association of Realtors just recognized them as the largest segment of the homebuyer market at 35 percent — up from 32 percent in 2014 — in its most recent 2016 “Home Buyer and Seller Generational Trends Study.”

“The coming years of housing demand will be Millennial-driven and will support the single-family sector,” Dennis Lockhart, president and CEO of the Federal Reserve Bank of Atlanta, says. Given that new reality, here are four things experts say Millennials desire most in a house. Keep these in mind because you will most likely be selling to a younger buyer.

   • Open floor plans. As a majority of homebuyers, Millennials long for that open floor plan because they entertain differently. “In essence, the kitchen is the new living room,” one realtor told Bankrate.com. “They want people to flow through the home during gatherings, rather than be sectioned off in rooms.” What does impress them? A home office. Make sure to tell them that formal dining room or formal living room can easily be converted into the perfect work-from-home space.

    • Technological efficiency and healthy living. After you tear down some of those interior walls to open up your kitchen, making that open floor plan, ensure that you have plenty of electrical outlets in the house. Millennials are likely to go around counting the available outlets for all their tech toys and ask if you’ve installed programmable LED lighting and motion sensors. “Low-VOC paints and appliances like steam ovens also rank high,” Realtor magazine declares.

   • The right “look.” They’ve seen all these great houses on Pinterest and HGTV, and feel they know what to look for, even before they step foot inside the house. And one of the things they would run away from? A shabby roof.
“Unsightly roofs are huge turnoffs and make buyers predisposed to find even more things they don’t like,” warns Patsy O’Neill, a sales associate with Sotheby’s in Montclair, New Jersey. Since Millennials love what the Washington Post calls “modern, sleek lines” — as well as “rustic looks”– if your roof does need replacing, you might want to consider the affordable Sienna line of diamond-shaped shingles from GAF (gaf.com), North America’s largest roofing manufacturer, whose products are often showcased on HGTV. “They pick up on key Millennial-style trends of natural, clean materials, clean lines, and the integration of artistic elements,” says Leslie Franklin, executive director of residential marketing at GAF.

    • Low maintenance. Millennial homebuyers today do not want to spend their weekends renovating a house they just purchased. They want low maintenance.
To keep the workload down, Millennials often like smaller houses, although that could also have to do with Millennial buyers’ medium income of $77,400.

Posted by

Anthea Adair, REALTOR  | 214-842-1634

antheaadair@ebby.com   |  www.northtexashome.com-search all area properties

Ebby Halliday Realtors

955 TX-121 Suite 130

Allen, TX 75013

 

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Comments (13)

Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Millenials do get a bad rap. I can't stand labels for that reason. We are all different - to lump people together is ridiculous. I have children in that age group who are not living at home, they are productive people, with good careers, who live in their own homes. Gasp!  Ha. Great post. D 

Jan 22, 2018 10:27 AM
Anthea Adair

Debb- Thank you, exactly!  I also have children that age; very ambitious, not living at home, and it drives them both crazy when they hear negative steriotypes about their own age-group.   I personally believe there have always been (and are) people fitting the millenial steriotype in this world.  ..and all blondes are dumb.  ;) 

Jan 22, 2018 10:45 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello and Welcome to the rain where we all learn from each other and help each other.  Great first blog.  Make it a great day!

 

Jan 22, 2018 10:28 AM
Anthea Adair

Thank you Will.  I have a sister in Aurora, by the way.   

Jan 22, 2018 10:36 AM
AJ Heidmann ~ CRS
McEnearney Associates, Inc. - Alexandria, VA
YOUR Alexandria & Arlington, VA Real Estate Expert

Anthea ~ Welcome into the 'Rain and congratulations on your first blog post.  It is detailed and maintains the readers attention; I look back to ready many more of your posts in the future .

Jan 22, 2018 11:19 AM
Anthea Adair

Thank you, AJ.  

Jan 22, 2018 12:06 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Anthea Adair welcome to ActiveRain, and congratulations on successfully posting your first blog on this site.

Jan 22, 2018 05:11 PM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Anthea,
The Millennials may know what they want but do they know what they need... a professional real estate professional?  I hope they call YOU for guidance.

Welcome to ActiveRain.  We love to share our knowledge and learn from each other here!  

Blog on...

Jan 22, 2018 07:37 PM
Anthea Adair

Thank you, Carol!  I love AR- was on here back in 2012, but got lost in the change of ownership and couldn't resurrect my past profile.  Glad to be back to this great community.  

Jan 23, 2018 09:03 AM
Carol Williams

Welcome back, Anthea! 

Jan 23, 2018 01:23 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

Welcome to ActiveRain!

My husband and I have four offspring in the 18 to 35 age group. Two own their own homes, one has his own apartment and is thinking of purchasing a home and one sort of still lives at home (the youngest). I'm with Debb about labels like millenials. They're all people with their own needs!

Jan 23, 2018 03:23 AM
Anthea Adair

That's great, Kat...and says a lot about you and your husband as parents!  

Jan 23, 2018 09:05 AM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning Anthea Adair Millennials are a different breed and it's important to understand how they think and how they will be presenting themselves.... 

Jan 23, 2018 03:23 AM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

and welcome to ActiveRain.... it's a great place to learn, share, market and network....and I hope you enjoy it and benefit from all of it...

Jan 23, 2018 03:24 AM
Anthea Adair

Thank you!  I was a member years ago and am happy to be back! It's definitely a great platform.

Jan 23, 2018 09:07 AM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

As a Boomer , I'm starting to worry about who we are going to sell downsizers McMansions to ??? 

Jan 23, 2018 05:50 AM
Anthea Adair

True.  And imagine living in TX like me...it's hard to find a small home here.  Ha. 

Jan 23, 2018 09:08 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Welcome to active rain. Good luck in achieving your goals on active rain 

Jan 23, 2018 06:19 AM
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Anthea Adair, Welcome to Active Rain and congrats on your first blog post.  This is a great place to meet and interact with awesome professionals.

Jan 26, 2018 01:25 PM
Anthea Adair

Thank you, Sybil.

Jan 26, 2018 02:28 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Thanks Anthea, always nice to gain a little more insight into the wants of the Millenial homebuyer.

bob

 

Feb 05, 2018 08:51 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Welcome to Active Rain, looking forward to reading many more of your posts, let me know if there is anything that I can do to help as you get started here.
All the best of success to you.
Bob

Feb 05, 2018 08:51 PM