Anybody who watches HGTV frequently is likely tired of hearing the terms “open concept” and “updated kitchen” non stop. Those phrases may be soon changing, thankfully. Millennials are more interested in mother nature’s offerings than showing off their trendy home. The millennial real estate market is changing and looking different than that of previous generations. This generation has a new list of priorities!
If you want to sell your home to a Millennial it has to have curb appeal! According to a study by Harris Poll on behalf or SunTrust Mortgage, Millennials love their dogs and there’s a trend to focus on pets prior to getting married and having children.
“According to the new survey by the National Association of Landscape Professionals, nearly 80 percent of homebuyers in the United States want a spacious and well-maintained lawn.”
The real estate market can’t afford to overlook the Millennials. The generation has about 80 million people in the United States and has emerged as top force in the housing market. They are reshaping everything to meet their needs.
Millennials comprise the largest sector of buyers at 35 percent ahead of Generation X which makes up 26 percent, according to a study of generational housing trends. Predictions point to that number climbing higher in coming years as Millennials are ready to move on from renting and purchase a home.
They’re not looking for huge houses that their predecessors aspired for. Instead they want minimalistic, energy efficient homes with sleek lines, open floor plans and updated kitchens. Homes that are attractive to a Millennial will also have to be more technologically savvy. When it comes to energy efficiency, they are looking for solar panels, rainwater recycling systems, high-end energy efficient appliances and earth friendly building materials. Currently, homebuilders are not meeting those requirements and buyers have to settle for less.
One thing that is not on the Millennial wish list is a formal dining room. Many homebuyers either don’t like or are willing to entirely forego.
“Millennials aren’t formal, and they like to hang out in the kitchen to eat, or … on the couch, watching HGTV.”
They also will make sure that the strength of a mobile carriers signal is sufficient as well as the speed of the internet service provider.
“Another factor is the increasing trend for younger Americans to work remotely, making the home office a key attraction. According to the latest statistics, more than 13 million Americans work from home.”
The younger purchasers also prioritize the property’s location. Proximity to work or public transportation, as well as walkability are all considerations. Millennials prefer to be located near access to major metropolitan areas. This may change as they get older.
“A recent study by home improvement site Porch.com, indicates that 32 percent of homeowners have been putting off at least one home improvement project for 12 months or more. And landscaping is in the top five on that list. That won’t cut it for the house-shopping Millennials: This generation spends about $26,000 annually on home upgrades every year. That’s 7 percent more than they did the previous year.”
Much of that is attributed to the so-called “HGTV affect” and various other internet how-to websites. With a little help from YouTube, anyone ambitious can learn to “do it themselves”. In the U.S., building supplies have seen a major increase in purchases.
Are you a Millennial looking to buy a home? What is on your list of must-haves?
Source: Nasdaq.com – Read Full Article Here
Kara L. Stachel, Esq. is an experienced Fort Lauderdale real estate attorney. Ms. Stachel is admitted to the Florida Bar and the New Jersey Bar, and is a member of the Florida Bar Journal’s Editorial Board, American Bar Association, Commercial Real Estate Women Network, and Real Property, Probate and Trust Law Section of the Florida Bar.
Stachel Law’s real estate clients include lenders, brokers, investors, consumers, sellers, and real estate agents, all of whom are counseled and represented throughout every step of a legal matter. The firm provides clients with extensive experience in complex real estate transactions and litigation.