There is a seismic shift in the real estate market and it’s all due to the Millennial generation. It’s no secret that compared to previous generations, Millennials were late coming to the home buying game but are now entering the housing market. This is great news but may create new challenges for sellers with older, outdated home features.
Millennial buyers are doing away with many of the traditional home elements their parents desired. Trends among Millennials include a desire for multifunctional and community spaces, and homes with modern, sustainable elements.
Great Location
Some things remain the same across all generations; the importance of location. Research has shown that Millennials want to live close to work and things to do...close proximity to on-trend fitness studios, restaurants and shopping is essential. This is a huge deciding factor for them when choosing a home.
You would think that urban areas would accommodate this request more than the suburbs, but this may not be 100% true. Those between ages 25 – 34 are less likely to live in urban areas. This illustrates that an urban lifestyle may not always be the perfect fit for this generation.
Outdoor Spaces
According to Traditional Home Editor-in-Chief Jill Waage, “Seventy-five percent of Millennials want relaxing outdoor spaces,” including amenities like vegetable gardens, decks, pools, and fences.
When it comes to prepping your home for the Millennial buyer, spend some time focusing on curb appeal. Is there sufficient space for relaxing or an outdoor gathering? It doesn’t have to be the large backyard with a white picket fence, but make sure it’s a space that prospective home buyers could feel comfortable in with their friends (or a good book). There are plenty of great small yard landscaping ideas.
You should also think about outdoor extras that you could throw in with the purchase. Could you include a grill? How about the riding lawn mower? A perk can do wonders when it comes to any potential home buyer.
Big Kitchen
Bigger is better for Millennials who list large gourmet kitchens as one of their top priorities when buying a home. And while the Gen X and Baby-Boomer generations leaned toward formal dining rooms, Millennials prefer open floor plans where the kitchen, dining and living areas are all connected.
Millennials value community, cooking and entertaining. The large kitchen and open floor plan, complete with a kitchen island and informal seating, are a huge selling point.
Modern Amenities
While overall space isn’t as big of a concern for most Millennials, they want their homes to come with modern, high-functioning amenities. This includes items like dishwashers, washers and dryers, and space to exercise. If you’re selling a condo, having access to personal amenities isn’t necessarily a must. In a study by the National Association of Home Builders, more than 80% of Millennials want things like laundry rooms, hardwood floors, patios and garage storage.
Home automation is another amenity that piques the interest of Millennials. Many want the ability to interact with their homes in the same way they do with their smartphones. There are varying levels to the smart house setup, whether that’s automated security, heating and cooling, lights – the list goes on. But if you really want to appeal to Millennials, start thinking about ways to make your home more tech-savvy.
Environmentally Conscious
Millennials are focused on their home’s impact on the environment and their overall energy consumption. When marketing your home to the Millennial buyer, consider how your house can follow that narrative. There are a wide variety of ways to make your home more energy efficient, many of which can be quickly implemented. Not only will these changes appeal to their values, but they’ll also help Millennials save money.
Low Maintenance / Move-In Ready
Millennials expect all things to be quick, efficient and long-lasting. They’re a microwave generation, and convenience is of the utmost importance.
When prepping your home to sell, think about renovations that speak to the utility-focused Millennial. Consider switching out carpeting – which stains easily and requires regular vacuuming – for hardwood floors. Similarly, synthetic or composite decking might appeal to them over a traditional wooden deck. Often made of recycled materials, this option will need only a periodic clean with soapy water.
And these low-maintenance options can even extend into the yard. Take a look at xeriscaping, which is energy efficient and requires less time mowing during summer.
Multifunctional Spaces
While we can’t put all Millennials in a single category, there appears to be a trend of pursuing interior layouts with more open space that can easily be used for multiple purposes. They do this both for social and practical reasons.
Socially speaking, this allows them to interact casually with guests throughout the entire house. They aren’t confined to just hosting in the dining room. They have the option to move around the home and entertain casually.
When it comes to smaller homes and condos, having multifunctional spaces is also a necessity. In an interview with REALTOR® Magazine, East Coast-based architect Arthur Lasky explains that, “Exercise equipment may share space in a bedroom, and a hammock may get tucked away into a dining corner if there’s little outdoor space.”
Feeling Overwhelmed?
I specialize in assisting sellers in getting their home in top selling shape and listed quickly to show off your home's versatility. You don’t necessarily need to knock down a wall to create a more open floor plan. I provide guidance, and an extensive network of seasoned professionals, to highlight your home's best features through repairs, minor improvements or staging, to maximize your net return.
Buy. Move. Sell.
If you’re ready to move and would like to buy your next home before putting your current home on the market, Ribbon Cash may be a great option for you. Whether you're a first-time buyer, relocating, or right-sizing, Ribbon Cash will upgrade your offer to a cash offer, making it more competitive. An offer with no contingencies and a quick close is hard to resist for eager sellers. Ribbon has a flexible solution for every situation. Ribbon Cash
Call me...I'd love to help!
Mobile: 919-675-5366
E-Mail: Jean.Scott@kw.com
Two Locations to Better Serve You:
Raleigh: 4700 Homewood Ct., Suite 200, Raleigh, NC 27609
Wake Forest: 1744 Heritage Center Dr., Suite 201, Wake Forest, NC 27587
