According to the National Association of Realtors, millennials are one of the largest groups buying luxury homes, and are changing the landscape. These buyers know what they want, and it’s not a fixer-upper. They’d rather spend their time and money on interests, hobbies, and paying off college debt. So, what are these “30-something’s” looking for? What qualities are important in a new home?
- Less space and more functionality. Skip the square footage, they want flexible luxurious space. Multi-purpose rooms, like a bedroom that can function as a yoga studio. An open kitchen that can handle entertaining. Spa-like bathrooms.
- Fast internet service, especially since so many work from home. (over 3 million Americans now work from home!) “Smart” TV’s, appliances, thermostats, security, and lighting.
- Go Green! Millennials want to help the environment and are willing to pay for it. Solar panels, purification systems, geothermal systems, tankless water heaters… these are all earth friendly and often provide tax benefits.
- Location, location, location. This has always been a factor, but “where” is changing. Millennials want to be closer to work (less commute time), and close to community activities, restaurants, breweries, parks, and walking paths… Surprisingly, they don’t mind the suburbs as long as they can provide these amenities.
- Outdoor living. Homes and lots may be smaller, but getting outdoors is more important than ever. Even in shared living areas, millennials are looking for somewhere to hang outside. And landlords are listening! You’ll now find an outdoor treehouse in New York, a yoga deck in LA, and a lush garden including lemon trees in Florida.
- A new trend? Some millennials are choosing to rent their primary residence and purchase their vacation home! And why not? Now that so many work remotely, “home” can be just about anywhere!
99% search online, and nearly 60% find their home on their mobile device. Over 90% trust and use a realtor.