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WHAT DO MILLENNIAL HOME-BUYERS WANT?
Every day we read about millennials no longer buy something – from mainstream beer brands to diamonds and fur coats. Millennials’ buying habits are definitely very different from their parents’ generation.
While it may be true that younger people are not buying much soap bars, for instance, the housing market is one area where millennials are actually not just active, but driving much of the conversation. People who were born between 1980 and 2000 have dominated the housing market. Millennials represent nearly 66% of first-time home buyers and 34% of overall purchasers. This is especially relevant to Charlotte, NC real estate market. According to data analysis performed by Realtor.com and outlined by Charlotte Agenda article, 49% of home buyers in year of 2020 were millennials.
Whether you are millennials’ parent or grandparent, real estate agent or home stager just like we are (TNT Staging. Design. Real Estate Photography), you might be interested in these six selling features millennials home buyers want:
Quick and easy commute
Location, location, location! Multiple studies, surveys, and interviews show that millennials want two quite contradictory things: a short commute and (surprise-surprise) they want suburbs. Up to 70 percent of millennials named a short commute as the critical factor when buying a house. By the time millennials became ready to buy their first house they have likely completed their education, earned their degree or degrees, jump-started their professional careers and postponed their marriage and kids. Downtown living in studio apartments is in the past though.
Despite any negative stereotypes, millennials work hard. Life and work balance? – Never heard about it. It’s fair to rename it to work and life balance now. Lots of calls, meetings, business trips. No time to mow the yard, do gardening, water grass or, god forbid, flowers. Floor waxing, silver polishing is in the past. Low-maintenance everything is the key. Young smart generation wants low-maintenance and preferably green, environment-friendly fabrics, upholstery, finishes and surfaces like xeriscaped yards, stone countertops, stainless steel appliances and engineered wood floors.
Recurring payments took over millennials’ wallets. Student loan payments, insurance, automobile insurance, cell phone plans, Netflix and more, you name it. The financial drain of ongoing costs hits young generation’s budgets pretty hard. Therefore managing their use of energy at home is a big priority millennials also tend to care strongly about the environment. They’d rather pay more now to save money later, whether that means super-insulated wall assemblies, multi-panel windows or low-flow shower heads. Good luck with the last one though, if you have thick hair.
Smart tech is increasingly the most important way to make an impact on home energy efficiency. Connected thermostats can optimize home heating and cooling systems automatically without any effort from the homeowner. Smart power outlets can help eliminate phantom power drain… and you can manage all those miracles from anywhere in the world using your cell phone. WOW! What a great time do we live in!
One of the studies shows that 86% of millennials would pay 20 percent more for a “smart” home – the one with smart thermostats, smart locks, built-in security system, lighting control. It’s worth paying more for being able to manage your entire house from your phone from anywhere in the world.
Yes, millennials do check everything from weather to relationship status online. That means they love the high-speed Internet and a GFCI outlet should be within arm’s reach. Younger people increasingly leverage technology to fight life’s pet peeves and they succeed in it.
Millennials are big players on real estate market. Just sufficient square footage is not enough to make them buy. This generation of young, tech-savvy buyers want “smart” homes, energy-efficient design, responsible consumption, green, environment-friendly materials, and technologies, as well as home automation, self-regulating HVAC systems and whatever else high-tech industry has to offer Successful real estate agents will have to find the match.
Multi-Purpose Open Spaces
Formal dining room? – No, thanks. You’d be better off staging it as a home office. So many people work from home nowadays that home office is a must. Younger buyers desire open floor plans. In the modern home, where telecommuting increasingly prevails and food preparation may be a rare event, traffic should flow freely from the kitchen to the living area to the office. Envision this modern family picture: kids play in the breakfast nook, mom/dad is on a call in the office alcove, dad/mom makes dinner at the kitchen island. All these spaces are delineated just by furniture focal points and architectural transitions, not by harsh walls. Placing alcoves, nooks, and bump-outs around the perimeter of large living spaces helps private pursuits, such as doing homework or reading, co-exist with social events, such as movie nights or holiday meals. Let people have it all in one space. There is no better place than Home.
Fully Furnished Homes
Even though about 20% of millennials do move home at some point in their early adulthood, millennials move frequently and pretty often they move cross country. So why rent a huge trailer every 3 years, if you could simply buy a fully furnished home? Nobody is surprised anymore by the fact that appliances come with the house. Fridge? Washer, dryer? Oven? Microwave? Stove? Dishwasher? – Sure, of course.
Leave it right there for me, please.
What is new is that many buyers nowadays want a furniture to come with the house too: mirrors, curtain rods, curtains, sheers, dressers, tables, consoles, sofas, couches, chairs and more. Yes, please!
If the target audience is “young professionals” (read: “millennial buyers”) TNT Staging Team always makes sure to use modern furnishings – light, neutral colors to create a feeling of having lots of air, light, and space in the house. No clutter, less but better and “smarter” accessories, clean lines. More space in between furniture. Cozy conversational zones are still in game though.
TNT Staging will be happy to stage any home to make it the most appealing to your target audience. We will satisfy any pool of potential buyers, no matter how demanding and complicated their tastes are. Trust staging professionals. #WeCanStageIt!
Thanks to E.Bailey for her wonderful text and ideas.
Written by Yauheni Mayorau, TNT Staging