Working with home buyers in the age bracket lovingly nicknamed “millennial” can be a challenge at times. This generation has a different way of viewing what adds value to a property. Understanding this new set of buyers, their wants and needs, is vital to helping them find the right home.
Business Insider has a very interesting article about the things that important as well as the things that don’t matter as much to the Millennial home buyer. They surveyed 1,000 Millennials about what they find to be the most important things in a home and it’s location.
Not only can Real Estate agents benefit from this information, but those thinking of selling their homes can as well. If they’re selling in today’s market (especially in the Western suburbs of Chicago) there is a high chance their buyer pool will be filled with Millennials. Here are a few highlights from this article that may surprise you.
Twice as Nice
Having new appliances was twice as popular as the home’s proximity to a major city.
Personal space, defined
A large master bedroom was nearly three times as popular than having 1+ acre of land.
For the same price, having a finished basement was twice as popular as an above-average school district.
Privacy is overrated
Just 20% of Millennials chose a location on a quiet cul-de-sac.
Interior over Exterior
Interior luxury is more important than exterior construction. Luxe kitchens and and baths out performed brick and masonry construction, both roofing options and 2-story decks.
New appliances, smart home system and solar panels were three of the top-10 things Millennials are looking for.
Click here to see the full article.