Members of the millennial generation represent a growing segment of homebuyers. They have been slower to buy homes than previous generations and have different priorities. Understanding their mindset is key when marketing your home to the next generation.
Bang for their buck. Millennials have been hit hard by tough job markets and hefty student loan debt, leaving them with little cash and a new outlook on money. Many millennials tend to choose smaller homes with better features over larger homes.
Flexible spaces. Millennials have strong social attachments. They tend to prefer flexible spaces that allow them to entertain friends and family with ease. An open floor plan appeals to this group. When you are staging your home, keep in mind that most millennials don’t want formal dining rooms. A home office would probably be higher on their list of wants and needs.
Technology. Because millennials are accustomed to modern technology and connectivity, they appreciate homes that are wired for high-speed internet. Cellular service quality is a high priority. Use technology to your advantage to reach this group — they are savvy buyers who will be attracted to online listings that feature quality photos and video tours.
Low-maintenance. Hard-working millennials prefer to spend their limited free time on things other than home maintenance. Smaller yards are definitely a plus with this age group. They also tend to prefer finishes that don’t require a lot of upkeep such as hardwood floors and maintenance-free countertops.
Green homes. The millennial generation tends to be environmentally conscious. They care about whether a home is energy efficient. They may also care about whether green materials have been used in a home’s construction or finishes. If your home has features that make it more environmentally friendly, be sure to highlight them.
Great location. Studies have shown that millennials want their homes close to work, friends, and activities, making urban properties attractive to them. Many of them, however, still buy in suburbs and are especially drawn to those that offer a mix of things to do, good job growth, and great schools.