Millennials have postponed buying homes for a long time, choosing instead to rent or live in multi-generational homes (like in mom and dad’s basement.) Even so, the dream of homeownership has hung on the horizon. Finally, many are taking the leap. That’s exciting, but now that millennials are part of the picture, it significantly changes how we approach the real estate market. From building homes to showing them, we have to consider how millennials operate in the world, and take into consideration what they are looking for. Specifically, developers need to ensure that the homes they are building are designed around what a millennial is looking for.
Millennials value conservation.
The days of clearing lots and plopping down houses needs to disappear. Millennials recognize the value of preserving nature, and value homes that are built on a smaller carbon footprint. They want mature landscaping in their yards, solar panels, and rainwater storage tanks. Providing these features is enticing to first time home buyers, and will forge a strong relationship with real estate agents who specialize in marketing to them.
Millennials value technology.
The smart home is no longer the way of the future, it’s here now. Young buyers don’t want to drop what savings they have into a brand-new home, and then have to spend more money upgrading appliances and installing smart home features. These smart home features help with conservation efforts, by enabling the owner to adjust temperature settings remotely.
Millennials value interior comforts.
First time home buyers aren’t as concerned about exterior upgrades or property size. They want nicer neighborhoods (mature landscaping and unique homes), large and open interior spaces, and spacious master bedrooms. They don’t mind a smaller piece of land, that requires less maintenance.
By incorporating features that millennials are looking for into new construction, developers can solidify relationships with agents, and get their homes sold. Give them what they are looking for, and they won’t need to shop around.
