Millennial Housing Market: What Millennials Expect in the Housing Market

Move over, baby boomers, millennials now make up the most significant demographic of home buyers. As Gen X and boomers choose to hang on to their properties, millennials use their purchasing power to strengthen market demand. In fact, according to Realtor's 2021 National Housing Forecast, millennials will continue to shape the real estate market as they become one of its most significant players. This is good news for the real estate firms, as millennials assume that they don't have a strong purchasing power than other generations. While they are known for their flaky and non-committal attitude, millennials are now considering long-term homeownership with a particular preference over suburban homes over urban city centers. Housing preferences differ broadly among individuals and generations. But as millennials dominate the housing market, it makes sense to understand their shared preferences and how they will affect the current trends in real estate. So if you're planning to venture into the real estate market, here's what you should know what millennials are looking for when buying homes.

Millennials are looking for more innovative homes.

As one of the most tech-savvy generations, millennials don't want to get left behind. The oldest age group of millennials aged between 27 and 36 are leaning towards intelligent home concepts. Smart homes refer to a convenient home setup where Internet-enabled devices and appliances are controlled automatically and remotely through a networked device. These products are wide-ranging, anything from security systems, door locks, lights, fridges, and home entertainment systems. Many old houses in sought-after neighborhoods are now being remodeled to attract incoming millennial buyers. Smart homes are also eco-friendly and energy-saving, making them a more exciting investment for socially conscious millennials. These houses also come with extra protection from network issues and power outages for better transmission and control for connecting other intelligent technologies. Even the home buying process is also changing which can affect housing prices because of millennial consumers. Technology has become an essential part of home buying, with more millennials searching for prospective properties using their mobile device. Realtors and brokers are responding to this trend by adopting digital platforms to market houses on sale. The reason behind this is the ability of millennial consumers to visit and view properties without traveling to the actual site. This allows them to take complete control of the buying process and explore other residential options. affect housing prices

Millennials prefer simple floor plans.

While floor plans are a must in real estate listings, millennials treat them as one of the most valuable features when house hunting. This also applies to real estate websites, where floor plans should be accessible enough for prospective buyers to see. For millennials, floor plans should be as easy to read and straightforward as possible. This is a bonus point for agents who want to sell more houses and close deals faster. Millennials are known to be specific and organized before making decisions that involve considerable investment. They plan everything in detail, especially for their homes where they will be spending most of their time. Aside from stunning and quality photos, digital, simple, and optimized floor plans are a determining factor for millennial homebuyers. This will give them a better grasp of how the home layout will affect their lifestyle, furniture and decor choices, and the ease of movement in their living space. Otherwise, a complicated and poorly designed floor plan will likely push away millennial buyers. This is especially true for floor plans filled with unnecessary details that can easily overwhelm and confuse anyone. Although millennials are not experts in real estate, they have too little patience to understand complex floor plans. In-home buying planning is a crucial part of helping homeowners understand how their homes will look like. That's why it makes sense to provide a simple home plan to access whenever they need it.

Millennials want a low-maintenance home.

Millennials expect everything to be efficient, quick, and long-lasting. From sleek appliances, manageable square footage, and open floor plans, convenience is of utmost importance for the millennial homebuyer. Although millennials want homes they can personalize, they still prefer a new construction with low-maintenance finishes that wear well. Since most millennials are generally busy working on their careers and starting families, they want to spend less money and time on repairs and renovations. They prefer nearly new or new homes with everything they need, from quality appliances, updated kitchens, bathrooms, and disaster-resistant materials. Millennial habits and tastes are proving to transform the real estate market in new and exciting ways. In turn, agencies should adapt to the emerging trends in real estate to avoid missing out on market opportunities of this generation.