In 2016, young homebuyers made up the largest segment of the home buyer market, according to the National Association of Realtors.
Millennials, people born between 1980 and 2000, were responsible for 35 percent of home purchases last year and they know exactly what they want when they decide to buy. In general, because of limited funds, they’re looking for something turnkey, that they don’t have to spend any money on updating.
Kitchens and bathrooms have long been among the most important rooms to homebuyers and it’s no different with the younger generation. The difference with this age group is that they want homes with updated kitchens and bathrooms because they don’t have it in their budgets to do it after they move in.
In general, younger buyers are putting their savings toward the down payment of the home and towards purchasing furnishings so high on their list of must-haves is a kitchen and bathroom with an updated look and newer fixtures.
When it comes to where younger buyers want to eat, forget a formal dining room. The kitchen is the place to be, to hang out, to discuss the football game, to even watch TV. And because they like to entertain, they prefer for the kitchen to have an open floor plan as it will, in many cases, also be considered the family room for quite a number of younger home owners.
What else is important to the younger buyer? Because many of them work from home they would like to have a home office. And location is key too as many of them want to be in the city so they’re closer to all the downtown happenings. There are some, however, who have young children, who will be more impressed with the kind of neighborhood they’re moving into.
The millennial is also looking for an energy efficient, low maintenance home that has great internet and cell phone service. They also do not want to pay high homeowners association dues and if you want them to grab their attention immediately and really impress them, you might want to think about staging the house, complete with furniture, drapes, etc.
And finally, if you’re trying to draw the interest of the younger crowd make sure you have great online pictures of your home because that’s how they prefer to search for their new home. In fact, research proves that nearly 95 percent of millennials pick up their smartphone or grab their laptops when they decide to buy a house.