Millennials, the largest generation in history, represent the newest generation of homebuyers. With 90 million of them born between 1977 and 1995 (some say 1980-1995), it is becoming more and more likely that a member of this age cohort will be interested in purchasing your home.
Also called Generation Y, Millennials have grown up with the internet, cell phones, and other personal electronic devices. More than that, their lives in many ways revolve around the use of this technology. It has allowed for a customized, individualized experience of life that is now informing and driving the way in which they buy homes.
In addition to growing up with revolutionary access to cutting-edge technology, Millennials lived through the Great Recession of the 2000s. They observed its devastating impact on their parents and others, and they learned from those observations. Many have put off marriage and family because of their perceived lack of security. Difficulty finding a good job and unprecedented amounts of student loan debt have forced many to move back home (giving rise to the name “boomerang generation”).
One impact of the recession on Millennials was to make them more financially cautious, particularly in the area of home buying. While Millennials do want to own a house, their motivation is security, not status. Eighty-six percent see mortgage payments as a better use of their money than paying rent and owning a home as more fiscally responsible than renting.
Millennials approach homebuying differently than previous generations. They buy small at first with the expectation that they will purchase something larger later as their family grows. And with relocation as the norm in the current job market, Millennials don’t expect to stay in one home longer than ten years.
The Washington Post reported that Millennials are part of a new trend looking for the sweet spot between the space provided by suburban areas and the choices available in the city. These “surban” areas offer both the affordability of suburbia and the energy of the city.
Especially before marriage and kids, Millennials might move to Colorado to live a sustainable, green lifestyle, or they might choose a loft across the street from their workplace to cut down on transportation time and cost. But a change of priorities often accompanies a growing family, and Millennials begin looking for homes elsewhere.
Down to the nitty-gritty, then: what features in a home will catch a Millennial’s eye? Here are some things they look for, according to Elizabeth Weintraub:
- Space in the home, open floor plans, and rooms for specific purposes, like working out, playroom for the kids, media room, and wine cellar.
- Bathrooms with stone and glass, motion light sensors, vessel sinks, dual rain showerheads, brushed nickel, and wall-mounted double-handle faucets.
- Kitchens with recessed lighting, upscale cabinetry, stone or granite counters, built-in wine coolers, and high-quality stainless-steel appliances.
With Millennials looking for such specific home features and locations, not every property will be best suited for this generation.
It may be cheaper and more practical to market your home to another demographic. Your realtor should help you evaluate your home and market it appropriately.
Maybe you’re not interested in finding a real estate agent, making repairs and improvements to prepare for a sale, or worrying about marketing. Maybe you need to make a quick sale and move on. Selling to an investor avoids the inconveniences of the sales process and provides quick cash.
Sell My House Houston Pros is such an investor. We buy houses as-is, eliminating the need for repairs, inspections, and other hassles. In our ten years of home-buying, we have purchased $26 million of property in Houston, around Texas, and in other parts of the country.
Whether or not your home is a good fit for a Millennial, contact Sell My House Houston Pros for a fast sale. We will make you an offer within 24 hours of receiving your request but put no pressure on you to respond. There’s nothing to lose in considering an offer from an investor like us that will provide a fast, easy, and convenient home sale.
*Facts and statistics from Keller Williams Realty, Elizabeth Weintraub of The Balance, National Association of Home Builders, The Washington Post, and Cornerstone Home Lending.