MILLENNIALS AND THE 2018 HOUSING MARKET
What effect will Generation Y, or the Millennials (as they are known) have on the housing market this year and how can sellers attract them?
In 2017, 34% of homebuyers were Millennials, making them the largest group of homebuyers last year. While 66% were first time buyers, the balance were already purchasing their second or third homes. Millennial buyers keep a home for about 6 years before selling as apposed to the average of 10 years by other homebuyers. Looking forward, it is expected that 66% of millennials will be in the market to purchase homes over the next five years.
This is important news for sellers in 2018, so here are some trends and facts about Millenials that should be kept in mind.
MILLENIALS ARE TECH SAVVY
The world they live in is technology driven and they expect to access any information they require with a few taps of their fingers. They research everything and rely heavily on customer reviews. In 2017 58% of Millennial buyers found the home they purchased on a mobile device and this number is expected to grow in 2018. This means that a seller needs to ensure that their property not only is easily accessible online, but also shows exceptionally well with good quality photographs.
Even though Millennials love to be in control of what they do, a survey done showed that 74% wanted and needed help understanding the purchase process. In other words, a good Realtor!
FEATURES MILLENNIALS LIKE
An Open Floor Plan
They like to entertain, and an open floor plan makes that easier
A Big Kitchen
They consider the kitchen as the most important place in the home to congregate. They also love luxury kitchens.
Updated Bathrooms or Kitchens
They have probably put all the money they have saved down on the deposit, making affording renovations prohibitive. For this reason, renovated bathrooms and kitchens are important.
Appliances that are Energy Efficient
Sustainability is important to them and if they could they would have solar panels for efficient energy storage.
A Home Office
Working from home is very popular for Millennials, making dedicated home office spaces important.
They are aware of not wasting money on gas, so prefer to own a home that is close to work. More Millennials are moving into suburban areas.
Believe it or not, good internet access and cell phone reception can make or break a sale to a Millennial.
So, the bottom line is that Millennials are changing the way homes are bought and sold. Give me a call to assist you to stay ahead of the game. – 604 218 9000.