Millennials are entering into the biggest milestone of their lives where big purchases are in the near future. While more millennials are staying in their parents’ homes longer, their spending power is increasing. Rising student debt and the psychological effects of the 2008 housing crisis may have delayed their spending compared to previous generations. New research, however, shows that 72% of millennials prioritize and value homeownership.
Despite their financial challenges, millennials are the largest group of first time home buyers. Their needs are different than previous generations of homebuyers, and they're not likely to react to the same sales tactics that their parents did. Here are three things that millennials look for when buying a home:
Flexibility
Millennials need a home that will be appropriate to house a generational spectrum. Millennials who aren't currently acting as caregivers may be anticipating becoming a caregiver in the future. As older generations are living longer, the current number of over 10 million millennials acting as caregivers for older relatives will continue to increase. Many millennials are considering any house they look at as a place their parents may live with them. Plus, they are looking to start their own families at the same time. Good staging can highlight the flexibility of a space, and help millennial buyers see how a home can grow with them.
Affordability
Research shows that millennials are more likely to buy a fixer-upper than previous generations. With not a ton to spend, they would rather put in the work to make the home their own to keep costs down while taking on an exciting do-it-yourself project. 67% of millennials are willing to make an offer on a home that needs major repair. If you're selling a home that needs some work, the right staging can help your buyer envision how it will look in it's finished state. Minimal yet elegant furniture can show buyers how a space can be beautiful and luxurious even on a budget.
Rendezvous
One of the biggest trends taking over the real estate industry is creating “live, work, play” environments. It makes sense that one of the largest living generations in history are a driving force for more social and connected neighborhoods. Millennials are interested in community building and entertainment beyond just social media. From square-footage, outdoor space, smart and sustainable homes as well as open floor plans draw this group in as these functional features are far more motivating than ever before. Not all homes can have an open plan, but that doesn't mean a closed floor plan can't be appealing to a millennial home buyer. The right set up will highlight how a home can be used for entertainment regardless of the layout.
Millennials are poised to dominate the home buying market for the next decade or so. Appealing to them should be a top priority for the real estate industry. Understanding what they are looking for is key, but for a strong pitch you need good staging. Every generation has unique needs and trends. Don't let the stereotypes about Millennials keep you from selling to them. Learn how Creative Home Stagers can make any home appealing to this special group of market influencers.