Over the last 100-plus years, each generation of U.S. home buyers has exhibited specific preferences and behaviors when buying and selling their homes. Millennials — generally thought of as folks who reached early adulthood in the early 2000s — are no different.
Like Baby Boomers and Generation X-ers before them, Millennials are shaped by the cultural, economic and political trends of their era. But, what are their tendencies when they enter the housing market?
We’ll give you a big hint: they’re not let’s-drive-around-and-see-what-we-see types. To them, serendipity happens only after extensive research.
Are these ironclad traits? Of course not; we’re all different individuals. But today’s younger adults do tend to approach home-buying in certain ways. Follow along and we’ll show you how.
They love information
This is the generation that grew up with computers, the internet and social media. Those three items are as much a part of their existence as morning coffee and their choice of rush-hour transportation. So jumping online to jump-start a housing search isn’t something they even consider. They simply do it.
That means real estate professionals and home builders responding with intuitive, info-rich websites, handouts and links to more of the same. A house-hunting Millennial won’t be content with merely perusing square footage specs and a home plan. He or she wants to see video and/or a photo gallery of the existing model home.
They welcome assistance
While Millennials are self-sufficient when it comes to researching a new home purchase, they’re quick to use human resources too. Many Millennials are buying first homes after renting, bunking with roommates or hanging out with Mom and Dad, and must take the time to figure out what they want, how much they can afford, and where they want to buy.
Savvy real estate pros, designers and builders who recognize this, can forge quality professional relationships by guiding info-hungry Millennials through a home search. The pros are the ones who know all the tips and tricks, not to mention the sometimes-overwhelming financial process.
If you’re a Millennial embarking on your own home-buying journey, don’t hesitate to use these resources! The sales agents stationed at model-home centers are there to educate and help potential customers, so don’t be shy about asking questions when you stop by for a visit.
They want the latest and greatest
Not necessarily trophy homes, but new construction and current designs. Many millennials are managing demanding careers or multiple jobs in a freelance capacity. They’re contemplating marriage and families, or have begun one or both of those journeys.
Millennials also value travel, volunteer work, multi-tasking and constant online distraction. No wonder this generation tends not to veer toward fixer-uppers! That’s not an absolute, but new homes with cutting-edge materials and construction do catch Millennials’ attention.
Millennials who want open floor plans, environmentally-friendly homes, the latest designs (even if traditional) and great locations near urban areas or employment centers, will do well to consider today’s master-planned communities. These neighborhoods feature the latest trends in housing and amenities, and often are sited near schools, main highways and shopping areas.
Are you a Millennial on your own home-buying search? ICI Homes can help. Talk to us here.