It’s hard to believe, but it’s true: millennials in our real estate demographic for home buying have already been putting their stamp in the market share, which is a good thing for the industry. We’re not going to see a real estate explosion quite yet, though, given the record low numbers of mortgage applications among millennials (and a consistent high growth for home renting) due to lack of job growth, student loan debt, and a later timeline for marriage and new families.
But It’s Coming. Some Say the Millennial Generation’s Already Here for Real Estate Home Buying
What you need to know, though, is what exactly they’ll be looking for in terms of a home…. Keep that in mind. Because of the inventory of available houses aren’t there; those millennials aching for a home to buy, well, won’t buy – which is bad for real estate business.
Here’s what millennials will want in a home (and you certainly won’t need any Gray’s Sports Almanac to figure this one out):
- They’ll Want to Focus on LESS – Less, as in less ‘possessions’. What does that mean, exactly? Find out right here.
- They’ll Want a “Hip” Community – But why? Why does it matter if the neighborhood’s all about fun and games for everyone? Here’s why.
- Convenient Commute – Cars? No. Find out why millennials these days really don’t care about getting that auto loan for a hot sedan.
- Rent-to-Own – Aside from the fact this demographic for RTO homes has already imploded on the market, here’s the big reason why millennials love the idea of flex rental options like this.
- “Can You Hear Me Now? Good!” – Think about it. We’re in the day and age where cell phone reception is the millennial lifeblood. What does that have to do with a home, though?
- Eating on the Go – These are the home buyers without families, for one thing. So what’s the one thing they won’t be looking for in a home that should hit you on the head the most?
- A Home Business Space – Again, it’s about convenience, and here’s why millennials would love this idea.
- “Pet-Friendly” Environments – Did you know millennials are very much into pets these days? This is why you need to have an inventory that provides this type of amenity for that demographic.
- “Turn-key” Maintenance? – You heard right. In other words, those millennials want homes that are REALLY updated in terms of all utilities and appliances. Here’s why.
- Party Spaces – You wouldn’t need to be a rocket scientist to know that those millennials would love to entertain guests. But they’ll need this feature in a home to do it.
This is getting heavy, Doc….
We’ve Got You, However, on This Real Estate Market
Preparation. That’s what it’s all about. Whether it’s home staging or a real estate agent who can access all the available homes, RTO or not, with all the correct features millennials are going to want. Because when they buy, people sell. Home improvements, renovations, maybe even new construction – the new millennial generation may drive this focus in.
So let’s align with it. And make the real estate market ready for the future (and flying DeLoreans). Sign up for more information with the HOPE Program today!