According to the latest statistics from the National Association of Realtors, millennials comprise of the largest generational group purchasing homes. At approximately 35%, homebuyers 35 years and younger lead the pack with a median age of 30 years old. The millennial generation is heavily impacting the homeownership and home sales. Since these buyers represent the biggest pool of buyers, it’s important to evaluate what these purchasers want to see in a home. Most of the features are also now indicative of what the mass market wants also. Below are just a few of the must-have features that are topping their list.
At the top of their list is an open concept floor plan. Gone are the days of the compartmentalized cape cods. The old adage remains the same that an updated kitchen is valuable but even more so if there are no longer walls or upper cabinets that close off a room to the kitchen. Buyers are visualizing their home as a place to entertain large groups of family and friends. Having the kitchen wide open to the family room and visible from other parts of the home are extremely important for this generation of purchasers. Ditching a formal living room and/or dining room is also permissible to accomplish this look/feel. A feeling of openness can sometimes be easily achieved or in other cases require major renovation.
Another popular feature for most buyers is a room or space within the home that can be designated as a home office. According to a Forbes.com article from 2013, one out of five Americans work from home at least once a week. That’s 30 million teleworkers. The latest telecommuting statistics show 3.7 million work from home at least half the time. So, a room that can be distinguished as a home office has become more important than ever. Ideally, a room that is inspiring, yet distraction free. Often times, the formal living rooms of yesteryear are being converted into an office that can be closed off and kept private. Most buyers are also wanting these office spaces to be on the main floor. It’s not often that the work spaces need to allow for client visits but that could also be a nice perk if given the option.
The millennials certainly lead the pack for being a technology driven generation but all buyers nowadays are highly interested in what Internet service is provided at the home? Some of this may be outside of your control but purchasers are very concerned if there’s high-speed internet available. This points back to the increased amount of telecommuting but it also is a needed modern amenity. A huge negative for new construction homes is if it’s being built in an area that does not have Internet service providers already provided. If you have the capability of requesting fiber optic lines to be installed in/around your home… DO IT! This small feature has become surprisingly of utmost importance.
The last feature of a home is NOT something that you have to actually do to your home. It’s simply a must-have of marketing your home to today’s buyer. You NEED professional photos taken of your home and placed online. According to the 2015 statistics from National Association of Realtors, 42% of all buyers first step was to look at homes online. Of all the buyers who used the Internet for searching, 87% of them found photos to be useful. Many buyers are eliminating dozens of homes from their potential list just by swiping through pictures. Competitive sellers will want to ensure that their listing has a strong online presence.
Whether you’re looking to sell in the near future OR just want to have your home current to market trends, the previously mentioned items are things that you may want to consider. Although the younger buyers are leading the pack, all purchasers are looking for an open concept floor plan. And with more people telecommuting (and that number expected to keep increasing) the creation of a home office could be a valuable endeavor. Hopefully, you already have high-speed Internet but if you don’t perhaps you can make requests to get lines installed. Lastly, to make your home really shine be sure to have high-quality photos taken for marketing purposes. For other great tips on preparing your home to sell, be sure to check out articles on Selling A Home.