Millennials (18-34) are the largest generation ever at 75 million. They grew up wired into technology. They eschew ownership and the maintenance that goes along with it. And they highly value the environment. These unique preferences have already begun to impact real estate trends. With that in mind, here are the top features home buyers want in today’s market:
1. Modern Floor Plan
Today’s buyers want open, modern floor plans. They want kitchens that are open to dining rooms and living rooms. They want walls taken down between rooms on the main level. And they want lots of natural light.
Buyers prefer to have both a formal and an informal dining room, and great room concept kitchens that allow people to gather and to eat in the same spaces.
Buyers want homes that cost less to maintain, and that have a low impact on the environment. Energy efficiency addresses both the economic and the environmental concerns that today’s buyers have. High efficiency mechanicals, insulation, solar panels, and low-E windows are all desirable.
Environmentally-friendly and sustainable materials are also appreciated. Natural hardwood floors, cement board siding, zero voc paint, and perennial landscaping are all highly valued.
When it comes to buying a home, today’s buyers want the major remodeling already complete. A turnkey home, in move-in condition with updated baths, kitchens, and lighting, is what buyers want.
Buyers will pay the premium for a remodeled home, which means less hassle and out-of-pocket expense, and overall less maintenance. This is especially true in today’s low interest environment, where buying more home only costs a few dollars more a month in payment.
4. Walkable Location
Buyers want homes in walkable locations, near transit, retail, parks and trails. They prefer not to drive and would rather walk or bike to locations in or near their neighborhood.
Buyers prefer to avoid the expense and hassle of a car. They want to walk or bike to locations near their home, and spend more time getting to know their neighbors and localities on the ground.
5. Integrated Technology
Buyers want homes that have lighting, security, energy, and music systems wired into the home, controllable by phone and from remote location. They want the convenience and cost-savings of smart thermostats and lighting that reduce power consumption when the owner is gone.
Buyers want to stream their music libraries over home speaker systems, and create lighting displays for dining or entertaining quickly with the push of a button.
Most of these trends are long-term and so sellers can feel comfortable investing in these updates over the course of their ownership. And for those with a short window to sell, you can pick some or all of these upgrades to make your home more desirable and “current” for today’s buyers.