Three Real Estate Trends for Millennials
There is no doubt that the majority of Millennials are more comfortable with using technology than previous generations. The simple fact is that most Millennials barely remember a time before cell phones were everywhere. As a result, these individuals are prone to use the Internet to gather information on virtually every aspect of their lives. This habit of course applies to making big purchases, such as buying a house.
#1 Doing Online Research
While no group behaves in a uniform fashion, it is quite common for Millennials to look extensively at online reviews when they are considering new homes for sale. If a home builder has a focus on quality and has good online reviews, you can bet that most prospective Millennial homebuyers will know it.
One significant trend with Millennial homebuyers is to use online tools and sites such as social media. Sites like Instagram, with its focus on visual information, is a key online tool that Millennials will tend to use in their quest for a home.
Buying a house is a decision that Millennials take very seriously and they want to know that they have done their homework before even engaging with a builder. When Millennials see homes for sale in the Bay Area or elsewhere, you can be sure that they’ll do their homework before visiting the community.
Since Millennials are history’s most educated generation and have fully embraced online research, real estate agents are often seen as being less crucial to the real estate process. These individuals often have done their own research on what areas are likely to be “up and coming” and what new homes for sale are the best long-term investments.
#2 Seeking Attractive Options and Eco-Friendly Features
Another important real estate trend for Millennials is that they generally look for a house that meets all their needs. In particular, they want homes with high-end amenities as well as a variety of technologies designed to integrate well with an always connected, always online lifestyle. Eco-friendly options such as solar roofs, sustainable materials, and low flow faucets and toilets are becoming increasingly commonplace – especially in Northern California. Savvy homebuilders with homes for sale in the Bay Area realize this fact and have adjusted accordingly.
#3 Openness to Renovations
Conversely, Millennials are more willing to jump in and try their hand at a moderate or even significant renovation project. The popularity of home remodeling themed shows partly explains this trend. In part, these programs have helped spread the word regarding what home renovation nightmares may be lurking and how to prepare and even avoid potentially negative issues.
In an effort to avoid these pitfalls, many Millennials are attracted to new homes with modern design and finishes and the ability to bring their own style and make upgrades as time goes on. A new home, not only comes with all new materials, but most have a warranty. Millenials appreciate and see the protection and advantage in avoiding huge expenses on replacement items, such as air conditioners, water heaters, and roofs.