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What are Millennials Looking for in a Home?

We’re used to thinking of “home” as a universal concept, but the younger generation is turning that notion on it’s head a bit. Home-buying millennials typically fall into the 18-35 year old range and are known for being tech-savvy and knowing exactly what they want in a home. As a seller, it’s important to know what this generation is looking for, because it’s expected they’ll make up about HALF of the first time home buyers in 2017!
Many millennials are moving from renting in an urban environment but as they get older and start thinking about having a family, they prefer to leave the city for a suburban setting with easy access to public transport.  This is good news for sellers in the suburban Philadelphia area – homes in Montgomery County are just a quick Septa ride away from the city!
Now, let’s think about what exactly these buyers are looking for. Since most are using almost all of their savings on a down payment, they want something move-in ready, generally. That’s not to say there aren’t millennials looking for fixer-uppers, but the majority don’t want to have to spend money they don’t have getting their home up to par! Things like updated kitchens, baths and hardwood are crucial. If your home is carpeted, be sure to specify if their is or isn’t hardwood underneath.
Staging is also a crucial element to attract these buyers. They want to be able to look at your home (and they’ll be looking online first – so it’s important to get your home ready to go viral!)  and imagine what it’ll be like when they’re living there.
Something that’s fairly new in the real estate game is smart home technology. This is essential for young buyers. They want to be able to come inside and control the lights, the heat, even open the front door with their smart phones! This may seem a bit confusing or overwhelming, but fear not! Coldwell Banker, a leader in innovation, has you covered with our Smart Home Staging Kit. You can learn all about Smart Home technology there or contact one of us at Coldwell Banker Realty Corp. We can talk you through the ins and outs and get your home “millennial ready” painlessly!
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