The Millenial generation, Gen Y, has very unique demands when it comes to their home buying decisions. These unique opinions on what defines their "perfect house" comes from an upbringing that vastly differs from previous generations. Here are 6 factors you should consider if you plan on marketing to young homebuyers.
Having green features in your home is no longer a bonus; it's expected. Young homebuyers are looking to not only save on their utility bills, but they want to conserve resources and leave a smaller carbon footprint on a daily basis. They're looking for energy efficient windows and appliances.
Nearly two-thirds of Millenials surveyed said they would not move into a home that was not tech-friendly. Having a home wired with ethernet is a bonus, but no longer a requirement in the age of WiFi. Home tech goes beyond the home network, it's all about being fully connected to their homes. Young homebuyers want a security system they can access from a mobile app. They want LED lights, plasma TVs, and an HVAC system they can control from the phone or tablet that they always have with them.
Gen Y'ers don't see a 4 bedroom house for sale. They see a master bedroom, a future child's room, an office, and a home gym. They want a home that can conform to what they need rather than being boxed in to a layout that doesn't fit their lifestyle.
Young homebuyers favor smaller living spaces over big square footage. They are accustomed to efficient apartment-style living and expect a property that fits their lifestyle. Large foyers and bathrooms you can play baseball in are considered decadent wastes of space by Millenials.
Millenials do not want separate kitchens and formal dining areas. They want open floor plans that are easy to keep clean and entertain in. This ties in nicely with their other demands of flexible spaces and smaller square footage. Ultimately, they want a home that they can adapt to suit their habits, hobbies, and schedules.
Young homebuyers want a home that is move-in ready rather than a fixer-upper at a lower price. They don't have time for remodeling nor is that a popular interest in this generation. The Gen Y crowd wants a low maintenance home that they can call their own.
If you're looking to market your home to the Millenial generation, give Coldwell Banker Plaza Real Estate a call at (316) 686-7121. With a few simple upgrades, you might be sitting on their perfect home!