Millennials are known to be picky shoppers. For example, they’ll search online for days before actually purchasing anything — all to make sure they get exactly what they want. They treat buying a home no differently.
Research shows that 65.3% of Millennials believe that homeownership is part of the American Dream. Unfortunately, because of stagnating wages and a high increase in student loan debt, saving for a down payment is becoming more and more difficult — especially for the Millennial generation.
Because of this, Millennials are very specific in their wants for their first home. They will research long and hard to make sure they are getting the most bang for their buck. Not surprisingly, they really value the help of a professional realtor…and their own parents.
Since this generation pretty much grew up online, Millennials buying homes rely on the internet to find their dream home. A study shows that 99% of Millennials searched online when looking for a new home and 58% found their current home on a mobile device. 76% of Millennials drove by a home because of an online ad and 64% did a walkthrough after viewing an online listing. This generation is full of discriminating, tech-savvy researchers who won’t stop until they find exactly what they want.
Millennials buying homes have a pretty hefty wish list. They want updated kitchens and bathrooms, energy-efficient features, an open floor plan, a home office, a good location, good internet, good cell service…the list goes on and on.
Once Millennials do finally find a house that meets all of their needs (and once they’ve saved up for a down payment), their immediate desire is to customize and redecorate it to their exact liking.
Millennials buying homes are charting their own course when it comes to decorating. They are a generation with a well-developed sense of taste that follows fashion and style. But they also want good design at a good price. In other words, the milk-crate nightstand and wooden spool coffee table that used to populate starter homes just isn’t cutting it anymore.
Millennial tastes are driven by online muses, reclaimed styles, personalized DIY items, and the desire to entertain. It sounds expensive, but in actuality, Millennials are good at having high style taste on a low budget. To accomplish this, it’s all about the mix—new and old, expensive and cheap, DIY and purchased. Millennials have a very eclectic style and are more conscientious about where items come from and how they are made.
Leave it to the Millennials buying houses to change the face of real estate. New homes and ready-to-move-in houses are the ones that are going to be moving in the real estate market, thanks to the Millennial generation. They’re revamping the housing market until the next generation comes along.