3 Ways Millennial Homebuyers Are Influencing The Market
The presence of millennial homebuyers in the workforce is affecting different industries, for better or worse. More of this generation are occupying higher positions in enterprises and markets, allowing greater versatility and development of market trends to fit theirs and the younger demographic. Although millennials arrived late to the home buying scene, they are introducing some exciting concepts that can change the real estate market game completely.
1. Options are broader for the millennial market
When it comes to attracting millennial buyers, selling a property to them can be more complicated compared to earlier generations. Student credit debt is a common concern for these individuals, so they’re reluctant to commit to a home early on. Because of this, they’re particular about the benefits and advantages that a starter home can give them.
Real estate deals back then relied on limited personal referrals. However, with the internet’s help, there are now many opportunities for millennial buyers to compare their options. The buying process is now more competitive, especially since buyers can access different catalogues to match their housing needs.
2. Personal preferences are critical factors that buyers consider
Millennial homebuyers have their own preferences and needs, which can range from larger yards for pets or closer distances to urban amenities. Location preference is one of the many reasons why millennials choose to purchase apartments and condominiums over starter homes. Their accessibility to public transport is one of the more prominent reasons why they’re popular.
Millennial buyers are particular with their wants and needs. In fact, customisable homes are more likely to be sold than those that are not because home buyers want to design their homes as their personal space. They want to add their own touch in their potential home and consider their wants and needs before saying yes to a property. Throw in a few free repair and installation services and the home becomes a sweeter deal for potential buyers to consider.
3. Technology paving the way for modern selling methods
Many millennials are becoming more environmentally conscious, which is why energy conservation is one of their main concerns. Homes equipped with alternative energy options as well as smart HVAC systems are some notable features that buyers may be looking for.
Millennial homebuyers also choose to look online first before attending open houses or viewing a property they like. They are active in social media networks and even search for homes in this platform instead of relying on real estate listings. This demographic also appreciates documentation tools such as drone shots and livestream open house events so they can have a clearer picture of the property without actually being there.
More millennials are reaching the age where they have to consider the stability of settling down. They are changing the game of how sellers can attract buyers from this demographic since millennials are more tech-savvy and look for potential properties online. Millennial buyers are also particular with their wants and needs, and they incorporate those when choosing the home of their dreams.
If you are looking for your dream house, we at Balfour Homes can help you find, build and finance your prospective living space. A team of talented professionals, we can find the best property for you across Australia. Get in touch with us today, and we’ll find the right home for you!