Millennials are currently the largest group of homebuyers. They are 35 percent of the homebuyer market today. It would be remiss to not fully examine the specific needs and desires of millennial home buyers. So, what do they want?
Profile Of Millennial Homebuyers
Millennial homebuyers are homebuyers born between 1980 and 2000. Their median household income is slightly below the market average. Theirs is $88,200. Homebuyers of this generation are usually married couples, but the second largest group of millennial homebuyers are single women. These adults are looking for homes that they can just move in and decorate. They don’t want to have to fix things up. They don’t want to make repairs. They want appliances that are less than a year old and they want them energy efficient. They don’t want to replace toilets. They don’t want to add new gutters. In fact, they don’t even want to have to clean gutters, so adding gutters with screens is a huge selling point for this group.
They want easy to maintain landscapes in suburbia. See, only 15 percent of millennial homebuyers will opt to live in an urban area. So, if you live in suburban areas around Midland, your home is going to be worth much more to a millenial. This is the largest home purchasing group at the moment.
What Do Millennials Look For?
Millennials want to live in walkable suburban communities. They don’t need a huge home. Just so long as the home is larger than 1,000 square feet, most millennials will be satisfied on one condition: They want more open spaces in their homes. Some homeowners are performing do-it-yourself upgrades like removing walls between kitchens and living rooms to satisfy the desire for an open floor plan. Don’t assume your house won’t sell because it’s under 1,800 square feet. Millennials are smart about what they can afford and don’t want to waste their money on extra space and extra energy costs. They’d rather find a home that fits them just right.
Millennials also want their homes to have accents that are share-worthy on social media. What does that mean? Well, they don’t want a white refrigerator; they want a stainless steel fridge. They don’t want a black stove; they want a stainless steel stove. They don’t want a formica countertop, they want a nice quartz or cement countertop. They also really want enough outlets to plug things in.
Marketing To Millennials
As far as how millennials find homes, it’s almost exclusively online. They will want us to take plenty of pictures of your house. So, if your house is the type that will attract millennials, these photos will be more important than any open house.
Remember, this group of adults makes up 35 percent of the homebuyer market. You don’t want them to pass by your house over amenities that you might be able to inexpensively provide or a lack of online photos!
Are You Buying a Home in Midland?
The Underwood Group is a team of top real estate professionals in Midland. We know Midland real estate, so if you’re thinking about buying with this kind of market, you’ll absolutely need our expertise. Call our team of Midland real estate agents at 432-698-0411 today.
If you’re looking for a new home, search by school district or search Midland real estate listings by price:
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Hoping To Sell A Home In Midland?
It won’t be hard to sell your Midland home, but when you choose to list your house with us, our experience can help ensure that you get the highest return on your investment! Plus, Midland 1st Choice Real Estate offers a Free Market Analysis to clients. This free analysis provides our clients with the best comparative value by looking at similarly featured home recently listed and sold.
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