Millennials ( 22-30 years) and Generation X (41-50 years)are unquestionably the products of different eras and life experiences. When it comes to real estate, though, millennials are following in the footsteps of their generational forefathers.
According to a 2016 research by the National Association of Realtors, millennials are not only the fastest-growing demographic in home purchases, but they are also buying single-family homes in the suburbs like Gen-X have for the past 15 years.
Many Generation Z (18-21 years) individuals are reaching maturity and selecting whether to rent or buy a home. If you fall into this class, it's critical to recognize that you're never too young to start thinking about homeownership. The sooner you begin planning, the sooner you will be able to move on from renting.
That could be because one of the most significant advantages of homeownership is having a space that you can genuinely personalize by tailoring it to your style and personality. When you own your house, you don't have to limit yourself to what your lease and landlord will allow for décor, painting, or upgrades.
Not to mention that owning a home offers far more long-term stability and security than renting. When you own a property, you are additionally protected from rising rental expenses because your monthly mortgage payment is fixed for the term of your loan (typically 15 to 30 years).
The Top 6 Desirable Features of the Next Generation of Home Buyers
A new generation of home buyers grew up with smartphones, programs, and the internet as a standard part of their upbringing. They are accustomed to having technology that makes their lives easier and more accessible, so it is not surprising that they would prefer to live in a home equipped with these technologies.
1. The Media Room
Many buyers prefer homes that include a private area outfitted with a high-quality surround sound system, a huge flat-screen television, and the most up-to-date audiovisual equipment.
Some customers are displeased that there is just one high-tech room. If possible, they prefer that their entire house be furnished with the most up-to-date automated system available. Given the growing importance of technology, investing in a smart home is a wise decision.
2. Offices for the household
A home office is one of the most crucial needs for most new generation customers, and it is becoming increasingly popular. If you want to avoid the possibility of repelling some property buyers, don't create a home office with built-ins. If there are many rooms, the purchasers will be able to personalize the home office to their liking. To accommodate printers, computers, and other work-related equipment, they require an office with sufficient space.
3. Wooden floors.
Buying buyers prefer dazzling hardwood floors because they give the impression of a place being fresher, cleaner, and less confined. The sensation of stepping into somebody else's carpet, no matter how spotless and visually beautiful it may be, is not pleasant for some potential buyers.
If you are the buyer and you come across a property that you like but are put off by the carpet tiles, don't quickly go on to the next one. Investigate what's beneath the surface to see if it has a wooden floor that you would appreciate.
4. Cities and Towns
Most property buyers prefer to live in large cities with small metropolitan areas rather than smaller towns. These clients choose to live in places where they can meet new people and maintain their physical activity. Aside from buildings near public transportation hubs, they select facilities that offer the added convenience of a local gym, spa, business center, and so on.
5. Technology Benefits
However, technological advancements do not stop there. Technology is beginning to influence lifestyle in real estate transactions.
When prior generations bought their first homes, they were on their own once the transaction was completed. Generation X and Boomers relied on hand-me-down furnishings, and housewarming presents from family and friends to make their new home a home.
6. More Service, More Personalized
Previous generations purchased properties in a completely different world. Buyers discovered their realtors through personal recommendations, the Yellow Pages, or just stepping into an open house. It was often a stroke of luck if the correct chemistry was there.
However, from dating apps to subscriptions, the millennial age is enslaved and enthralled by technology, which has found its way into the home-buying process.
7. Location Matters
The place is no longer a status indicator; thus, it isn't usually for status if consumers search by location. Many prospective homebuyers look by area if they have school-aged children and want to live in a suitable school district. Perhaps nearby NHS services or public transportation hubs are required. While today's consumers want a more relaxed, rural lifestyle, they want to be close to conveniences.
8. Aspects of Cost
Most real estate searches feature a drop-down menu from which customers can select a price range. Even though having a plan is essential at any point in time, it is imperative now when new home construction is declining, and home prices are rising. Even though pre-owned homes are in high demand, there is a chance that yours will not sell in the time frame you have specified.
Ways to Attract the Next Generation of Homebuyers
1. Images and videos of high quality
The real estate sector used visual media extensively to advertise properties and attract purchasers. With more individuals buying houses sight unseen and more people utilizing the internet to browse homes, high-quality photos and video are more critical than ever. Images and video are so important that 92 percent of consumers aged 40 and under said having pictures on a real estate website is highly beneficial, according to the National Association of realtors' 2021 Home Buyers and Sellers Generational Trends Report. Although this may seem simple, we urge real estate companies to invest in unique, high-quality images to ensure they stand out and make an excellent first impression. Potential buyers can use visual material to imagine themselves living in the place and getting to know the home better, especially if they cannot go to an in-person showing. Using stock photographs is also insufficient, particularly for area and property photos.
Not only will high-quality images and videos on your website appeal to younger generations, but well-optimized images and videos will increase your site's search engine rankings. Do you want to learn how to optimize your photographs and videos for
2. Property details in great detail
Providing extensive information about homes allows buyers to assess whether a listing is suited for them quickly. Though most real estate listings include the fundamentals, such as an address, property type, square footage, and so on, incorporating additional information will help your listings stand out. Highlight distinctive characteristics of the properties in the listing description, pictures, or videos, such as extra rooms, fireplaces or wood-burning stoves, walk-in closets, office spaces, and more. Draw a mental picture of what it's like to live in that place. Too often, generic property descriptions are placed into the MLS, missing out on the potential to emphasize lifestyle factors.
3. Neighborhood knowledge on a hyper-local scale
Similarly, when Millennials and Gen Z use the internet to study new homes, they also look for more information about the community. Getting hyper-local can also imply concentrating on a neighborhood, community, or development. Young buyers want to know about the qualities and attractions that distinguish the district and nearby locations. Some features and attractions might include, for example, places to dine, entertainment alternatives, and current property values (and growth potential), to mention a few. This material can be included on your website through blogging, videos, social media channels, and other means.
Creating hyper-local content can also help you represent yourself as an expert in your area and gain and build trust with buyers of all ages.
4. Viewing of floor plans
Continuing the theme of the more information, the better, younger generations feel that examining a house's floor plan is extremely valuable to them. According to the NAR's 2021 Generational Trends Report, visualizing floor plans was significant to 73 percent of consumers aged 31 to 40 and 69 percent of 22 to 30. Seeing the floor plan and how everything is laid out – and with measurements – can help potential buyers see themselves living there even more; especially being able to determine if the furniture they already have will fit and if they like the flow of the house, which is essential when a home doubles as an office, a gym, and other uses.
5. Virtual tours and 3D tours are available.
Young purchasers who cannot visit in person will benefit from 3D tour features and virtual tours, which create a more immersive experience. Buyers can "walk through" a house, room by room, to see the layout and any distinctive features. 3D virtual tours and 360-degree virtual tours are examples of virtual tours. 3D features provide the height, breadth, and depth dimensions of a home as you go around it, whereas 360-degree tours are akin to panoramas in that you can see the space or a single room from all sides.
6. Websites and content that are mobile-friendly
Because we live in a mobile-first era, it is critical to have websites and content optimized for mobile devices. According to the National Association of Realtors, 87 percent of homebuyers between 22 and 30 used a tablet or mobile device to search for a home. As a result, your website must be mobile-friendly to make it simple to navigate, access information, and display your listings on mobile devices. Furthermore, visual communication, like photographs and videos, has a better chance of being clicked on, shared, and seen on mobile devices, so ensuring that your visual media is appropriately sized is critical. Creating a mobile-friendly website and content requires careful consideration of the information available and how it is presented.
7. Contact information for a real estate agent
Even though many Millennials and Gen Z buyers search for homes online and educate themselves on the home purchasing process, the real estate agent's job remains critical. People are now searching for agents to assist them in answering their inquiries, negotiating on their behalf, and serving as a support system during this life-changing process. It is critical to have an agent's contact information prominently displayed on your website, along with a call-to-action. As simple as it may appear, make sure your website header has an easy-to-click phone button with your phone number so visitors can call you with a single click. In addition to contacting you with questions readily, Millennial and Generation Z homebuyers are increasingly seeking life advisors who can help them understand where and what to live. Many Millennials have delayed purchasing a home to have more money to spend now, while others are trying to earn passive income from their property and invest in a fixer-upper. Showing up for the next generation of homebuyers ready to share your knowledge to help them with anything they need can go a long way toward creating relationships, as well as repeat and referral business, for life.
Conclusion
Even though you're the only one thinking about what to do next, you're not alone in your thoughts. Just remember that it's never too early to start weighing the advantages and disadvantages of homeownership versus renting. Speak with a real estate specialist if you want to learn more. You will benefit from having a dependable specialist at your side to guide you through the process of evaluating your alternatives.
Similar to how purchasers' preferences evolve, so should the property's structure itself. A well-timed investment in future upgrades to the house you intend to sell could result in a significant return on your investment on the closing day. Regardless of the ups and downs of the market, real estate remains an appealing investment option for many. Not only will you sell your house quickly, but you will also sell it for a reasonable price if your property meets the expectations of the new generation of purchasers.
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