Millennials. It's a term used to describe people born between the early 1980's to around the year 2000.
Recent research reveals that within three years, more than 40% of home buyers will come from the millennial generation, as many reach their peak income-earning years.
Many millennials view property differently because they often manage strict budgets, and can therefore be more price sensitive.
Having grown up in the technological age, millennials are typically fluent in accessing and analyzing the enormous amount of information available on the internet, so they know how to find properties offering them value for their money.
Many millennial buyers understand that they need to start with a smaller property or unit as a stepping stone, or buy in a city or town where prices are more affordable.
So, what are millennials looking for in a property?
If you are selling your property in a geographical location with a high demand from millennials there are certain features this demographic looks for.
Technology and modern design elements without a doubt have the most influence on what millennial buyers find attractive in a home.
Wireless internet coverage and/or fiber optic connectivity, as well as “green” features and innovations are all likely to be included in the consideration-set for millennials.
Internet/broadband coverage is a top-of-mind consideration for this generation. A young family buying into a long term commitment wants to know that access to the internet will be fast, reliable, and also open to competition between providers.
The trend for many millennials is to include a work station at home as many are now working remotely from home full-time. A tip is to evaluate plugs and nearby shelves in bedrooms that could double as a home office.
With work and homework high priorities, these buyers want to know how easy it is to set up tech hubs in certain rooms of the home. With a few touches of technology or by adding connections, you could make your garage easily adaptable as a second or third office if needed.
Open plan lounges, kitchens and outdoor entertaining areas are popular with young buyers. Make every effort to present these spaces as great for entertaining friends.
It is important to add that in the late-20's to mid-3'0s category buyers are often starting a family, or plan to start in the near future. Therefore, the interior and exterior areas must seem applicable to young children and pose no safety risks. It is always an advantage to be located close to neighborhood parks, schools, and other amenities appealing to young families.
Lastly, a sustainable future is a sentiment often expressed by millennials, and more and more inquiries about renewable energy and solar-powered facilities are being received. If you have solar power installed, external lighting powered by the sun, or harvest rainwater, this is definitely attractive to the millennial generation.
Millennial buyers are a force to be reckoned with in the local property market, and many sellers are realizing the potential of penetrating this market.