Millennials are the fastest-growing segment of home buyers. Millennials are making their way to suburban life faster and more efficiently. Here are the top four ways of how millennials are changing the housing market.
1. Millennials are willing to shop longer for as long as up to a year to find their dream home. With a desire for modern home technology and prime location, they are willing to wait for a sound investment. Millennials are not looking for homes to remodel. By purchasing a brand new home, they expect to enjoy lower maintenance and energy costs and reduce the carbon footprint.
2. Millennials love a smart home with refrigerators, ovens, lights, water heaters, and locks integrated and wirelessly connected. Now, these houses come with specialized closets with hubs, routers, servers, security systems, and backup power supplies to protect from power outages.
3. Millennials inhabit more sustainable communities. They are more environmentally conscious, driving the green housing revolution. Solar panels are a popular home addition for singles family homes with individual unit and battery power management systems. The best part is that most home insurance policies cover solar panels. With smart solar-powered homes with new and more efficient appliances that use minimum electricity, experts project an electric surplus in the next decade.
4. With technological advances and social media platforms, millennials expect a digital home buying experience. Millennials are not interested in spending the day touring homes; instead, they appreciate virtual tours and good quality photos. In fact, according to a Real Estate in a Digital Age report, 99% of millennials start their home search online, and 58% found their current home on a mobile device.
Millennials’ choice of lifestyle is shaping the housing market in new fascinating ways. Companies involved in the real estate network should immediately tap into these trends to avoid the risk of missing this power generation making waves in the housing market.
Follow Martino Realty Group for how to target this massive generation.
