Millennials are taking over the housing market. Real estate businesses are learning that there are significant differences between millennial homebuyers and previous generations. The more real estate business study millennial home buying trends, the better they can tailor their services and marketing efforts to meet their wants. Here are a few examples of prominent millennial home buying trends we have seen so far in 2019.
So far this year, we have seen that millennials are making smaller down payments to purchase homes. Ellie Mae’s Tracker, a mortgage software firm, concluded that the average down payment millennials make on homes is 11%. This is significantly less than the 20% downpayment older generations consider to be the standard. Instead of waiting several years to save up 20% for a downpayment, many millennial homebuyers have decided to leap into homeownership in 2019.
While many Millenials aren’t afraid to get their hands dirty, we have seen an increase in popularity in move-in ready homes. Millennials enjoy putting their own spin on their living space; however, that is in reference to cosmetic changes like painting walls or retiling bathrooms. We have seen many homebuyers shy away from property listings that are fixer-uppers.gr
Millennials love opportunities to save money on their utility bills. This is why energy-efficient appliances are becoming increasingly sought-after by homebuyers. Also, many millennial buyers want to lessen their carbon footprint from their homes by purchasing energy-efficient amenities. Many real estate agents today highlight these features when promoting their home listings because they know this is what the younger generation of home buyers are looking for these days. Examples of such include energy-efficient appliances, LED lighting, upgraded insulation, and filtration.