Make Way for Millennials
By Ale Zamora
Whether you’ve spoken the word over the last few years, or maybe you’re one yourself, you’ve surely heard of the millennial population. A millennial, as defined by most websites, includes anyone born in the late 1980s or 1990s. There’s a lot you’ve probably heard about this group of young people, and other than consuming extraordinary amounts of avocados and seemingly always having latest version of the iPhone, there’s a lot millennials are changing, especially in the real estate world. Keep reading for trends that are appealing more to millennials and changing the way real estate is done.
The Social Media Influence
Technology is a unifying factor tying all millennials together; not only are they using it often, they know how to work it, and are using it to move the future. In the same way, it’s also the main vessel in which information is viewed these days. In terms of real estate, millennials are using media to discover houses and neighborhoods. Popular apps like Zillow, Trulia, and Realtor.com are like dating profiles for houses; it gives users a useful, simple breakdown of a listing, complete with pictures and estimated mortgages. Sharing listings on apps like these as well as social media sites like Facebook and Instagram will surely attract more eyes to your listing and especially appeal to this younger generation.
The Waiting Game
Work life plays a huge role in what the future holds for a millennial. With this group, the typical 9 to 5 jobs that most baby boomers held are not on their horizons. Rather, they’re searching for jobs where they can find their identities, and now more than ever, with digital and creative- based jobs opening up, technology is allowing these young people to be more flexible and purposeful with the work they do. But with this comes a longer waiting period- Byron Carlock, a national real estate practice leader, said, “[Millennials] have waited longer to enter the market, so their income levels are higher. In addition, they may have avoided renting by living at home or with roommates, so they have more saved to apply to their first home purchase.” So, while they may wait longer, the prices they’re able to afford to get the perfect place will be much higher (as will be their expectations).
An Eye for a Different Design
When it comes to home designs, trends show millennials looking for that happy medium between a home full of character and a space they can design and make their own. This also means that more millennials aren’t opposed to having a renovation project- this allows them to score that vintage buy while making all the necessary changes on the inside, like new kitchen appliances, open concepts, and environmentally friendly energy systems. Check out Business Insider’s infographic in the link below to see more of a breakdown of what millennial patterns are showing.