Millennials Expected to Change Homebuying Game in 2015

Millennial HomebuyersMillennials are expected to play a large part in the housing market recovery in 2015.  HouseHunt.com reported that in 2015, millennials will account for 65% of first time homebuyer sales, meaning, those who have lived at home for many years, will now be ready to move into their own home.   This group of homebuyers is expected to purchase more homes than Generation X (those born between the early 1960s to early 1980s) during 2015.

Read about millennials in 2014 here:
https://getrealestatefacts.wordpress.com/2014/11/18/young-home-buyers-are-renting/

As real estate investors, expect to have a larger audience with a higher demand for properties within the next 5 years.   When thinking about rehabbing for millennials, it is important to know what they are looking for in a home, as they have different desires compared to homebuyers in the past.  A majority of millennials prefer:

  • To be close to jobs, shopping centers, night life, and good school districts.
  • Modern and open spaces allowing the entertaining of guests.
  • Small single floor homes with hardwood, tile or laminate instead of carpet.
  • Energy efficient features including solar power.
  • The ability to easily access services while not spending too much on the home, rather being able to save money especially on utilities.

The purchase price plays a large impact on homebuying for millennials as they are known to have a large amount of debt including student loans.  When working with realtors to market to millennials, remember to include these amenities and make the property listing mobile friendly.

Millennials grew up around technology advances, and due to that, they resort to various social media sites and websites sites for information, before turning to family and friends for feedback.  They will also most likely do their own research before reaching out to a real estate agent.

What additional tips do you have regarding rehabbing for millennial homebuyers?