Millennials are finally shedding student debt and entering the home buying marketplace in greater numbers. Thirty-six percent of today’s buyers, the largest percentage of any group, are Millennials, according to a 2018 National Association of Realtors report. As a group, these buyers have definite preferences when it comes to features and amenities in their homes. Emphasizing or adding one or more of the following features just may help you sell your home more quickly.
A Smaller Floor Plan
Previous generations may have believed bigger was better, but not Millennials. They’re rejecting McMansions and large homes in favor of those with smaller floor plans. The National Association of Home Builders noticed that square footage in new homes began dropping in 2015, the first downward trend since 2009.
Although the trend was identified in new construction, it provides valuable information about the preferences of homeowners as a whole. In the past, a smaller home may have been overlooked. Today, emphasizing your home’s more modest square footage may help you attract buyers.
and Green Features
Millennials favor homes that offer environmentally friendly features, including
- Solar roof panels
- Programmable thermostats
- Energy-efficient heating and cooling systems
- Remote-controlled LED lighting
- Ceiling fans
- Motion-activated faucets
- ENERGY-STAR certified appliances
- Low-E windows
- High-efficiency water heaters
- Water-conserving dishwashers and washers
- Low-flow showerheads
- High-efficiency toilets
- Whole-house air cleaners
“The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons – including control of living space, flexibility in future decisions, privacy and security, and living in a nice home.”