Millennials made up the largest segment of the buyer market in 2015, and real estate agents and sellers are paying close attention to what these younger buyers would like in a home. This age group (defined as those born between 1980-2000) is especially likely to appreciate the following features:
1. Updated kitchens and bathrooms. It’s tempting to think that young buyers simply don’t want to do the work associated with a major home renovation project, although it’s more likely that most young people simply can’t afford these big updates after buying the home. Instead, they’re more likely to be drawn to homes that are in better shape with a slightly higher price tag, as they are will cost less money later.
2. Home offices and flex space. More and more young buyers are working from home. Even if it’s simply a small room in a finished basement, a modest den, or a petite fourth bedroom, Millennials may be more likely to consider homes with this additional flex space that can be used for a home office.
3. Location. In 2015, Millennials across the nation traded in their urban apartments for their own places in the suburbs at rates we’ve never seen before. The most preferred suburbs are ones with a walkable downtown area (think Media, Phoenixville, Glenside, Doylestown and Ardmore) and near major highways and employers. Millennials are willing to pay a far higher price for homes located in a safe neighborhood and walkable to restaurants, shops, and fitness studios.
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