NEW YORK – Feb. 13, 2014 – Millennials, those born between 1980 and 2000, are the second-biggest segment of homebuyers, behind Generation X (those born between 1965 and 1979), according to a 2013 National Association of Realtors® study on generational housing trends.
Real estate professionals told ABC News recently of some “must have” features that tend to be in high demand among young buyers. Some of those “must haves” include:
1. Updated kitchen and bath: “The primary reason young buyers seek updated kitchens and baths is because they have limited budgets,” says Jack Curtis, a real estate professional in Dublin, Ohio. “Most of their savings will go toward the downpayment and furnishings. Kitchens and bathrooms are also the most expensive parts of a home to update, and young homeowners cannot afford to sink a lot of money into those areas.”
2. Big kitchen with an open floor plan: “The kitchen has become the hangout room along with the family room,” says Lou Cardillo of The Lou Cardillo Team in Yorktown Heights, N.Y. “An open space that can easily transition from kitchen to TV room is high on the list of the perfect home for young buyers. In essence, the kitchen is the new living room.”
3. Home office: “As technology continues to make us more mobile, young buyers have more options than ever to work from home, depending on their job,” says Paige Elliot, a real estate professional with Dave Perry-Miller & Associates in Dallas. “Having a dedicated space is important because it will help keep them focused and concentrated on work while they are at home on a Skype call, planning a presentation, setting up their workday or simply paying bills.”
4. Location: “My young buyers look for properties that are in proximity to public transportation and that have a good walking score,” says Allison Nichols, a real estate professional with Related Realty in Chicago.
5. Technology: A home’s appeal can be increased if it has a strong mobile carrier’s signal or its list of Internet service provider options, says Cardillo. “Internet and cell service matters a lot to this generation, and they’re going to ask, so you need to have answers,” Cardillo says.
Source: “Top 10 Must-Haves to Sell to Young Homebuyers,” ABC News (Feb. 10, 2014)
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