How Millennials Affect Real Estate
Updated: Dec 6, 2019
Did you know that Millennials now make up a total of 32-percent of home buyers in today’s market? It’s a fact and as a result, their view of the world has added a very interesting dynamic to the real estate industry. The lifestyle habits of Millennials are directly to blame – or credit – for how the real estate market trends have changed in recent years. Millennials are focused and know exactly what they need and how to get it. When that relates to home buying, it really does create interesting results. So what exactly have Millennials done to home buying trends? Here’s a look at five interesting facts about Millennials and the real estate market.
1 – Renting Rules
Millennials would rather rent than buy property. Partly this has to do with the fact that the average Millennial does not see themselves as being ready for the commitment of owning and managing property. Yes, they do eventually buy, but not until they find the trendy, expensive and exclusive places to live and only after years of careful consideration.
2 – Net Savvy
Thanks to Millennials growing up during the internet age, they naturally gravitate towards the online tools at their disposal to house hunt. In other words, they don’t normally contact a Realtor until they’ve done their online homework. This is also why it is important to have your home listed with a real estate agent who has an active website to post it on.
3 – Small Is Big
As Millennials are big on minimalist living, which essentially translates to mean less stuff and less space for less stuff, smaller floor plans are popular. Flexibility is the key with this specific generation and a reduced carbon footprint. So, if your tiny house has energy efficient appliances, you would find your property on the radar of the average Millennial house shopper.
4 – Low Or No
Here’s an interest point. Millennials on the verge of buying a home are seeking locations that would be considered low or no stress environments. In fact, since Millennials have no desire to work from home, they want their home to be a place of rest and refuge. Plus, they want it to be located not far from where they work. Long commutes are not part of the equation.
5 – Family Decision
Here’s something you may not have known about Millennials and the real estate market. When the decision has been made to enter into a home purchase, family plays a huge role in the final process. That’s partly due to the fact that parents will be providing down payments or holding the mortgage in many cases. Still, it adds some extra security to the transaction.
Consider the Niagara Region
Thinking it’s time to enter the real estate market? Millennials make up an interesting part of today’s home buying demographic and there are many excellent homes in the Niagara region that could be a perfect fit.
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