Millennials are changing the market. With so much debt going into student loans and difficulty with finding careers, this has a direct impact on the way in which Millennials will evolve to create their long-term living situation. It is a well-known fact that young adults after college are moving back home to live with their families. They are not looking to settle down and start a family or create their own new home as previous generations. This isn’t to say that they lack the inspiration and desire, but they financially cannot afford to invest in a Single-Family Home.
More young adults are turning to Apartments and Condos more than anything. It is significantly less of a responsibility and it is a short-term commitment. Millennials embrace the newest and upcoming things. Being tied down to a long-term commitment is unappealing, most are looking for a firm and strong financial investment. Young adults desire the freedom to own a home at some point, but for the time being starting off they like to keep their options open.
Home Buying, on the other hand, is a different ball game. Millennials are looking for strong investments. The ideal home for a new young buyer is a small yet spacious, high-quality home located in the suburbs. As mentioned, young adults embrace the newest things. Open Floor Plans and other spacious living areas are ideal in today’s market. In regards to the concept of not wanting to be committed, they want homes with flexibility. They look for Outdoor Areas, Big Kitchens, and spacious rooms.
More than 50 percent of millennials search for homes on their phones and, among those, 26 percent end up buying a home they found that way, according to data from the National Association of Realtors.
Being Mobile-friendly is important nowadays. Communicating by text and having simple, easy layouts is more popular for not only young adults but all home buyers or sellers. And this isn’t only applicable in the Real Estate Market, you can notice this anywhere today!
Helping everyone succeed in the Real Estate Market is our goal. Contact us today to Buy or Sell your home. We would be more than happy to help!
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