Tendencies And Preferences Of Millennial Homebuyers

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August 01, 2017

Young people are indeed savvy with technology. According to new research, 99 percent of Millennials searched online when looking for a home, and 58 percent found a home on a mobile device.

Through Business Insider, an infographic from Nationwide Mortgages reveals how people between 18 and 34 are redefining the housing market. Millennials are the largest group of homebuyers, and the majority of them are first-timers. They are more likely than other age groups to associate homeownership with the American Dream, and they are more likely to purchase a home through a real estate agent.

Millennials prefer new homes, which are less likely to have plumbing and electrical issues, and they are less likely to think of homeownership as permanent. Rather, their home will be a stepping stone to more purchases down the line.

Young buyers want luxury kitchens, solar panels, new appliances, and smart home products.

Though some of the things that millennials want are treasured by other generations as well, millennials are having an impact on the industry just by the nature of their growing influence on the market. And for anyone that’s selling a house or making investments in real estate, this is a factor that should be taken into account.

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