Low interest rates are pulling Millennials into the housing market, where they are more likely to bet on riskier homes and want larger homes, according to Clever’s 2021 Millennial Homebuyer Report. After surveying 1,000 prospective homebuyers, Clever found 71% of Millennials would purchase a fixer-upper and 80% could be persuaded to purchase a home sight unseen. Low interest rates are the main reason 40% of Millennials are seeking to purchase a home and a must-have feature for these buyers are homes around 2,400 square feet in size. Read more to see Millennial buyer must-haves.
Although a fixer-upper might seem like a steal, they can be costly to repair and maintain — a major challenge for millennials whose cash reserves are wiped out after purchasing a home. Additionally, those in seller’s markets may be unable to obtain repair credits frol sellers at closing, potentially turning a deal into a money pit.
Even more concerning, 29% of millennials say they’d buy a home after seeing only photos or virtual tours. Of these:
44% would buy a house just after viewing photos
31% would require a pre-recorded virtual tour
26% would require a live virtual tour