Trends for Millennial Home BuyersJanuary 11, 2019
It’s important that real estate agents and companies understand the current trends with millennial homebuyers. Now more than ever, millennials are becoming homeowners, so it’s vital to identify ways to satisfy their needs.
Rising Interest Rates
There’s intense competition between baby boomers and millennials because they follow the same criteria when considering the qualities they look for in a home. This can be challenging for real estate agents and companies as they’re now responsible for selling to buyers from 2 completely different generations, with different mindsets, but competing for the same homes. Both millennials and baby boomers are placing a high importance on amenities and smaller home sizes with upgrades, exciting neighbourhoods, entertainment, greenery and overall convenience to walk or take reliable transit from one place to another to run errands.
Competition Between Baby Boomers and Millennials
This new development is in the perfect location! Living at Go 2 provides you with the opportunity to live an easygoing suburban lifestyle, while only being a 30 minute Go train ride from exciting downtown Toronto. Go 2 is nearby the world-renowned Canada’s Wonderland, Vaughan Mills Mall and a variety of dining and entertainment options to satisfy your needs. If you want to get away from the city, there are several parks and hiking trails close by.
Millennials are Well Informed
With technology always at the tip of our fingers, nowadays millennial buyers have plenty of time to do their online research and become well informed about the work, costs and implications of renovations. Knowledgeable millennial buyers will easily notice red flags, so when you’re helping these clients, you have to get creative and ensure that you’re meeting their needs while staying in their price range. Millennials will know what to stay away from when considering what’s old fashioned and inconvenient about the potential homes you’re showing them. Since most homes can be seen online nowadays, they rely on real estate agents to introduce them to new homes that aren’t already posted. Millennial homebuyers are really introducing some challenges to the real estate market!
Designs & Amenities
When millennials shop for homes, they often look for places with modern features. Present your client homes with the walls painted in earth tones or soft colours, instead of old fashioned patterned blue wall paper. Consider showing them homes with open floor plans for the kitchen and dining areas. Modern kitchens with stunning art decorations, light fixtures and antique stoves will likely grab the attention of your client. Consider washrooms with rain showerheads, lots of glass and stone, vessel sinks and other spa-like features. Find out your client’s hobbies and use them as a selling point. For instance, being fit is a priority to many millennials, so if that’s something your client is passionate about, consider showing them a home with workout and sauna rooms.
If you’re a millennial and looking to purchase your first condo, contact Vondos and receive VIP access to the hottest condos in Vaughan!