The average homebuyer is getting younger and younger and it’s affecting the entire real estate market. According to Realtor.com, about 61% of all 2017 homebuyers will be under the age of 35. It’s important to understand what makes this younger demographic tick, so here are a few real estate factors that younger homebuyers are looking for.
A home office
More and more people are working from home nowadays and millennials are leading this workplace trend. As Bankrate reports, because of the widespread technology use among young professionals, people are able to effectively get all their work done from the comfort of their own homes.
“Having a dedicated space is important because it will help keep them focused and concentrated on work while they are at home on a Skype call, planning a presentation, setting up their workday or simply paying bills,” said Lou Cardillo, of the Lou Cardillo Home Selling Team in New York.
An excellent location and nightlife
Although interior aspects like nice furniture and home offices are important, young people really want to make sure their homes are in a great area. Without a fun nightlife and exciting opportunities surrounding young homeowners, they aren’t going to enjoy their houses that much, even if they are amazing homes. As long as there are enough fun things for young professionals to do and an exciting nightlife with quality local bars and restaurants, they will love the area.
Luxury real estate options
This younger demographic will be looking for luxury houses for sale during their search for the perfect home. Although they want to live lavish lifestyles, they are still relatively tight on money as they are in the beginning of their careers. So they are still budgeting while searching for luxury property.
“The primary reason younger buyers seek updated kitchens and baths is because they have limited budgets,” said Jack Curtis, Ohio real estate agent.
The ability to customize
Although there are plenty of young homebuyers who would rather buy a home that is completely furnished and one that needs little or no work done, a popular trend among this demographic is major custom projects. Younger buyers want to put their personal stamp on their property and doing these household projects are great to add an individualized touch.
It’s important to understand how the younger generation is thinking about the property buying process. To learn more about luxury properties and find new homes in Philadelphia, contact West End Walk today!