Better Homes & Gardens did a Home Buyer Study to see what millennials are looking for in their first home. The ‘next-gen’ buyers may give you some insight on what to do to assist in the sale of your home.
#1 ) Purchase With A Plan to Stay
36% of these potential buyers see themselves living in that home at least 10 years. I remember when that statistic was 4-5 years. What does that mean? It means that the view of a starter home has changed. These buyers are now investing in more expensive homes with more square footage and areas with good school districts. These sets of wants were typically on the lists for ‘move-up’ buyers so now there is more competition at that level. Now empty nesters are looking to the smaller start-up homes.
#2) Home Buying Process Takes Longer
Not only is the loan process taking longer, making it even more important to get preapproved, but buyers are taking more time in looking. In 2012 first time home buyers took an average of 3 months from research to closing and repeat buyers took 2 1/2 months. Those same buyers are taking 5 months and 4 months respectively. One reason for this may be because everyone starts their home search online and there are more resources than ever now to do that. The buyers are educating themselves by researching builders, reading articles and doing more research.
#3) Buyers are Looking for Move In Ready
Ten years ago buyers would seek out fixer-uppers. Outdated kitchens and baths didn’t scare them, nasty old carpet covering up wood floors wasn’t a big deal. Now 52% of buyers want a newly built home or one that doesn’t require any renovations or repairs before moving in. They are willing to do cosmetic changes or upgrades, they just don’t want to deal with extensive work.
#4) The Kitchen Being the Most Important Room is Stronger Than Ever
The kitchen motivates the buyer more than ever and I know it did me! Islands are really big right now, both in wish lists and the ability to seat people. High end appliances with custom cabinets, double ovens for entertaining are all on the list. 66% of buyers selected a state-of-the-art kitchen as their most desired luxury. 
#5) It Has To Be A Good Investment
Today’s buyer is looking to make good choices and 65% see buying a home as a good investment for their future. To maximize their investment they need to look at such things as the area (up and coming and growing) and the size of other houses in the neighborhood.
If you are in the market to buy a new home, or selling your home, these trends can help you to determine what your competition looks like.
Read full Better Homes & Garden article here.
