Millennials tend to have higher expectations than older homeowners did about their ideal starter home, according to a new survey by Clovered, said REALTOR Magazine.nbsp;
If you look at the buying trends of millennials, its clear that while they may be waiting longer to purchase their first home, their expectations of what that house should include certainly arent lagging. Compared to their parents and grandparents at their age,nbsp;fewernbsp;millennials are homeowners, but millions of younger peoplenbsp;havenbsp;invested in their own propertyand they might not be the starter houses youd expect, said Clovered. Despite living with their parents longer than any generation before them,nbsp;putting off marriagenbsp;for an increased time span, and sometimes strugglingnbsp;to find their dream jobs, millennials are going from perennial renters to owners of whatnbsp;might be their forever homes.
The company surveyed more than 1,000 millennial first-time buyers for insight into which features and amenities were highest on their list. Here are a few of the key points:
Does size matter? It does in pretty much every demographic, but millennials are the most sensitive when it comes to the amount of square footage they want in their home. Baby boomers ideal size home, according to the survey, is 2,949 square feet, Generation X prefers homes at 3,311 square feet, and millennials want the most space at 3,320 square feet.
Millennials prefer 4.2 bedrooms, per the study, to boomers 3.7 and Gen Xs 4.1. While youre probably not looking to add a fourth bedroom just for the purpose of selling your home, this information may help you stage it intelligently. Clearing out that bedroom youve been using as a home gym or storage space and turning it back into a bedroom might be a good idea.nbsp;
The top factors noted by survey participants had several things sellers cant do much about in terms of making their home more saleablethings like affordability of the area, local crime rates, short commute to work, and climate. Sellers can, however, do something about making their home move-in readyanother important factor for millennials.
Its hard to deny the emotional aspect of buying a home, Clovered said. When youre touring potential listings and trying to decide where you want to raise your family or put down roots, youre fantasizing about what life in that home could be like. Instead of thinking about where the house is located or how much youll have to pay in property taxes, its the tangible features of a home that really help sell it for most people.
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