Learn How to Tap into Millennial Homebuying Trends
If you’re planning to sell your home in the next two years, there’s a good chance it will be purchased by a millennial. This generation, born between 1981 and 1996, is taking the housing market by storm. They made up 43% of homebuyers in 2021, the most of any generation.
Millennials have been slow to enter the housing market, preferring to rent their living spaces, mostly in cities. But according to Realtor.com, two-thirds of millennials desire to own a home.
In order to tap into this generation of buyers, you may want to make some changes to your home. Here are some things you can do to help make your home more attractive.
1. Add technology
Millennials have grown up with technology from a very early age, so they are more comfortable with it than previous generations. Surveys showed that up to 30 million households will be adding smart home devices. These hubs, like Alexa and Google Nest, can control a host of electronics remotely. There are smart thermostats, light fixtures, light bulbs, and appliances. All are controlled through Wi-Fi, either remotely from a phone app or based on programmed settings.
Millennials will be looking for HVAC systems, light fixtures, and appliances that can be connected to these smart systems. You can get ahead of the game by choosing smart products when it’s time to upgrade or replace them.
2. Energy efficiency
Energy efficiency is important to millennials not only because they are concerned about the environment, but because they also are budget-conscious and want to save money on energy. Recent reports show that 57% of millennials will pay more for a home that is energy efficient.
One clear way to show that you value energy efficiency is to purchase appliances and fixtures with the Energy Star label. This label, signifying energy efficiency, can be found on appliances, windows, light fixtures, and even whole houses. New Energy Star homes save, on average, 20% in energy use.
Existing, non-Energy Star-rated homes can benefit from the Energy Star Home Upgrade program, which targets six high-impact improvements to make existing homes more efficient. The upgrades include heating and cooling, water heater, smart thermostat, attic insulation and sealing, windows, and making your home electric vehicle ready.
You can make upgrades to improve the energy efficiency of your home. These include adding additional insulation to your home, updating your HVAC equipment and water heater, changing windows and doors, and purchasing more efficient light fixtures and bulbs.
3. Add workspace
As pandemic restrictions continue to ease and life returns to normal, up to 75% of workers are currently working from home or a hybrid of home and office. According to a survey by Pew Research, up to 64% indicated that they would prefer to work from home, even after the pandemic. With more people looking to work and go to school from home, there is a need for in-home workspaces. These areas need to look professional and organized, but also be comfortable, as people spend a lot of time there.
Millennials don’t necessarily want larger homes to accommodate working from home. They are having smaller families, so may not need all the extra space. Instead, they are looking for built-in spaces to accommodate their work or school life. You can appeal to this desire by redesigning or furnishing your home to add workspaces. Not everyone needs a full office, so even small spaces, like an office nook, can work.
4. Location, location, location
We know it isn’t much you can do about the location of your existing house, but when you are ready to sell you can highlight certain aspects that millennials are looking for to make it more appealing. Now that many jobs can be performed from anywhere, millennials are looking at more suburban locations. They are also looking for places with a lower cost of living. Next on their list are good career opportunities and schools.
Parr is here to help
If you’re looking to improve your home to make it more attractive to millennial homebuyers, Parr is here to help. We offer a variety of building materials that can be used to make your home more attractive.
Windows and skylights
We offer a variety of options for improving the efficiency of your windows and skylights: vinyl, wood, fiberglass/composite, or glass and acrylic block. Our window specialists work with you, offering advice on the best products and styles to fit your home. Parr.com
Exterior doors are available in wood, steel, and fiberglass. They can be customized to meet any decor style and will accent your entry. parr.com
We offer kitchen appliance packages (this page redirects to parrcabinet.com so it could work as is) that include a refrigerator, range, microwave, and dishwasher. This ensures that all of your appliances will work together and match your desired decor. Parrcabinet.com