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The millennial generation consists of individuals born between 1980 and 1995, with a population of approximately 90 million people all currently reaching the age to become potential home buyers. As a seller, it’s a good idea to have an understanding of what they’re looking for when purchasing a home in Chicago. Here are a few things to keep in mind.
Millennials Are Cautious
Every generation is affected by the economy they grow up in, and millennials are no different, as most grew up during the Great Recession bearing witness to the rapid downturn of the real estate market and the effect it caused on those who lost equity in their homes. Because of this, millennials are cautious and may even seem a bit frugal. Additionally, most millennials have student loan debt along with poor employment prospects. They’re not looking to spend outside of their means and are in no rush to become homeowners, so it’s important that your home stand out with the specific criteria they are looking for.
Millennials Are Not a 9-5 Generation
The millennial generation are opting for jobs other than those of a traditional 9 to 5 format. Many work remotely and have the freedom to set their own schedules. Why is this important? When looking for a home, they are also looking for a workspace offering the conveniences of high speed internet, good cell phone reception, minimal noise, and privacy. While it may not be necessary to provide an entire room dedicated as an office, it’s wise to create an area that can function as one.
Millennials Are Online
Past generations relied mainly on their real estate agent, referrals, or word of mouth when searching for the perfect home. Millennials rely on the internet to look at online listings prior to even contacting an agent. This is important to keep in mind when listing your home, as you’ll want high quality photos and video if possible.
Millennials Are Sustainable
This generation is all about being socially conscious. Sustainability is one of their focuses, so highlight any green features you may have in your home such as energy efficiency, use of green building materials, or smart technology. Most millennials are health conscious as well – they care about good nutrition and where their food comes from. Offering them a green space in their home allows them to partake in growing their own organic fruits and vegetables. The space doesn’t need to be large, as millennials are also fans of low maintenance properties.
Millennials Notice Design
The millennial generation is not interested in purchasing a cookie cutter home – they want unique features made of durable material. Open floor plans and custom kitchens are a must for this generation, as well as specialty features such as built-ins, wine cellars, home gyms, or media rooms. With that said, they are not typically looking for a lot of square footage, so low maintenance and functionality with some bonus features seems to be the perfect mix for these young home buyers.
While this generation is just starting in the real estate game, they’re here now and they know what they want. As a Chicago seller, using these strategies will certainly broaden the amount of potential buyers.