Generations born between 1980 and 2000, popularly called “Millennials,” are moving into the prime spending years. The “house buying years” are usually those between the ages of 25 and 45 which means that the home buying market is the Millennials. However, surveys from all around the world have found that Millennials are not that keen on settling down and buying homes. They would rather gather a life experience than a home full of possessions.
Millennials in the Global Housing Market
Buying homes is still a traditional thing to do, especially if you are planning to start a family of your own. According to some expectations, in the next five years, a big number of Millennials will buy a home. These home buyers, however, are driven by the internet. Millennials spend more time online looking at houses before contacting a realtor. The internet can provide all the information in that field, and they tend to know what it is that they want.
However, due to the bad economy, many do not have saved money for a down payment which often means that, in that case, they rely on their parents to provide them the down payment. In such an instance, the realtors, have both the home buyer and their parents making judgments when it comes to doing a walkthrough of the desired home.
Millennials and Their Housing Preferences
Most Millennials do not see their first home as being permanent. Therefore, they are not looking for a fixer-upper. The lack of time and money in society today are driving these young homebuyers to choose a newly built home. Millennials who wish to entertain are looking for open plans where the kitchen, preferably new and up to date, flow into the other rooms. Home offices might be a high preference to those who bring their work at home or to those who work from home.