The features that used to appeal to a majority of homebuyers aren't doing it anymore for the younger crowd. Millennials, or people between the age of 18 and 35, are a growing real estate trend in their own right.
That means each repair and upgrade is doubly important, and a home inspection could spot any flaws. Making the right decisions after that, especially when trying to market to millennials, means falling in line with current trends.
What attracts millennials
The traditional, cookie cutter home that looks exactly like the one next to it won't cut it for this younger generation anymore. Values have changed, and that has started to influence real estate choices, according to a Better Homes and Gardens Real Estate Survey.
More than three-quarters of the survey group - 1,000 18 to 35 year olds across the country - stated that homes with a purpose, and an abundance of technology, were at the top of the list.
In addition, millennials are motivated to make repairs themselves, the survey reported. Many could use a property inspection, then pick up the tools and make the required fixes without the help of a professional. In fact, 72 percent believed that they were more handy than their parents.
The traditional luxury home isn't attractive to this group. Instead, many prefer unique living spaces that are customized, while 56 percent stated that technology was more important than curb appeal.
Selling to younger buyers
Unlike some of their parents, millennials have a desire to live close to the city. Transportation needs play a role in this, according to the National Association of Realtors. Many want to commute less, and a good amount are shedding the financial constraints of a vehicle in favor of public transportation and bicycles.
After having a home inspection completed, homeowners looking to sell should focus their attention on catering to this large segment of potential buyers. Their needs are shifting away from previous norms.
"The choice to buy a single-family home and move to the suburbs will be the dominant position - no question," Michael Lander, president of the Lander Group development company, told the news source. "But in the past, we might have seen the number of people staying in core cities in the low single digits. Now we're moving to maybe 15-30 percent. Is a single-family home in the suburbs dead? No. But when a number is growing like that, it's a trend, and the trend is away from the single-family suburban home."
That means sellers may want to make any upgrades with millennials in mind, and focus on versatility and customization.