Millennials have enormous purchasing power and are buying homes in large numbers. In fact, millennials purchase more homes per year than any other group in the United States. According to the National Association of Realtors, buyers under the age of 36 now make up more than a third of all home buyers and almost two-thirds of first-time home buyers. Since they are such a large group of buyers, it would be helpful to know what they are looking for when they choose a place to live.
What they Want In a Property
Let’s begin by looking at what millennials hope to find in a property. Some of their “must-haves” include:
- Updated kitchens and baths
- Large kitchen
- Open and flexible floor plans
- Space for a home office
- Low maintenance
- Energy efficient
- Turnkey (They’ve watched a lot of reality real estate TV)
- Good location
What does this mean for those thinking of selling on the Westside? As you consider upgrades, think about what millennials are seeking. Be sure that your home is in “move-in” condition, as well. Most millennials are not looking for a home that needs some tender loving care. Instead, they want to move in and start living. Finally, when you put your home on the market, be sure to emphasize the aspects of your home that meet millennial needs.
What they Want in a Community
The last thing on the housing list above was a good location. This is nothing new. Realtors have been telling people for years that what matters most is location, location, location when it comes to buying and selling homes.
But what makes a “good location” in the eyes of millennials?
- Short commutes
- Cultural Centers
- Culture throughout the week (think singles life)
Thankfully, the Westside has exactly what they want. In fact, a recent study of millennial buying statistics shows the LA area placing in the top ten cities that attract this age group.
One of the big draws, of course, is the glamor of Hollywood. As with generations past, some creative millennials still see LA as “La La Land.” These creative types still flock to the LA area in hopes of breaking into the entertainment business.
However, the tech industry has transformed LA, drawing in millennials looking to get in on the ground floor of a tech startup. The Westside is home to such tech wonders as Snapchat in Venice, Tinder in West Hollywood, and eHarmony in Santa Monica.
In short, if you live on the Westside, then you should definitely consider how your home will market to the millennial crowd. As a top luxury agent on the Westside, I’d love to help you with market your home with millennials in mind.