No matter your opinion on the millennials or their stereotypes, one this is for certain: they are here to stay.
Millennials, like every generation before them, have grown up and have now integrated into the U.S.’s culture, economy, and industry.
Perhaps the most polarizing market that millennials are impacting is real estate. With 74 million baby boomers buying property and 75.1 million millennials doing the same, there is bound to be some drastic differences in the way properties are being prepared, marketed, and sold. For example, there is a growing trend of using non-traditional flat fee real estate brokers such as Get LISTED Realty.
According to The Dallas Morning News, real estate builders, salespeople, and developers are struggling to keep both their younger and older customers happy.
“We are at a demographic inflection point,” said Scott Moldavian, member of the Counselors of Real Estate. “We have people who are living and working together — old fold and young folds. Generations are getting in each other’s way a little bit.”
In order to pass the “millennial test“, real estate agents and home sellers alike are making sure their properties reflect the values (to the best of their abilities) of the average millennial homebuyer, such as non-conventional proposals like the controversial kingsway project. These values include a strong appreciation for the environment, minimalist style, smart appliances, and enough space for custom remodeling projects.
According to the National Association of Home Builders, bathroom remodeling projects are the number one most requested job in the U.S., accounting for 78% of all renovations; 69% of all requested jobs represented kitchen remolding, making it the second most popular request.
Since millennials care very strongly for the environment and how their actions directly impact the future of the planet, this is a major selling point for any young homebuyer. Luckily, the average American home consumers roughly 40% less natural gas than it did only 40 years ago.
“The generations are crossing paths everywhere: in the workplace, in housing and at the local bar and grill, intersecting and sharing spaces despite their often disparate priorities when it comes to the built environment,” the Counselors of Real Estate report read. “One size will not fit all and supply will need to match rapidly changing demand.”