What Are Next-Generation Home-buyers Looking for in a New Home?

From technology and ample space, to practical, convenient touches, learn what Gen X & Gen Y are in search of in today's home market, 

04/24/2015

What Are Next-Generation Homebuyers Looking for in a New Home?

If you’re looking to put your home up for sale, there are an array of things to do that can entice a potential buyer. For starters, you can clear the clutter, clean the carpets and try to paint over your kid’s fingerprints on the walls.
 
But besides making your home as picturesque as it can be, it’s important to understand what real estate buyers are really looking for in the current day and age. Like homes change, so do home-buyers, and now those of the Gen X and Gen Y population are taking the home-buying floor. It turns out they have some pretty high standards, which differ greatly from what previous generations sought in a home.
 
“It’s critical that real estate professionals understand what embodies a quintessential home for the Millennial generation, which vastly differs from the traditional norms of generations before them,” says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC, which conducted a survey on the essentials of what current home-buyers are seeking. According to the results, a whopping 77 percent of next-generation homeowners would prefer a home that encompasses the technological capabilities they grew up with and have become accustomed to (smart phones, apps, etc.).
 
What is Most Important to Homebuyers?“These survey findings allow our brand to continue to best serve the future generation of home-buyers and find homes that can or do appeal to their lifestyles and unique spirit,” says Chris. “Understanding technologies to communicate with this generation is now only one piece of the puzzle for agents; ‘smart’ technological capabilities must now be ingrained into the home itself.”
 
The survey results proved that technology was a huge part of what next-generation home-buyers crave in their home. In fact, 56 percent said home technology capabilities topped “curb appeal” in terms of importance in a home. What’s more, if a home didn’t live up to their advanced technology standards, 64 percent said they’d rather not live there. One of the most important technology components that participants wanted was an energy-efficient washer and dryer (which 57 percent said they’d like this commodity in a home), followed by a security system (46 percent) and a smart thermostat (44 percent).
 
Additionally, 77 percent of those surveyed said they’d rather purchase an “essential” home instead of a large, luxurious abode. Forty-three percent even went so far as to say they’d rather the home be less “cookie cutter” style and more customized to their level of practicality. For example, 1 in 5 Millennials surveyed stated they would more appropriately name their dining room a home office, which is what they’d more commonly use the space for. Also, 43 percent would prefer to use their living room as a home theater.
 
Technology in the home doesn’t end there for this present home-buying crowd. Fifty-nine percent surveyed said they’d prefer more space in the kitchen for a TV (over a second stove), and if possible, they’d like to have a form of entertainment in each room in the house. While kitchen renovations are and have always been a main precedence, now Millennials say the most desirable part of the room are tech updates. And, 41 percent of participants said they’d likely brag to a friend about a home automation system over a newly redone kitchen.

The tools you need to help you secure the home of your dreams. 
The desire for a technologically-equipped home is not a shock among Millennials, but results that didn’t include anything about technology included that 82 percent of participants said they’d rather invest in a home that needed renovations if given the choice between that and relying on their parents’ money.
 
In addition, other commodities home-buyers wish for in their home include walk-in closets, home offices and hardwood flooring. With that said, if your current home does come equipped with one or all of these things on current buyers’ wish lists, it may be a good idea to emphasize them in your listing. Also, given how important technology is to current home-buyers, before you list your new home, you may benefit from transforming your home into a “smart home.”
 
Not sure where to start?  North Shore Bank is the best place to help with all your real estate and home mortgage lending needs.

Related Blog Posts

What Are Next-Generation Home-buyers Looking for in a New Home?

From technology and ample space, to practical, convenient touches, learn what Gen X & Gen Y are in search of in today's home market,  Full story...

Meeting with a Mortgage Lender

Make sure to bring these documents with you Full story...

What Is Collateral and Why Is It Important?

Discover how collateral can be an important part of the loan process. Full story...