Millennials were a generation of kids that had to grow up fast. As the largest generation ever in US history, millennials are quickly changing the face of the real estate industry. With most of them putting off key milestones like marriage and having children to focus on their careers, buying homes isn’t exactly first on their priority list. So before you try and sell a house to a millennial, there’s some things you need to know.
The average student, and typical millennial, will graduate college with $30,000 in debt and a credit score of 624, just four points above the 620 required for a loan. Not exactly a good start for these young adults. This excessive debt, tight lending environment, and unpredictable wage growth have them questioning if it’s even worth it to buy a home.
Additionally, what millennials look for in a home isn’t exactly what previous generations looked for in a home. Millennials are looking for lifelong homes and are generally not interested in moving, so two-story homes with three or more bedrooms is desirable, even for a single person. Prioritizing in energy-efficient appliances also sets them apart from previous generations- both for environmental awareness and financials.
Ready to sell your home? Make sure it’s millennial friendly! Take a look at this infographic for more on how millennials are changing the face of the real estate industry and you can do to keep up.