Real Estate Shifts Beyond the Pandemic
Despite the 'slacker' stereotype sometimes ascribed to Millennials, this age group is taking the real estate market by a storm. They're now shifting careers and paying off student debt, leaving financial insecurity behind.
Environmentally conscious, tech-savvy, and looking for stability, Millennials are reshaping the housing market. As the largest pool of potential buyers, this generation is becoming a focal point for agents.
Let's explore the trends that they're bringing to the table in 2021.
#1 Abandoning Urban Living
Ever since the coronavirus pandemic began, homebuyers of all ages started flocking around walkable, green areas. Millennials seem to be embracing this trend with open arms, though.
This generation is the most educated in history so far, which led to an attitude shift. The new mindset rejects the big city yuppie convention, seeking a well-rounded living space that promotes life quality. Millennials have begun to look for wilder, more beautiful places to live where they can work remotely, homes for sale in Kihei make a great place to start looking.
The prime areas that benefited from this change are bigger southern states and smaller cities with affordable, larger homes. UMoveFree from Texas has particularly noted the interest people have for units around the area.
In a nutshell, Millennials consider their overall lifestyle while choosing a place to live. Especially with the remote working trend boom, they're no longer flocking to cities for work opportunities only.
#2: Sustainable and Smart Homes
Sustainability and smart technology go well together, and Millennials see it. Despite looking for larger, loftier, older housing, high-tech features and bolstered sustainability remain must-haves.
As Deloitte research shows, Millennials and Gen Z are 'resilient.' They see a potential to build a better world through a blend of technology and mindfulness.
As an agent, think geothermal systems, green roofs, Tesla chargers, and smart home integration. This demographic is ready to pay extra for environmental-friendliness and convenience.
Especially when you consider these tendencies in combination with the growing desire to spend time in nature, it becomes evident that sustainability is a trend that’ll keep evolving.
#3: Connected and Virtual
Millennials were raised in a fast-paced world of technology, with a world of information at their fingertips. They're avid researchers, ready to find the best solution to their needs. They're not big on patience for complicated programs, tasks, and outdated services, though.
This age group says goodbye to traditional real estate services and welcomes virtual agents. They're much more comfortable putting in an offer without visiting a home in-person than their older counterparts.
As a result, VR and video walk-throughs are no longer a bonus but an expectation. As the prevalent home-buying demographic becomes more tech-reliant, this requirement is likely to stick around post-pandemic.
Your offers should include:
A well-developed, information-packed website
Detailed listings with HD photos
Video footage of each vacancy
Several instant communication channels
The ease-of-access mindset is relevant to the mortgage procedures, too. Companies that offer mobile lending platforms are growing in popularity.
Millennials appreciate slick, efficient processes. They go to lenders that close loans in the fraction of a time you'd expect from a traditional service. Combining real estate assistance with financing providers can do wonders for your appeal to this generation.
American Millennials spend massive amounts of time interacting with media, from watching videos to communicating with friends. So, social networks are becoming a critical aspect of the housing market, too.
Realtors are connecting with buyers through social media posts. In turn, their clients provide them with extra exposure. In the future, extra effort to provide high-quality, transparent services can lead to more of the client base knocking on your (virtual) doors.
#4: Old-Timey Design Preferences
While it may sound counterintuitive, most Millennials prefer older styles for their future home design. They'll want to combine the architecture with state-of-the-art appliances and other modern upgrades, but they thoroughly enjoy the charm of historical homes.
Take one look at design influencer pages, and you'll see wide-spread tendencies towards:
Pre-war homes. Brick and stone exteriors of houses built before the Second World War are all the rage.
Mid-century properties. Homes from the 1945-1965 period are all about open floor plans with a sleek, minimalistic appeal.
Mediterranean style. Ceramic floors, rustic pottery, and wrought-iron accents create a much-desired aesthetics.
Many can't afford such properties that are simultaneously well-maintained for refitting to suit a modern lifestyle. Still, it's the dream. They'll also enjoy houses and apartment complexes resembling these styles, too.
Slim-Pickings for Buyers
Finally, the most notable trend to take place in 2021 is slim-pickings due to the pandemic-induced lower inventory. Even Millennials with deep pockets won't always find a home that suits their tastes.
Either way, high-end homes are likely to be in high demand during the year to come. The market is to flourish, and this elusive generation will be the driving force behind the growth.
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Get started on your journey to owning property on Maui by getting in touch with us at Maui Elite Property.
Posted by Evan Harlow R(S) 82003 on