What are young homebuyers looking for? Move-in ready, open floor plans
They’re here. Millennials, a generation now larger than the baby boomers, were battered by the financial crisis as they started their careers and delayed some of the milestones that accompany homeownership, such as marrying and starting a family. But in 2018, millennials represented the largest cohort of home buyers at 37%, according to the National Association of Realtors’ 2019 Home Buyers and Sellers Generational Trends Report.
Millennials are not likely to compromise on the condition of a home, which is in part because of their lack of experience as homeowners says Danielle Hale, chief economist for Realtor.com.
Brian Kee, 36, and his wife, Eliana Kee, 33, purchased a three-bedroom, townhouse-style condo for $515,000 in the Shirlington area of Arlington, Virginia, upgrading from the nearby condo they owned for six years now that they have a child.
“The single-family homes we saw were small, needed a lot of work and sold fast,” said Kee.
“For us, the neighborhood and commute were more important than the size of the place,” he said. “We also like that it was move-in ready and we didn’t have to do any work.”
“Millennials want almost instant HGTV-approved living,” says real estate agent Michelle Sagatov. “They’re not usually willing to put in elbow grease on making something their own through a renovation. As long as it’s on trend enough, they’re happy to just bring their furniture and their toothbrush and move in.
“Buyers don’t want to have to do any renovation, especially not right away” Sagatov says.
Lauren Demeter, 31, and her husband, Landon Rordam, 32, who bought