Even with housing inventory remaining at a low, many millennial would-be homebuyers aren’t willing to compromise on the features of one of the largest purchases in their life.
“I am seeing more millennials want a move-in ready property,” said District 8 Vice President Marc McMaster. “Most sellers are staging and making their homes move-in ready before listing. I am seeing more millennials willing to move away from the city center to outlying areas to get more house for their money.”
District 3 Vice President Eric Rehling said in his business, he has noticed millennials trending away from “old and dark” features in homes.
“In my opinion, one of the biggest wants these days is the desire to bring the outdoors inside. Things like outdoor kitchens, large windows and doors that swing open, patios, fire pits, etc. are features they like, which are typically features they see in a home that is fixed up. In other words, I don’t think they consciously say ‘I don’t want a fixer upper.’ It’s more they see the amenities they like in a refurbished home and gravitate to that,” said District 3 Vice President Eric Rehling.
Rehling added that most millennials have a budget, so updating a fixer-upper with these types of features may go over their budget.
“I don’t think it is so much a disdain for a fixer upper, it’s just lack of financing options for them to fix up the home and incorporate the amenities they desire. I don’t think this is much different from any other generation. Historically, most generations want something different than their parents. It’s like the baby boomers moving to the suburbs and seeking the large open homes compared to the smaller row homes, capes, splits and ranchers they may have grown up in,” he added. “And with so many outlets, both online and TV shows dedicated to fixing up homes, I feel the sellers are way more exposed to the benefits of selling a clean, renovated product. I feel this is the reason why more fix up their homes than in years past.”