So what do Millennials want in a new home? Here is a list of the top ten in no particular order
1. Proximity to work
As our work days get longer it is no surprise that buyers want to be as close to work as possible. Sometimes though – close is a relative term. A buyer yesterday told me she would not look at homes any further from her work than 35 miles. To her, that was close.
2. High Ceilings
High ceilings are aesthetically pleasing. They make a room seem grander than it is, and they improve air circulation. Rooms with taller ceilings tend to have better light also – a win win on several fronts.
3. Energy Efficiency
The most popular energy efficient aspects of a new home were energy efficient appliances, ceiling fans, energy efficient windows and an energy star rating for the whole house.
4. An Open Floor Plan
An open floor plan means better entertaining space and quality time with friends and family. It also means that a smaller house still seems big enough.
Can you run your home on your smart phone? Then you have a hit with the Millennial buyer.
Getting a mortgage is harder today than ten years ago. Sellers who are willing to give closing cost help are ahead of the game. Buyers may need to look at a home that is less expensive than what they can actually afford so they can put down a larger down payment and improve the loan to value ration.
7. Quality of the neighborhood
Like everything else on a top ten list, beauty is in the eye of the beholder. What makes a quality neighborhood is affected by the composition of the household looking at the property – but the buyer still wants the best that money can buy for his or her particular needs.
8. Quality of Schools
I always tell buyers to look at the quality of the neighborhood schools – even if they don’t have children. They still want to be surrounded by people who value a good public school system. And it is always good for resale.
9. Overall Affordability of the Home
With homes increasing in cost and mortgages getting harder to obtain, it is even more important to keep housing costs down. The cost of your home should not be more than 1/3 of your income, regardless of what the lender and your realtor are telling you!
10. Homes Suited for the Next 15 Years
Buyers expect to live in their homes for longer now – up to 15 years, so they expect the homes to evolve with them and to support a changing life style.
If you would like more information about homes for sale in Bethesda, just give the Lise Howe Group a call at 240-401-5577. With a combined 40 years of real estate experience, we will be able to match your home search and your top 10 list to the best homes on the market. Or start your search with a simple click here!