4 Emerging Trends in Real Estate 2021: Millennials
Currently, millennials are making up the vast majority of the home-buying demographic.
Of all homeowners, millennials come in at a whopping 37%! With millennials being the prime demographic to impress when it comes to selling homes, it’s essential to understand what they’re looking for in a home purchase.
We studied the trends of what millennials are looking for in their next home to guide you in your renovation decision-making. So, without further ado, here are four of the emerging trends in real estate, 2021 regarding millennials…
1. The Outdoor Appeal
Millennials love spending time outdoors. From gardening to going on neighborhood walks to gathering with friends on the back deck, over 70% of millennials reported that outdoor appeal is essential in their next home purchase.
As you’re looking for ways to spruce up your home before you sell, spend a little time working outside. Boost the curb appeal by adding flowers, bushes, or trees to the front of the home. While you’re at it, add a fresh layer of paint to the exterior of the home!
When you’re done working on the front of the house, give the backyard a little TLC. Make sure the deck or patio looks fresh with a power washing session, fresh paint, or fresh stain. Since this is where millennials love to spend their time, it’s important that this space feels cozy and aesthetically pleasing.
2. Large Kitchens
Millennials love the aesthetic of a large, open kitchen.
When it comes to formal dining rooms, millennials are actually less interested in them than the generations before and after them! For the most part, millennials want the kitchen to be a place where they can gather with loved ones and prepare a meal as they prefer multifunctional spaces instead of closed-off spaces that only serve one purpose.
If you’re planning on investing in any large renovations for the home, consider opening up the kitchen and making it larger. In addition to the size of the kitchen, millennials seem to enjoy updated appliances and features in the kitchen.
While you’re renovating this space, consider adding stainless steel appliances, shaker cabinets, new countertops, and an informal seating area like a breakfast bar.
3. Environmentally-Conscious Features
This demographic is doing everything that they can to reduce their carbon footprint.
So, houses with environmentally conscious features are going to pique the interest of many millennial buyers. These features include:
- Energy-efficient lighting
- Energy-efficient blinds and windows
- Solar panels
- Filtered water systems (cut down on plastic used from bottles)
- Energy efficient heat and AC
With the exception of solar panels, many of these features are fairly inexpensive to add to a home. If you need to update any of the features and you’d like to appeal to millennials, do some research to learn about how you can make these features eco-friendly!
4. Low-Maintenance Features
Millennials are always on the go.
Between work, school, and family, millennials don’t have much free time to be messing around with the house. Because of the fast-paced lifestyle this generation lives, features in the house that are easier to maintain are essential.
For example, many millennials prefer wood floors over the carpet as carpet requires much more maintenance. Also, millennials would rather pay extra for top-of-the-line appliances that are less likely to break and require repairs.
What Features Will You Update After Learning These Emerging Trends in Real Estate, 2021?
If you’re selling a home in 2021, it’s essential that you appeal to the millennial demographic.
That may mean taking some of your older, outdated features and giving them a facelift or replacement. Trends show that millennials are busy, enjoy multifunctional spaces, and prefer spending their time outdoors. So, make sure the renovations you make align with these values if you want to stand out to a wider demographic!
Need help selling your property? Reach out today to learn more about our real estate marketing services!