Who’s the 2017 Home Buyer and What are They Looking For?
Well we have got you covered! Next year, more than half of all homes will be bought by first-time home buyers, according to an exclusive survey of buyers by realtor.com®. It’s a shift from 2016 buyers report. Here’s the kicker; most will be the millennials.
In contrast with 2016, when only 33% of people planning to buy a home were first-time buyers, 52% of buyers with their eye on a home purchase next year will be first-timers. And 61% of those are under age 35.
Although a shortage of homes for sale will continue, first-time buyers are more worried about financial issues, coming up with a down payment and finding a home within their budget (30%). With all the emphasis on financial issues, millennial buyers want to make sure that their money is well spent: Making a sound financial investment is a top goal.
This new generation of first-time home buyers is focused on safety, privacy, and more space, indoors and out. That’s because millennials’ top reasons for buying a home are that they’re getting married or moving in with a partner, growing tired of their current living space, or planning an addition to the family. Maybe even all three!! We did some research and here are the top 10 things the millennials’ are looking for when buying a home.
- Updated Kitchen and Bathrooms
- New Finishes
- Open Floor Plans
- Space for a Home Office
- Good Location
- Low Maintenance; such as wood floors and granite countertops
- Technology. Wireless Service and Internet Broad Band
- Low Cost or No HOA Fees
- Energy Efficient appliances and windows
- Staging; they need to see home staged, they do not want to guess what and how space can be utilized.