Millennials have a whole new mindset when it comes to real estate
Funny how things change. One generation dressed in “mod” clothing you might see the Beatles wearing.
The next group wore nothing but sharp disco duds like John Travolta in “Saturday Night Fever.”
And then there was the group that went the other way and to them, “grunge” became the hot fashion.
Generations sure have odd ways of expressing themselves.
What’s not so humorous is that the changes in the mindset of each generation can have a major impact on real estate as well.
That’s one reason why it’s very smart to have a lifestyle map-based real estate search tool combined with an MLS to be flexible and meet the needs of changing attitudes in the market place.
A major shift is taking place now. The Millennial generation, those born from the 1980s to 2000, are now coming into money and are now ready to move out of apartments and to own their own dwellings.
They were involved in one-third of all real estate transaction last year.
Problem is, they don’t want the same as what their parents wanted.
For example, Millennials don’t want those huge 5,000 sq. foot McMansions – the kind you see on TV shows such as Jersey Housewives that never seem to end.
Millennials think, “Who needs that much space for a family of four?”
Oh it gets better.
Not only are they abandoning the idea of owning their own mini-castles, they don’t want to live in the suburbs where the mini-castles are located.
Suburbs? While mom and dad bought or built that great big house on the great big plot of land, the kids founds themselves bored.
They want action. They want to live in or near a city.
Small places are okay with them.
And you know one reason why? Because they’re eco-friendly.
This is the generation that is truly serious about the environment. They were all raised on Al Gore’s movie – “An Inconvenient Truth” and climate change.
(As you well know, one of the great facts of our education system is some teachers show quite a few movies. And if there is a substitute teacher that day. Forget it. Dim the lights. Turn on the film).
Big houses are not so eco-friendly. Driving long distances to work, same thing. Millennials want to live close to urban areas where there are jobs and shorter commutes.
Wow. What a handful for any agent to consider.
But the savvy ones will use the SpatialMatch tool to address the preferences of this new generation of home buyers.
For example, with the map-based platform, a broker or agent can show young buyers the advantages of a home that is not necessarily located right downtown (because there aren’t going to be many homes on the market downtown and if there are, they are going to be priced sky-high).
With SpatialMatch, an agent can show home buyers that the distance to a cute little plaza is only one two miles away. It’s a place where they can have dinner, coffee, browse a bookstore or go to yoga class. Within walking or biking distance.
What about work? With SpatialMatch, you can show the proximity of homes to business parks, schools, hospitals.
Found work out of town? Use SpatialMatch to show the proximity to major transportation hubs – train stations, interstates, airports.
Sure. It would be really cool for a Millennial to live in a 2,000 sq. foot apartment overlooking Central Park in New York City.
But agents know and Millennial know, that’s not going to happen.
With the SpatialMatch neighborhood search tool, an agent can paint a very nice picture of a dwelling that might not be near Central Park, but certainly has many of the cool amenities a young person wants.
That’s a great place for generations to meet.
For an article that addresses the new needs of Millennials, visit here.
