How to Appeal to Millennial House Hunters


How to Appeal to Millennial House Hunters

Trying to get into the mind of Millennial home buyers? Curious what the latest wave of house hunters is looking for in a home? The National Association of Home Builders recently released a report with telling statistics about this generation. It reveals interesting information about what members of Generation Y really want.

 

What they’re willing to accept to make a home affordable (From most acceptable to less so):

1. Unfinished space

2. Farther away from shopping, entertainment

3. Longer commute to work

4. Smaller lot

5. Fewer amenities

6. Smaller house

7. Less expensive materials

 

What else do Gen. Y’ers want?:

-75% want a single-family home

-66% want to live in the suburbs, with only 10% preferring a central city location

-78% want a kitchen that is completely open to the family room or only separated by a half wall

-52% want a two-story home

-35% want 3 bedrooms, 46% want 4 bedrooms

-64% want either 2 or 2 1/2 bathrooms

-55% want a separate laundry room, with a total of 90% saying it was essential or desirable

-An elevator is unwanted by 64% of respondents

-84% said they would pay more for a highly energy-efficient home with lower utility bills over the home’s life

 

Major influencers for moving to a certain community:

-58% said park area

-55% said walking/jogging trails

-54% said playgrounds

-51% said outdoor swimming pool

 

NAHB Assistant VP of Research Rose Quint predicted that the growing numbers of first-time buyers will drive down home size in 2015. Three million new jobs were created in 2014, 700,000 more than the previous year “and the most since 1999,” Quint said. At the same time, regulators have reduced downpayment requirements for first-time buyers from 5% to 3% and home prices have seen only moderate growth.

 

“All these events lead me to believe that more people will come into the market, and as younger, first-time buyers, they will demand smaller, more affordable homes,” Quint said. “Builders will build whatever demand calls out for.” (Source)

The Future of Home Characteristics 2015


The Future of Home Characteristics 2015

In December 2014, the National Association of Home Builders conducted a nationwide survey of builders to determine home trends for 2015. Some of their findings are in line with what we’ve seen in the past, but some may surprise you.

 

The 10 Most Likely Features in Typical Single-Family Home in 2015:

1.Walk-in closet in master bedroom

2. Laundry room

3. Low-e windows

4. Great room (Kitchen-Family room-Living room)

5. Energy-Star rated appliances

6. 9′ feet+ in 1st floor ceiling

7. Energy-Star rated windows

8. Programmable thermostat

9. 2-car garage

10. Granite countertop in kitchen

 

The 10 Least Likely Features in Typical Single-family Home in 2015

1. Outdoor kitchen (cooking, refrigeration, & sink)

2. Laminate countertop in kitchen

3. Outdoor fireplace

4. Sunroom

5. Two-story family room

6. Media room

7. Two-story foyer

8. Walking/Jogging trails in community

9. Whirlpool in master bathroom

10. Flooring on main level: Carpeting

 

Welcome Back the Front Porch


According to the National Association of Realtors and the National Association of Home Builders, front porches are heading for a comeback as one of the most popular amenities in 2014. Though you may not have realized, front porches have been traded out in recent years for front-facing garages, more backyard space, and decks in the back of homes that offer more privacy to homeowners.

 

This year, builders expect to see a great reemergence of the front porch. Most often associated with a great place to drink a cup of morning coffee and a resting place for parents watching over their kids out in the neighborhood, the front porch is a sign of simpler times. Even if it’s not a grand space, a front porch adds architectural detail, curb appeal, and is an inviting feature for home buyers. Adding a couple rocking chairs, a porch swing, or a small bench creates an extension of the home and a place to sit back and connect with neighbors.

 

Check out these listings that represent the many homes we have on the market with this charming feature:

Welcome Back the Front Porch^6519 Gaston Ave., Dallas

Welcome Back the Front Porch

4034 University Blvd., University Park

Welcome Back the Front Porch^5540 Victor St., Dallas

Welcome Back the Front Porch^5410 Mercedes Ave., Dallas

Welcome Back the Front Porch^503 FM 2194, Farmersville

Welcome Back the Front Porch^812 Sandy Creek Road, Bowie