Millennial Trends In Luxury Real Estate: What The New Generation Seeks

It may come as a surprise to learn that most of North America’s Luxury Home Buyers are now millennials. In fact, according to a report by Engel & Völkers, millennials now make up around 60% of all luxury buyers.

This new generation of luxury home buyers has different expectations when compared to luxury home buyers of the past. Not only are millennials digitally savvy and are constantly embracing new technologies, they are also looking for homes that are both eco-friendly and are located in areas that offer a number of different activities.

Let’s dive into five aspects that this growing set of affluent home buyers are looking for. Whether you are a luxury home owner looking to sell your home or if you are looking to buy a luxury home, staying on top of the latest trends will help you reach your goals.

A Strong Online Presence

We all use the internet to search for information, but many millennials rely on technology in ways that other generations don’t fully understand. For instance, some millennials are often skipping the search engines nowadays, choosing instead to utilize social media to research homes, watch virtual tours, and engage in online conversations with real estate professionals.

With this in mind, you need to ensure that if you are putting your luxury home on the market, then you need to have a strong web presence as well as social media channels that not only have relevant content, but are updated regularly. Also, the social media platforms you choose to post on matter. Most millennials spend their time on YouTube, Instagram, and Facebook.

Being Environmentally Friendly Matters

Millennial homebuyers have a strong focus on eco-friendliness, and it is essential to them that their home is environmentally friendly. Millennials are often looking for properties that have sustainable and energy-efficient features, such as solar panels,composting units, and even biophilic design.

If your luxury home is on the market, be sure you are ready to answer questions about how sustainable your home is. All aspects matter to eco-friendly buyers, including using building materials that come from sustainable sources, energy efficient and water conserving appliances, and functional and attractive outdoor spaces.

Highlight The Convenience Of The Location

Many millennials that are seeking to purchase their first home want to be located in very specific areas, depending on how introverted or extroverted they are. For the introverts, some want to be close to nature, whether that means access to a beach, nature walks, or other natural features. On the flip side, extroverts want to be close to public transportation and/or urban centers that offer a variety of entertainment options.

No matter the personality type of the buyer, a luxury home that offers a blend of convenience and privacy would be ideal for millennials. Their home should allow them to balance their work and free-time as they see fit. This means more than just checking off ‘must-haves’, but honing in on the perfect home that is also in the perfect location.

Integrate Smart-Home Technology

In addition to their digitally connected lifestyles, millennial buyers are seeking luxurious properties that are already integrated with smart-home technologies to make their lives easier. And, while this is an important aspect for millennials, smart-home technology is being sought out by nearly all luxury home-buyers nowadays.

There are a wide variety of smart-home systems and options, including smart appliances (refrigerators, washing machines, etc.), entertainment systems, voice controlled lighting, and more. Of course new technology and upgrades are constantly being released, so be sure to stay on top of the latest trends.

Embrace Virtual And Augmented Reality

Speaking of technology, millennial buyers have begun to embrace virtual reality and remote transactions when it comes to their real estate searches. What this means is that since this demographic of buyers are already comfortable with virtual and augmented reality, they may be more open to remote real estate transactions that include virtual tours and even e-signing of closing documents.

What this means for those selling luxury properties is that you should consider offering virtual home tours and sign up for e-signing solutions. While e-signing may take out some of the personal aspect of the home buying process, it also helps to make the process more convenient for all parties involved.

Plus, offering the ability for millennials to sign and send documents from their phones and tablets takes away the need for large stacks of paper, which plays into being more eco-friendly.

Focus On The Future

While the focus of this article was on millennials, keep in mind that Gen Z have also begun to enter the housing market. That’s why it is important to ensure your luxury home stays up-to-date with the latest trends and technologies so you don’t get left behind. If you want to learn more about how make your Southwest Florida luxury home appeal to younger generations, contact real estate expert Dianne Anderson today!

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