The long-expected millennial wave, anticipated by a real estate agent in Long Island, is reaching the Long Island housing market. They are people between the ages of 25 to 40 years. Their lifestyle is focused on making a difference. They are socially conscious of all aspects of life.
Millennial Home Buyers
Millennial homebuyers are picky. They are generally interested in suburban neighbourhoods near public transportation. According to the National Association of Realtors, millennials have been the largest generation of homebuyers for seven years. The best Long Island neighbourhoods for millennials include Greenport, Smith town, Roslyn, Bellmore, Stony brook and more. Real estate agent in Long Island needs to grab the attention of the customer.
As soon as the buyer gets involved and shows interest, probe with them. Millennials want homes based on their lifestyle. It is better to be ready for any concerns that the buyer may have. Convince them with ideas and suggestions. Also, the real estate agents in Long Island can make their profile which shows the reviews and buying rates from previous clients. This will help in building trust.
Long Island Real Estate Trends
People are looking at their homes and realizing that they want something bigger and better. People are choosing places with more space and privacy in the suburbs. People are looking for larger homes at large lots. People are paying more for houses. People are sort of reimagining their lives.
Millennials’ Home Buying Trends
Millennials are now buying homes not just to live in but also as a means of investment. Some millennial home buying trends that real estate agent in Long Island must be aware of are as follows.
A prominent real estate company, Zillow, recently released a report. It states that around 50 per cent of all millennial homebuyers prefer suburbs or rural areas as compared to the cities. One of the main reasons that millennials consider moving outward is the rising prices of real estate in the city.
Several millennials are moving beyond typical homes. They are opting for homes that are bigger and pricier with all upgraded features. However, some other millennial buyers in the Long Island housing market prefer smaller homes. They opt for well-designed, functional homes that suit their lifestyles.
Wealthy millennial buyers expect their homes to have features they can control from their smartphones. They want the ability to control security features, temperature adjustments, and lighting with their devices. They are out and about and are ready for the move! Millennial buyers look for advanced technology and features.
Millennials are fond of their pets. They consider them family. They might give up on some things as well when it comes to making their pets feel more at home. Some people even prefer outdoor space for their pets over parking space. They look for outdoor space, which is easy to find across Long Island.
Energy Efficient Homes
Several millennial homebuyers in Long Island pay a little extra money. This is done to buy energy-efficient homes that will result in long-term savings. Millennials are fairly conscious of the environment. They are very sensitive when it comes to helping the environment.
A fixer-upper home is a real estate that requires reconstruction, redesign, or redecoration. Some average house prices in Long Island seem out of range for millennials who are looking for entry-level homes. Not everybody can afford to buy a great-looking home. This is the reason why some millennials have already started looking for fixer-upper homes.
The top features that Millenials look for in homes include:
- Garage storage
- Exterior Lighting
- Ceiling Fans
- Front porch
- Central Island
- Drinking-Water Filtration
- Office and classroom space
It is natural for millennials to make advancements in the real estate market. The positive home-buying trends in Long Island, as a result, do not come as a surprise.
Suppose someone is planning to look at what the Long Island market has to offer. It would be best to seek professional help from the real estate agents in Long Island. This way, you would benefit from expert advice. It would help anyone to select the right property.