Millenials are a good bunch of folks. These people were born in the 80’s through the early 2000s. We have seen an increase in their financial savvy as well as an understanding of the value of Loveland CO real estate over the long term. So exactly what are they looking for? Let’s look at NAHB’s 2013 American Housing Survey to get some insight.
In general, they mostly prefer older homes. With only 9% of this group having purchased a new home, it is safe to say that your Loveland CO home is going to be a target for them. And only 9% went for multi-family homes leaving nearly 2/3 of millennials heading for single family detached homes.
Price is also a consideration for this group. Spending most of their time searching for homes in the lower price ranges, half of all homes purchased by millennials were under $148,500. This also means that most of the homes they are in the market for (or can afford) are smaller, averaging less than 1,650 square feet. They note that finances were the major factor in this decision where older buyers (Generation X and Y) factored in the right size home as a more prominent decision maker. The folks surveyed kept location at the top of their decision-making list as well using commute times and proximity to schools as major factors.
A smaller sized and well priced home is going to be a hot commodity for this group. Talk to your local real estate professional and get a feel for the market in your specific area. You just may be sitting on a home that is currently in high demand.