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Top 10 real estate trends sparked by the millennial generation

millennialsThe millennial generation is changing the landscape of the real estate world, from home buying to design. Loosely defined as those born between the early 1980s and early 2000s, Millennials number between 80 million and 90 million. It’s the largest group to emerge since baby boomers, and they’ve sparked new trends in real estate.
I just read “What Millennial Buyers Want (Now)” in Realtor Magazine and want to share my findings with you. Here are 10 trends for Millennials:

  1. Fast information gathering.Millennials are big on checking out online resources and when it comes to design, they check out such sites as Houzz, Pinterest, Instagram, Etsy, and retailers’ websites. Decisions are made quickly after sharing information with friends for feedback.
  2. Urban landscape. This generation likes to be close to an urban core so they can easily get to services.
  3. Fewer embellishments. Status and craftsmanship do not hold the same allure for this generation as they have for previous generations.
  4. Open, multifunctional interiors. The key to interior layouts for this generation is fewer partitions and walls, since this group likes to socialize and live casually.
  5. Less maintenance. Working long hours makes millennials prefer materials that require minimal time and care, such as faux wood or porcelain tiled floors that mimic wood.
  6. Technologically efficient, green, and healthy. Millennials want to use “toys,” — tablets, phones, audio systems, programmable LED lighting, energy-efficient heating and cooling systems, and all the rest. Interiors with lots of outlets and flexible placement of charging stations are appealing. They also prefer renewable and reclaimable materials.
  7. Colorful, industrial, and comfortable.For this generation grays and bold accents are the new beige. They also like the industrial look of weathered furniture and metal. In all their choices, comfort is key.
  8. Less outdoor space. A small balcony or terrace is preferred over a labor-intensive yard.
  9. Value-minded.This generation is highly value-conscious; they know trends keep changing, especially technological ones.
  10. Ready, set, go.Millennials like the idea of a finished house.The bottom line for Millennials: homes are not viewed as a status symbol or long-term investment but as an important purchase for living now and enjoying life.

The bottom line for Millennials: homes are not viewed as a status symbol or long-term investment but as an important purchase for living now and enjoying life.
No matter what generation you are from, you can count on me to find you the perfect home in Montecito, Hope Ranch or any of Santa Barbara’s upscale communities. Just call me at 805.886.9378 or email me at Cristal@montecito-estate.com.
 

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