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How Young Buyers Are Redefining ‘Luxury’

When looking for a new home, we have our lists of things we want to in a new property. Each generation approaches that list differently. This article from REALTOR Magazine highlights what the market is seeing that millennials want on their wish list when looking at new properties. How does your wish list compare? Please enjoy the article and give me a call with questions you have or if you want help with any of your real estate needs.

Source: REALTOR Magazine | Re-Post Houterloot 7/11/2019 –

Millennials are known for their ability to change the status quo, whether it’s demanding more options for remote work or raising families in an urban environment rather than settling in the suburbs. And now, when it comes to real estate, they’re changing the meaning of “luxury.”

Millennials, many of whom are in or entering their 30s, are building their wealth and showing interest in high-end homes. In 2017, buyers younger than 35 purchased nearly a quarter of homes constructed by Toll Brothers, the largest luxury homebuilder in the U.S. So because millennials comprise a significant percentage of high-end home buyers, real estate professionals need to be aware of the selling points that appeal to them—and how to market to them effectively. Here are a few of the luxury home features millennial home buyers desire.

Less space, more functionality.

Millennials are forgoing larger houses, choosing smaller luxury homes that make smart use of space and are filled with high-end amenities and furnishings. Some of the most in-demand features include open-concept living areas with plush living rooms and showcase kitchens, spa-like bathrooms, and multi-use rooms. Millennials desire functional layouts for entertaining and the flexibility to alter spaces to fit their needs, such as a yoga studio that can be converted into a bedroom for overnight guests. Their preferred lifestyle and personal interests inform what they most want in a home.

Read the full article…

Posted on July 11, 2019 at 11:57 am by Tim Houterloot

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