Real Estate by Nick Abbadessa
Nick Abbadessa
909-292-7888909-292-7888

Millennial Homebuyers Changing Real Estate

millennial homebuyers

“If you think it’s already hard to find a bargain in the Southern California home market, imagine adding a youthful flock of 2.76 million potential house hunters to the equation.”
– The Orange County Register

You read it right. 2.76 million Southern California millennial homebuyers (those born between 1981 and 1996) are and will continue to seek to purchase a home. To bring it into perspective, this is equivalent “to 276,000 more locals needing a home yearly vs. an average 42,000 new housing units created annually.” – The Orange County Register

Zillow revealed that 2.08 million individuals will turn 33 years old – the median age of a first-time home buyer in Los Angeles and Orange County – in the next ten years! That’s 12.2% more than the previous ten years. Living with parents or sharing a home with roommates just won’t do it for this group.

The hard fact, however – which is great for home sellers currently there is high (and growing) demand from millennial homebuyers looking to purchase a home, but inventory is low. And as mentioned before, when homebuyer demand is high and inventory is low, an opportune time is created for sellers to list before competition increases. More buyers equals increased opportunities for creating a bidding war, which in turn allows you – the home seller – to sell your home for more and in less time.

Now, what are some of the unique features millennials are looking for? Outside of location, budget, and the standard home features meeting millennials’ needs, this group is looking for two interesting aspects of a home: a designated work area AND a pet friendly space.

Designated Work Area

In between the combination of more employers allowing their employees to telecommute and the increasing number of millennial entrepreneurs, there is a growing number of millennials starting to work from home and/or telecommuting. If you have ever worked from home, then you know it comes with its ups and downs. On the upside, you are able to work in the comfort and flexibility of your own space, on the downside however, you can easily find yourself distracted by any number of household things and/or feel disconnected. Accordingly, millennial homebuyers are seeking a space where they can focus and feel motivated to work from home. They are looking for a space that:

1) Allows for creating an atmosphere that is conducive to professionalism and creativity,

2) Is located near a window shining in the sun’s beautiful radiance, and

3) Is a carved-out for work only – one in which he / she can maximize their productivity.

Pet Friendly Space

In addition to working from home, millennials are looking for pet friendly spaces for their “little” companions. According to the American Pet Products Association, nearly 75% of millennials currently own a pet. They are craving comfort, and that includes:

1) Appropriate outdoor space for their pet to run and play – or a neighborhood that is walking distance to a dog friendly park or café,

2) An indoor nook created just for their pet to comfortably sleep, feed, and enjoy, and

3) Overall a pet-friendly community / neighborhood to grow in.

In short, with the substantial rise in millennial homebuyers entering the market, there is no denying the fact that they are changing the real estate world and impacting residential trends like never before. If you are a millennial looking to purchase a home, or a home seller seeking to take advantage of this real estate opportunity, please contact me so I can answer any questions you may have.

As always, if you need any help listing or buying a home, please don’t hesitate to reach out.

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About Nick Abbadessa

Picture of Nick Abbadessa

Nick Abbadessa

Realtor, BA, Cert. Luxury Home Specialist

nick@soldbynick.com

626-269-2751626-269-2751 main

RE/MAX Masters Realty

1030 Bonita Ave. La Verne, CA 91750 | BRE#01398872 |Office BRE#01064901

Reviews

5deancc78

Nick's overall ability to identify what his client is looking for in his/her home is second to none. He is very knowledgeable in all aspects of the home buying/selling process. If you’re looking for a real estate agent that is honest, knowledgeable, and... (more)

5ANaka

Nick is a plethora of knowledge when it comes to real estate. He is a very good communicator and always keep you in the loop. He is also very proactive and on top of things. He knows how to accommodate your needs and doesn't waste your time showing you... (more)

5jeff_ims

Nick patiently worked with us two months until we found just the right home to buy. When it came time to make an offer it was then that his deftness and wisdom made themselves apparent. Real estate transactions involve lots of detail, lots of money, and... (more)

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