Not that long ago, the market for mansions, luxury homes and huge properties was in bloom. Today, millennials seem to have hit the brake, as luxury homes are no longer on top of search queries or on people’s minds. Why is this happening and how will it affect the market for homes? Let’s find out!
Lifestyle Changes and Value For Money
Without a doubt, one of the primary criteria when buying a new home is the asking price. However, this is not the reason why millennials are changing the focus from luxury mansions. The September 2019 issue of the North American Luxury Market Report speaks about “lifestyle changes” and “value for money” when describing what motivates this generation of home buyers. People are interested in knowing they will get great value for their buck. A huge property is not efficient enough in terms of labor and management in the long run. Think of it as the experience of a new poker player who prefers to play with a smaller budget and aim for quality games and periodical bonuses instead of investing large amounts since day one just to collect a maximum welcome bonus and be faced with highly demanding wagering requirements for a limited number of games. If you are looking for a good site that reviews and recommends the freshest casino titles in the industry, click here to visit the website of the GamblersBet.com platform.
On the other hand, the more appealing the amenities a home comes with and the more pleasant the experience of living in it truly is, the quicker it is bought. Vacation homes with room service and spas are gaining more and more ground lately. Millennial buyers are looking to imitate the real hotel or spa experience at home and their shopping decisions are changing the way things look and flow in the real estate sector. They mainly focus on cautious forms of riches and they prefer to know they will be living in an eco-friendly environment and a home where wellness is crucial instead of luxury homes in the traditional sense of the word.
Baby Boomers and Retirees Are Also Interested in More Amenities
It’s not only people ages 23 to 37 (Millennials) who are focusing on this type of amenity-focused dwellings. Empty-nesters or parents whose children have left home to go to college or live on their own for the first time are also showing interest in this type of properties. While they may look for new hobbies such as playing games online, wagering on poker or doing yoga, they may also consider buying a new home. People who have recently retired may also need a new home that speaks to them more and helps them simplify their life and make it more convenient. Baby boomers (20 percent of the US population are people born between 1946 and 1964) are also part of the same list of people looking for homes with extra amenities such as concierge services or pools.
Developers Need To Catch Up With the Trends
Builders need to keep up with the trends and cater to all the emotional, physical and social needs of home buyers. They need to diversify their offers and use different locations for their projects. The trends also show an increase in the number of people who choose to buy several smaller properties instead of a single large one. They want to live unique experiences in each of their new vacation or seasonal homes and they choose quality over space. The emphasis also falls on properties that are located nearby, within walking distance from shopping, cinemas, bookstores, coffee shops, parks, malls and dining venues.
While luxury will continue to be the main leader in real estate trends, builders need to find clever ways to create smart, environmentally-friendly residences that are more affordable to buy. Smart homes with pre-built entertainment rooms, solar panels generating electrical power and heating while protecting the environment, private spa rooms and concierge services for apartment buildings – these are just a few of the hottest amenities that are prone to draw the attention of today’s non-luxury buyers. Developers also need to consider expanding their projects in various areas with different climate and geography to create unparalleled living experiences.
