Real estate brokers in the Durango area have had the opportunity to work with a number of millenials in the last few years, typically finding them their first home.
In the Durango area, the millenials want in-town homes with close proximity for walking and riding their bikes to the amenities the town has to offer. The advantages of the Animas River Trail, the Durango Community Recreation Center, schools, restaurants and convenience to shopping play a major role in their desired home location.
The size of the home is not as important as the location and the ability to experience life. They tend to want a greater degree of cultural and ethnic diversity.
One of the things we have found noteworthy concerning the millennial generation is the size of it. There are nearly 83 million millenials, which is greater than the number of baby boomers.
The millennial generation has received a lot of attention in the past handful of years. In the workforce, it is estimated that two-thirds of the workforce will be the millennial generation in the next few years, and because of the size of the population, marketers are actively targeting them.
As a broad generalization, the millenials view work and life differently than previous generations. They seek an overarching purpose in their lives, and will typically work for different companies throughout their careers as opposed to working for one company for 30 years.
Additionally, millenials focus on a work-life balance. They are also dependent on technology. This combination creates an ability to work from any location. With Internet and cellphone capabilities, millenials can be responsive at all times. This creates both autonomy and connection to employers.
So how do these characteristics of millenials impact real estate? The influx of millennial buyers creates a need for sellers to market and stage homes with this demographic in mind.
According to a study conducted for Better Homes and Gardens Real Estate, millenials focus on technology in homes and seek homes compatible with the ability to work from home and find great value in home offices.
The millenials prioritize socialization. As such, the location of homes remains very key for them. They tend to want to be near the experiences they enjoy, and want their homes to reflect the emphasis they place on their social lives. They like the ability to walk to necessities and entertainment.
Even if a home’s location is farther from the center of town, walkable features in the area can assist in appealing to this generation. Some of the neighborhoods in our county offer those amenities; Edgemont Highlands, Three Springs and Skyridge are a few.
Millenials also seek homes with character. Instead of the “cookie cutter” models sought by previous generations, this generation wants unique homes. This may be found by incorporating hardwood floors or adding one bold painted wall in a room. They also seek homes that are energy efficient and green. These modifications are oftentimes inexpensive and create substantial impact.
These concepts apply to sellers, as many baby boomers will be selling their homes to a younger generation. While changing a home’s characteristics completely will be impossible, small enhancements could be considered.
Don Ricedorff is a Realtor at The Wells Group in Durango, and a past president of the Durango Area Association of Realtors. He can be reached at don@durangorealproperty.com.
