Not long ago, the perception was that Millennial buyers wanted move-in-ready houses. That placed a burden on sellers who felt like they had to invest considerable time and money to sell their homes.
New research by Real Estate Witch (https://www.realestatewitch.com/2022-millennial-home-buyer-report/) suggests that Millennials, facing inventory shortages and stiff competition for homes, are compromising on their must-haves.
For you, that may mean that you won’t need to invest as much in upgrades and deal with the angst and inconvenience of major renovation projects.
Some ways that Millennials are changing their approach to improve their chances of getting their first home include:
- Willing to purchase a fixer-upper requiring major repairs (82%)
- Making concessions on the characteristics of a home (57%)
- Making offers on multiple homes (52%)
- Expanding their search location (47%)
- Making financial concessions (47%)
- Maxing out their budgets (46%)
- Making sacrifices to afford homeownership (45%)
- Decreasing their desired square footage (34%)