How is real estate changing according to the demands of the new generations?

 

Hard as it may be to believe, today's millennials aren't living in their parents' basements; rather, they're buying multimillion-dollar homes.

At 38%, millennials -adults born between 1981 and 1996- represent the largest proportion of homebuyers in the U.S., according to a National Association of Realtors survey released last year. "They are just as interested in owning a home. They've just waited longer to buy their first one," says Bradley Nelson, director of marketing for Sotheby's International Realty. Affluent millennials, Nelson says, are going big.

Market Preferences

Millennials are the most educated generation in history, have higher incomes and are poised to inherit more than any previous generation, according to a May 2020 report from the Brookings Institute.

Millennials are characterized by their tech-savvy and environmentally-conscious values, and their millennial preferences are poised to dramatically shape the market.

Luxury headwinds

In addition, amid the indiscriminate decline in overall tax revenues caused by the pandemic, governments around the world are re-evaluating property and estate taxes as a means to cover budget shortfalls.

"For all buyers, tax implications are going to be a bigger part of their consideration when buying a home," Nelson says.

For the growing cohort of young, affluent buyers eager to get their dream home, millennials face a dearth of options that meet their unique tastes. "Inventories are near historic lows across the board, and especially for homes with the features they're looking for," Nelson says.

The world is definitely changing, and millennials know it. Miami is a place that they will probably like to live in.

Will you buy your first house in 2021?

 

Are you planning to move or buy a home by 2021?

There are several things you need to consider.

The year 2020 has taught us the importance of home, of having terraces, open spaces available, places to share with family, or even an office to work in.

Thanks to the experience lived during this year, we know what we need to move or buy a new house.

Visual appearance

One of the most important elements when making a choice: the looks.

How the house looks inside, what amenities it has, which schools, supermarkets, avenues or other places are near this property. Many are the factors we see, before making a purchase choice.

Appearance is essential and very important at the time of choosing.

If there is a house that you liked visually, don't go into debt before taking out a mortgage.

Focus on your mortgage first, and then, once it's granted, you can make other arrangements.

Check out all the little details

1. Location: If you have bought a property that is not located in one of the best areas, you may regret this decision over time.

2. Structure and finishes of the house: It is very important to carefully check the structure, walls, rooms, kitchen, bathrooms and other elements of the house, because if you get many imperfections, you may have more trouble fixing the house you want to buy than looking for another option.

And finally, do not forget the importance of knowing a little more about the location of the house and the neighbors who will be near you, this is an essential aspect for many people when buying a property.