Sona Modi-Aspiring Millennials to Drive the Residential Real Estate Market

 A house in the suburbs, career tenure, a pension with the same employer, and a portfolio of stocks and bonds for retirement. This has been every baby boomer and gen-x’s vision of the dream life. Until it wasn’t.

Today, the real estate market of home buying is being ruled by a new thought process and modern ideas of being a homeowner while still being traditional with financial budgeting and investments. This is being done not by Gen Z, nor the older generation. It is the millennials who are favoring real estate for investments.

Unlike their previous generations, millennials have a quintessential approach to buying property. Unlike their predecessors, they see a house not just as a commodity but as an indulgent investment.

The pandemic has changed their mind set in more ways than one. Millennials are now keener than ever to invest in the real estate market. Even in the wake of diplomatic uncertainties, the demand for real estate has continued to rise due to the optimistic outlook of the millennial homebuyer.

Driving digitalization in the real estate market

The way this younger generation is looking for new homes has noticeably changed over the past few years, and it’s likely to continue changing in coming years. They are busying themselves online when it comes to looking for new homes. They are relying heavily on the latest available technology and online platforms to find and research their dream homes. 

The majority of millennial homebuyers use online resources such as real estate websites and social media platforms to search for properties.

This appeal of the digital revolution goes beyond convenience. Millennial homebuyers are consciously drawn to the wealth of information and resources available on these platforms. Many real estate websites and social media platforms offer detailed listings with information about the features and amenities of each property, to include photographs and virtual tours that allow buyers to get a better sense of the property before they decide to visit in person.

A reasonable demand for convenience and simple luxury

Development is about transforming the lives of people, not just transforming economies. Being luxurious involves how we ‘experience’ things. In this fast-moving age, all that a buyer wants is to have a hassle free and comfortable experience and this effortless experience counts as luxury for the middle-income group.

Millennials want smart spaces that allow them to work from home, while also offering spacious green open spaces, culturally vibrant entertainment zones, and expansive balcony areas. Additionally, they seek homes that offer a complete integrated living experience, with diverse amenities that make daily life easier and entertaining. These include an abundance of facilities such as engaging clubhouses, child-friendly pool decks, gymnasiums / sports complexes, diverse fitness studios, state-of-art libraries, spacious community halls, and a secure plus sophisticated digitally enabled surveillance system.

Conclusion

• Millennials are ruling digitalization.
• Millennials are demanding their money’s worth.
• Millennials are less focused on homeownership as they consider owning a home as a long-term financial goal.

In the era of globalization, this generation enjoys the highest purchasing power than any generation before. They are not shackled by the doubts and fears of their predecessors, but rather soar on the wings of determination and self-assurance. The hopes and dreams of the aspirational millennial are bound only by their fearless audacity to aim higher than any generation that came before them.

As for the next generation? Only time and capitalization in the near future will tell us how they will impact and rule the real estate market.