Sona Modi-Aspiring Millennials to Drive the Residential Real Estate Market
The Top 10 Real Estate Leaders Leading the Way in 2023
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.