When dealing with the real estate industry in general, chances are you’ve heard the phrase “location, location, location” at one point or another. For some home buyers, it’s a catchphrase that will almost completely define their entire home buying experience, opting for a Nashville home, condo, or townhome that has a “perfect” location over anything else.
But as time goes on, things change, people change, and that tired old real estate mantra ‘location, location, location’ seemingly has more meanings than ever. Over the last couple years, chatter about Millennials playing a big role in the real estate market has gotten louder and louder, and now as many are finally starting to make that transition from renting to owning, new trends in housing are emerging that specifically relate to how younger home buyers are choosing to live.
It used to be moving to a great location meant finding an already established community in Nashville that essentially has everything you could want in a new place to live, like being close to schools, having a short commute to work, and being situated just a short drive away from plenty of shopping, dining, or entertainment. Now, many home buyers look at all those conveniences of the past and are wanting more walkability rather than drivability.
A short commute time means being able to walk work in just a few minutes. Living close to shopping, dining, entertainment means you’re only a few blocks away. In other words, that quintessential suburban lifestyle that was so popular back in the 70s, 80s, and 90s is now officially yesterday’s news and more of today’s home buyers are seeking out more of an urban lifestyle that, in many ways, is much cheaper and more sustainable.
To most Millennials, long gone are the days of a baby boomer’s idea of a perfect location. Instead, it’s a new generation of home buyers who will inevitable drive the real estate market over the next 10 to 15 years, and when you start looking at how they live and what they want, they truly are giving a whole new meaning to one of real estate’s oldest mottos.