A How-To Guide for Selling to Millennial Homebuyers
Millennials (or Generation Y) have recently emerged as a preeminent force in the housing market. Per the National Association of Realtors', millennials as a whole accounted for 37 percent of all buyers in 2019, making them the most active generation of buyers for the sixth consecutive year.
That being said, when selling your home, it would be wise to think about the wants and needs of millennials as potential buyers. Here are 11 must-haves for selling a home to millennials:
- Updated kitchens and baths – Young homebuyers seek out updated kitchens and baths because they are on a budget. Most of their money will go toward down payments and furnishings, and kitchens and baths are the most expensive spaces to update, so millennials will want a home that requires little to no work in these rooms. As a seller, you want to find ways to update your bathrooms and kitchen as inexpensively as possible. While these updated rooms will attract younger buyers, you want to avoid losing the money that you put into them. Top 10 Budget Kitchen and Bath Remodels
- Big kitchen/open floor plan – There was a time when a formal dining room was on every buyer's wish list. But this generation of buyers would rather eat and hang out in the kitchen, along with the family room. And because of how younger homeowners entertain, they prefer an open floor plan for easier flow throughout the house.
- Home office – per recent US Census data, over 13 million Americans are working from home and it is a trend that is expected to continue. Even if a room is currently staged as a bedroom, a real estate agent can point it out as a potential office space. And it's not just for those who work full-time from home. With ever growing technology making us increasingly mobile, a home office is a dedicated space for making phone calls, skyping or face-timing clients, or even just paying bills.
- Good location - Millennial buyers, faced with high gas prices and traffic, seek out locations with easy access to public transportation and a good walk score. Get Your Walk Score
- Low maintenance – young buyers want low maintenance homes. Things like wood floors and granite countertops appeal to them because they are both attractive and easy to take care of. They also like smaller yards. They want to spend their weekends doing activities that don't include mowing the lawn or doing housework.
- Technology – internet and cell phone service matter a lot to this generation. Many millennials don't even use a landline. You may not be able to control the strength of cell service at your home, but you can be sure that young buyers will be asking about it.
- Energy efficiency – With a growing interest in protecting the environment, younger buyers look to buy homes that are green. While energy efficiency is not the top reason to purchase a house, it can certainly be an advantage when dealing with millennial buyers.
- The reality TV effect – Real estate reality shows on channels such as TLC and HGTV have had an impact on how buyers view homes. Staging has become a crucial part of the selling process. It is not unusual to hear a younger buyer speak about a room being staged or not staged. Sellers: The Benefits of Staging Your Home
- Low HOA costs – when considering a property, younger buyers sometimes find that while the price is within their budget, homeowners association fees or condo fees make it unaffordable. They seek homes in neighborhoods with low, or preferably, NO monthly assessments.
- Online photos – Technology strikes again! If you are serious about attracting young buyers, you need to consider how your home shows online. Millennials start their home searches online and if the photos don't look good, they will likely scroll on by without ever stepping foot in the house.
Looking to buy or sell a home in the Huntsville area? Let professional Realtor Mike Manosky help you with all your real estate needs! Give him a call today at 256-508-0211!
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