How To Best Prepare Your Home for Millennial Buyers
Looking at buyers in terms of their generation and purchasing patterns is a smart business move. Different generations have different opinions on things from buying houses to education.
Millennials are the newest and largest generation moving into the real estate market. Learning how they tick and marketing your home accordingly will give you an edge in selling your home.
What are Millennials?
Members of the Millennial generation were born in the early 1980’s through the early years of the 2000’s. Millennials, for the most part, grew up in a culture with rapidly advancing technology. They expect quick results and quick technology. Entertainment is important to them. They prefer, and in some cases, feel entitled to have numerous options of entertainment available.
The older Millennials (those entering the real estate market) graduated college at a time when our economy was less than healthy. Jobs were difficult to find, and pay was lower. Many decided to pursue their masters degrees until the job market became less competitive.
Tacking on additional tuition, the Millennials have a pretty hefty debt load. After spending a longer period of time in school they also are getting married and having children later in life. This means they do not enter the housing market until later as well. All of these characteristics, shed a little light into how Millennials buy and the reason behind their purchases.
How do Millennials affect the real estate market?
The baby-boomer generation makes up a large percentage of the housing market today. As time passes, the Millennials are becoming a very large portion of the market as well. The traditional decision making and wants in past real estate purchases is different with the entrance of this new generation.
How they live their lives and make decisions is exactly the opposite of their parents, the baby-boomer generation. Strategies in selling homes ten or twenty years ago, may not be so effective today. Home sellers need to educate themselves on how they can make their home and home listing more appealing to this generation.
What are Millennials preferences when house hunting?
As mentioned earlier, a Millennial buyer doesn’t desire the same things in a home that past generations do. The traditional rooms or layout of a home today may not fit the lifestyle of younger buyers. They want modern, open and airy spaces. They want homes that allow for easy entertaining and flow from room to room. Formal living rooms and dining rooms aren’t seen as useful.
Media rooms and family rooms are more sought after. Millennials want smaller and single floor homes to keep their utility costs down. Remember, this generation has a lot of student debt and needs a home that is more cost effective.
Having some energy efficient features in your home is also very appealing. While plush carpet was wanted by their parents, this generation prefers hardwood, tile or laminate. Good education in school districts and close proximity to entertainment in towns are two additional features desired by Millennials.
What should sellers do to appeal to Millennials to sell quicker and for top dollar?
Sellers need to be aware of the consequences of pricing their home too high. Remember the cost-conscious Millennials. Highlighting features of your home that meet the younger crowd’s needs will make it much more appealing. If you live in a top school district, or are located near good shopping and night life then you should mention that in your listing.
If you recently installed energy efficient windows or smart phone electrical plates, then add those to your list of amenities. Keep your home clutter free. The Millennials like smooth, crisp and clean surfaces.
One last tip, since this generation is very tech savvy, make sure your home listing is available for mobile devices. A good portion of your advertising should be done with online ads. They don’t utilize print real estate listings as frequently as older generations.
Talk with your realtor on additional creative ways to market your home to this new generation! You will be well on your way to selling your home to the Millennial generation.
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