In 2015, real estate sales sharply shifted toward the Millennial buyer and there are many ways sellers can prepare their home to attract this buyer. Here are ten things Millennials look for, and how to implement them in your home.
In 2015, real estate sales sharply shifted toward the Millennial buyer. The U.S. Census Bureau reports that for those between the ages of 32 and 44, home owners are beginning to surpass home renters. With the oldest Millennials approaching 34, these young professionals are now first-time buyers and are a demographic that cannot be ignored when preparing your home for sale. There are many ways sellers can prepare their home to attract this buyer. Here are ten things Millennials look for, and how to implement them into your home.
1. Location, Location, Location
Millennials view a home as a base camp from which to explore their world. If your home is within walking distance to any type of shops, cafe’s, restaurants, or within easy transport to a major city, highlight this in your listing to show off the unique characteristics of your area.
2. Updated Fixtures
Millennials, as well as any other demographic, know that kitchens and bathrooms are the most expensive rooms in a house to renovate, and remain budget conscious. While a full renovation is not required, consider small fixes like replacing cabinet hardware, installing a new backsplash, or even painting worn cabinets to create spaces that are clean and fresh.
3. Less Maintenance
With busy lives and time spent away from home, Millennials are looking for houses that are easy to care for and won’t require extensive maintenance. If you’ve recently replaced any major components in your home such as the roof, furnace, or air conditioning unit, let buyers know. Similarly, a yard and garden that is lush with low-maintenance greenery can also be a selling feature.
4. Smart-Home Savvy
Recent research suggests that homebuyers are learning to expect smart technology in their purchases, and this includes their home. Adding a smart thermostat, some USB charging ports, or even just a few more outlets or dimmer switches, may give you an edge.
Even if you don’t have an open floorplan, you can create the open flow Millennials want simply by reducing the amount of furniture in a room, or changing its location to allow free passage from one room to the next.
6. Home Office
With work-at-home options still on the rise, having a dedicated space for an office is essential. Convert a bedroom into an office or create a nook in a larger room with a desk, chair, and lamp to create the feeling of a dedicated space.
7. Energy Efficiency
Today’s first-time buyers are very aware of environmental impact, so using low VOC paints, replacing traditional bulbs with energy efficient models, and replacing worn weatherstripping on windows and doors are all easy ways to add efficiency to the home.
8. Staged to Meet Expectation
With design-related television shows and social media dominating the market, the Millennial buyer desires the latest home trends. One of the biggest returns can come from replacing wall to wall carpeting with a hard surface laminate or hardwood flooring. Smaller changes can be made by shifting furniture around and picking up some on-trend accessories to give your home a modern look.
9. Great Photos
Most buyers make a decision on your home via the Internet. Great photos are a must for any buyer and are essential to getting buyers through the door. Taking photos during the daytime, de-cluttering, and including outdoor photos are all must-dos.
10. Market as an Investment
If your neighborhood is going through regeneration or growth, this could be attractive to the Millennial buyer who, unlike past generations, may not be looking for their forever home. Marketing the potential of your home as an eventual resale can be a great strategy to win these buyers over.