You’ve owned your home for some time now and are ready to put it on the market for a variety of reasons. Whether your family is expanding and you're looking for more room to grow, or you're looking to downsize your life as you head into your golden years, it's important to understand the demographics of who you may be selling to.
Millennials have become a segment of home buyers who are a force to reckon with in the real estate market. According to the National Association of Realtors' 2016 study of generational housing trends, millennials (or Generation Y)—those born between 1980 and 2000—comprise the largest segment of the buyer market (35%), ahead of Generation X (26%), which covers those born between 1965 and 1979. Selling your home in Central Florida to a millennial can seem daunting, but with a few quick tips and tricks, you too can attract a younger buyer.
While Gen. X and millennials account for more than half of current home buyers, there are two distinct scenarios they are looking for in their future home purchase.
A) Young professionals prefer a move-in-ready home that needs little or no work.
B) Creative buyers want to invest sweat equity and money over time while putting their personal touches on a property that will add value to the home in the long run.
You must be asking yourself, "What are the general 'must-haves' my home needs in order to appeal to a millennial home buyer?"
Updated kitchen and bathrooms
While some millennial home buyers may be ready for a fixer-upper, they are often scared away from homes with outdated kitchens and/or bathrooms because of the amount of work that would go into this type of project and the associated renovation costs. If there are any projects you are considering doing before selling your home, updating the kitchen or a bathroom could add value to your home and increase potential buyers' interest.
Open floor plan
Most millennials are interested in investing in a space where they can entertain their friends and families, so when it comes to buying a home, they are most likely looking for a home that features an open kitchen. Homes with an open floor plan offer homeowners the chance to easily move from "room to room" as they entertain their guests.
An increasing number of millennials work from home at least one to two days out of the week, which makes a home office an important selling feature for these young home buyers. If there is an additional room or added space in your home that could be featured as a home office, we recommend staging it as such (even if you have never used it as an office yourself) to further appeal to millennials.
Central location (especially if it features walkability)
Many young buyers are looking for homes located near public transportation or within walking distance of local eateries or hangouts. Millennials love the idea of "live, work, and play" that is thrown around these days. A home that is situated in a walkable community or near enough to things that are walkable adds value to your home without you having to do a single thing.
No need to feature cable hookups or a phone jack when it comes to millennial home buyers. They have most likely never had a house phone, and many of them stream their favorite shows rather than paying for cable. Having a little knowledge of the internet and cell services available in your area is more their speed, and if your home features any smart home devices or smart home technology, such as a Nest, be sure to tout that!
Many millennials are very conscious of their perceived "carbon footprint," which reflects in their home purchases. Looking for energy efficient homes, such as those with new windows, insulation, solar panels, and ENERGY STAR® appliances, is something that they value throughout a home search. Not only do millennials believe they are helping the environment, they are often aware of the savings found in having features like these in a home.
The select features of your home millennials are looking for aren’t the only things that will interest them in your home. When it comes to marketing your home, millennials are looking for homes with a good online presence. Their home search is happening online, so making sure your home is listed online and has several professional-looking photos included with the listing. A millennial home buyer is more apt to be attracted to a home that photographs well.
Your REALTOR®️ needs to be using technology to sell your home. This includes making sure your home is presented well online (as mentioned above) and managing various aspects of the transaction via technology, such as e-documents. Millennials are the generation that grew up with Google and the immediate answers to their questions, so your REALTOR® needs to be ready to respond to their inquiries about your home as quickly as possible too.