Any seller that considers their house to be a perfect “first time home buyers” house should target millennial homebuyers. Many sellers are looking at how their home is viewed from a millennial’s standpoint. With more than 83 million millennial’s, a larger group than the baby boomers, chances are many of those will be looking at buying their own house within the next few years.
However, this is just the beginning. According to the National Association of Realtors, only 32% of homebuyers were first-time buyers, and almost historical though. But out of this group, about one third were millennial’s. Even though were just starting to see the edge of the horizon for millennial buyers, within the next few years it will be a big group of first-time homebuyers.
The term millennial is quickly becoming a popular label replacing generation Y, X and Echo boomers. Sellers need to know how to attract these type of buyers as they will be the majority of homebuyers throughout the next two decades.
Consider functionality and design.
Millennial’s are looking for a practical design and updated terminology for rooms such as a media room rather than a TV room, retreat oasis better than a bedroom and man caves or she sheds instead of work rooms. Sellers should disregard how they’ve used specific rooms in order to concentrate on transforming those rooms into a new look.
Low maintenance yards.
Many millennial’s will not look for a house that has a high maintenance front or backyard. Rose gardens, vegetable gardens, numerous flowerbeds or bushes and trees that need to be trimmed on a regular basis all tend to turn millennial’s office. It’s best to keep your home as simple, clean and tailored as possible from the inside to the outside.
Now, while there’s nothing you can do about your homes location, you can emphasize what you are close to. Perhaps close to a good school, convenience store, farmers market or coffee shop. All of these appeal to a wide range of homebuyers, especially millennial’s.
Talk to your agent about your neighborhood.
Your neighborhood may have a specific a stigma attached to it, be it good or bad so talk to your real estate agent about what buyers generally think about your community or neighborhood. What they value in your neighborhood and what would be not of value that you can deemphasize. Is your home close to a large industry making it easy to get jobs? Is the home in a good school district?
Understanding how millennial’s are buying and what their attracted to can help your home sell a lot faster. Ready to get started? Contact me today for a free listing presentation on what your home is worth and how to get it sold quickly.