Selling to the Millenial Buyer
If you are planning to sell your house anytime soon, you likely have a “To Do” list of upgrades and repairs that need to be done to prepare your home for market. You may want to take this one step further and prepare your home with the millenial buyer in mind. According to the National Association or REALTORS® Home Buyer and Seller Generational Report released in March of this year, millenials – for the third year in a row – are driving the housing market with 35% of all home purchases made by Generation Y (ages 18-35).
“I would say millennial buyers are informed and competitive buyers. They move quickly and decisively. They have done their research and they are looking for a win in the real estate market. Whether that is getting the best house on the block or getting a great deal on a fixer or a secret off market property.”– Lani Gullotta, Terra Firma Global Partners, Sonoma
An updated kitchen and bath and an open floor plan are high on the list of millenial buyer wants, but of course not every seller can make those things happen before going on the market. Here is a list of more manageable projects you may want to consider in order to appeal to the millenial buyer…
- Home Office – If possible, consider setting up a room as a home office. As more and more millenials are telecommuting, a home office is at the top of the list for many.
- Staging – This generation loves HGTV, especially the Before and After stories. And of course the “Afters” always include staging – so it definitely helps for millenial homebuyers to be able to tap into their emotional see themselves in your home.
- Outdoor Entertaining Space – Millenials want a casual yet appealing outdoor space to entertain family & friends. Think firepit, patio or low maintenance deck.
- Exterior Lighting – Let’s be honest, it just looks cool!
- Energy Efficient Homes – Of course solar is great but you don’t need to go spending thousands of dollars on installing solar panels. Touch up the insulation where possible, check weather stripping, and plug leaky holes where air escapes; also consider installing new energy star appliances
- SMART features – consider installing a NEST thermostat, hands-free speaker system, or keyless entry
Source: Terra Firma