With millennials making up over 40% of the buyers market, sellers need to educate themselves on just what it is these young buyers are looking for. Millennials—also referred to as Generation Y—are people born between 1980 and 2000. The invention of the selfie began in their lifetime and continues to mark their profile—electronically, that is.
So, how do we gather the attention of potential millennial buyers? What do their priorities consist of when they are in the market for a home? How do we communicate with them best? Let’s explore some practical, and somewhat surprising, tips for attracting young homebuyers.
1. Move-in Ready
Most millennials with two-income households don’t have the time to invest in making repairs, upgrades, and cosmetic changes to their new home purchase. What could be more appealing to first time young homebuyers than a move-in-ready home? In contrast, some are willing to invest in fixer-uppers to gain equity while gradually increasing the beauty and functionality of their first home.
2. Excellent First Impression Online
Rethink your strategy if you currently consider the Sunday 2-4 pm open house to be the first and best way to attract potential millennial buyers. Generation Y hunts for everything online—from music to appliances, clothing, and even homes. Invest in quality professional photographs of your home’s features at the perfect time of day with the best lighting possible. Why? Because millennials house hunt online! If you don’t make a striking first impression online, don’t expect to get their foot in the door for the next step in home buying.
3. Strong WiFi Signals and Smart Technology
Homes with automated features—smart homes—are hot on the millennial’s house hunt list. Strength in your WiFi signal is a must for most young buyers, so be prepared to answer questions along these lines. This generation enjoys changing their home’s thermostat from the comfort of their own phone, from any location. Security cameras are in, and the ability to monitor their activity from any location in the world is a plus.
If you wonder why millennials are opting to save longer and get into their dream home for starters—wonder no more. They are hard workers and willing to do what it takes to get what they want, and frankly, many of them don’t want to begin in a starter home. They are getting married later and starting a family later, so all these convenient features combine to create great demand for dream homes rather than starter homes.
4. Updated Kitchen and Bathrooms
This generation doesn’t want to have to update the kitchen or bathrooms, so while preparing to sell your home, update accordingly. Think low maintenance and endurance for the items you choose; Hardwood floors over carpeting, and granite countertops for low-maintenance, long-lasting wear. Millennials appreciate simplicity and welcome rustic industrial features in lighting and details. And don’t forget to stage your home by removing family pictures before showing it, so potential buyers can see themselves in the kitchen you’ve remodeled just for them.
5. Open Floor Plans
Millennials aren’t as much into formal dining rooms as previous generations. They prefer open floor plans over compartmentalized home spaces. Their personality leans toward openness and gathering in one space together, casually. Interestingly enough, the kitchen is the new “gathering room,” and they prefer it to open into the family room, creating a fluid space with no walls separating them from each other.
6. Home Office Space
A home office is ideal for the 13 million who currently work from home. With technology advancing almost daily, for many, the commute to work has become a few steps down the hallway from the kitchen to their home office. In order to appeal to the millennial buyers who may work from home, why not stage a clean, clutter-free office with lots of open space, a live green plant, and plenty of natural light?
There are presently fewer homes on the market than usual. The current market has driven home prices up nearly 7%, which leads to bidding wars and competitive buying practices—which reinforces a seller’s need to present professionally online because most homes are frankly not on the market long.
McGraw Realtors of Tulsa stands ready to assist you in the home selling and buying process. Contact us today and find out just how easy it is to get started on transitioning out of your current home and into your next home. You’ll find our service, expertise, and customer satisfaction outstanding.