Top 5 Must-Haves for Millennials Buying Homes
Why should any and all home sellers concern themselves with what kinds of homes young adults are drawn to? According to a 2016 study of general housing trends conducted by the National Association of Realtors, millennials (those born between 1980 and 2000) make up the largest portion of the buyer market (35%). In fact, millennials could potentially buy up about 15 million homes in the next decade, according to First American Financial Corp. With millennials buying up most of the homes for sale, you need to know what they’re looking for in order to market your home well.
Top 5 Must-haves for Millenials
- Professional Photos of the Home
First and foremost, the home must have professional, aesthetically pleasing photos available online. Analysis by the NAR reports that 88% of home buyers, including 94% of millennials, first rely on the internet to find prospective homes. Young adults especially, are quick to gloss over and reject homes with displeasing or low quality photos. The homes with the best photos, however, are the ones that will entice young adults to walk through the front door.
- Curb Appeal
A home appearing to be in bad repair from the curb is enough to make any prospective buyer feel anxious and timid, however; young adults especially, are more likely to turn away from such a home. Financially conscientious with low budgets, millenials are primarily searching for homes that are move-in ready, with little to no repair work needing to be done, reports the NAR ‘s most recent Home Buyer and Seller Generational Trends study.
Remodeling Magazine’s 2020 Cost vs, Value Report suggests that replacing old garage doors, entry doors, windows and siding are worthwhile upgrades that will make the greatest return on investment. Smaller and simpler upgrades that will greatly enhance the appearance of the home is manicuring and trimming the lawn, adding seasonal potted plants, cleaning or updating outdoor light fixtures and giving the front door a fresh coat of paint-- perhaps in a trening color. Millenials will quickly notice and appreciate such improvements and will feel more excited and confident about touring the rest of the home.
- Open Floor Plan and Flow
The generation before millenials was quite accustomed to sharing meals sitting down at the table in a formal dining room. Now, young adults enjoy less formal meals eating in the kitchen or in the living room.
The kitchen has also become a main gathering/socializing hangout spot as well, making open kitchens that share a dining room that flows into the living room the preferred layout among young adults. One can be preparing a meal while being able to enjoy the company of those watching tv or chatting in the living. For that reason, young adults are avoiding homes with too many walls and closed off dining or living spaces.
- Updated Kitchen and Bathrooms
With the price of buying a home/closing costs at the forefront of a homebuyers mind and a busy lifestyle, young adults are not looking for a home that requires a future remodel of the kitchen and bathrooms.
Replace outdated countertops for granite or marble and replace hardware and fixtures with trending styles, such as matte black. Install newer appliances if possible to really hook buyers. One of the biggest changes you can make to create a lasting impact, is repainting dark cabinets and walls with light, neutral colors. Young adults, in particular, are looking for light, inviting homes that invoke a calming ambiance. A layer of paint will go miles and miles in making a young adult embrace the new space.
- Home Office Space
With technological advances and the current climate of the Covid19 pandemic, more and more professionals are working from home. In fact, an astonishing 42% of people in the U.S. labor force are working from home full-time, according to Nicholas Bloom, Professor of Economics in Stanford’s School of Humanities and Sciences. The need for a home office space is becoming more and more of a must-have for young professionals. Sellers and agents should highlight any extra bedroom or space and point out to young adults that such rooms can be used as offices.
In a competitive market, knowing what and how to highlight your home’s best features can be overwhelming and challenging. Following these tips will help you market your home in an efficient and enticing way. For more tips like these on how to market your home or to find a professional real estate agent nearest you, go to Verani.com.
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