This year’s housing market is expected to be flooded with first-time homebuyers under the age of 35. The millennial generation, Americans aged 24-35, have been slow to enter the housing market, preferring instead to rent. As the economy continues to improve, this age group is poised to enter the home buying market in droves from 2017 to 2018.
Millennials are expected to make up 61 percent of all homebuyers this year. If you’re thinking of selling in the near future, how can you make sure you capture the attention of this sizeable market?
1. Market Your Home Online
While this almost goes without saying, marketing your home online is a crucial tool in capturing a potential buyer’s attention. This is particularly true when it comes to the millennial generation. They absorb almost all of their information on their smartphones and tablets.
Not only must your home be listed online, but be sure that your pictures and descriptions are optimized for online viewing. Professional photos that show your home in the best possible light are absolutely necessary. Without them, your potential buyer will move on without so much as ever stepping foot over the threshold. Keep in mind that you are not only competing with other homes in the neighborhood but also the image the buyer has concocted from watching home improvement and real estate reality television shows.
2. Highlight Your Home’s Spaciousness
Millennials are often looking for homes that are spacious, private, and safe. This age group is beginning to transition from renting, settle down, and start a new chapter of their life. Before marketing your home, do everything possible to maximize its space and emphasize its privacy. Carefully stage your furniture to maximize space and place unnecessary pieces in storage.
Remove all clutter and make your home as streamlined as possible. This group will be envisioning themselves entertaining friends and family as they view your home.
3. Highlight Your Neighborhood’s Amenities
Going beyond the location, make certain your marketing efforts include your neighborhood’s amenities. Access to outdoor recreation, bike trails, neighborhood eateries, and public transportation are all positive attributes in the minds of millennials.
They tend to value a neighborhood’s walkability score so be sure to mention anything that increases this score. Sites like walkscore.com allow you to plug your address in and get individualized feedback.
4. Find a Way to Sweeten the Deal
Most first-time homebuyers are concerned with the financial gravity of buying a home. They have been working to save a down payment and may not have a lot of extra money for appliances or remodeling. Consider throwing in a few extras to sweeten the deal and attract first-time homebuyers such as leaving existing appliances, providing a flooring allowance, or highlighting recent upgrades to the home’s mechanical systems. Including certain appliances in the sale can be a great option for those looking to downsize and rid themselves of items they no longer need.
Millennials, like most homebuyers, will also be looking for homes with updated kitchens and baths. These updates are among the most costly and first-time homebuyers often lack the funds to complete a major overhaul. As a seller, you may not want to make this substantial investment either, but new fixtures and paint are fairly inexpensive and can go a long way toward creating an updated look.
5. Create Room for a Home Office
An estimated 13 million Americans currently work from home as technology has made us all more mobile. From telecommuting to teleconferences on Skype, many of your potential buyers will be working from home at least occasionally. Marketing an extra bedroom or a flex space as a home office and staging it appropriately will help a potential buyer envision how this home will fit their life. Be ready to answer questions regarding cell and Internet strength and service providers as these things matter a great deal to the millennial homebuyer.
While this advice is targeted at the millennial homebuyer, it holds true for many other potential homebuyers. Current homeowners who are looking to upgrade or downsize will value space, privacy, and updated kitchen and baths as much as a new millennial buyer. However, with a population of approximately 83 million, millennials are a demographic that can not be ignored. Whether you market your home with them in mind or not, they are likely to be viewing your ad online and attending your open houses.
Whether your a senior who is ready to downsize or a millennial who is looking for your first home, contact us at 817-330-9235. We’d love to help you find the place that’s perfect for you!