The millennial generation makes up most of the buyers in the real estate market currently. Knowing what appeals to the millennial generation where home buying is concerned is a very smart move for anyone looking to sell or even to rent a home in the current real estate market. If you want your home to sell you need to have a product the buyer is looking for.
So what is the millennial generation?
The millennial generation, millennials for short, refers to anyone born between the years of 1981 through 2000. Millennials have and are growing up in a society with vast and rapidly advancing technology. They are used to a world with quick technology that produces quick results. Entertainment is important to millennials and many prefer an environment with many different options for entertainment available.
The older end of the millennial generation, those born in the “80’s”, graduated from college when the economy was in a recession due to the real estate market. Many millennials are getting married and starting families later in life and battling larger debts loads as some decided to stay in college to get higher degrees when the job market was lacking. Knowing these facts helps to see some of the reasoning behind millennial home purchasing.
With the majority number of buyers shifting from baby boomers to millennials it is crucial to know how millennials work and what is influencing their home purchases in order to sell a home in today’s market. Millennials as a majority are not interested in what their parents the baby boomers where and as such selling strategies need to change a little in order to sell a home.
Millennials are looking for different home features than the baby boomer generation that went before them. Millennials want open floor plans that are easy and deficient for entertaining, formal dining and living rooms are now seen as less useful than spaces that are open and airy allowing for parties. Media and family rooms are a large appeal to millennial buyers. Millennials are looking for smaller and more energy efficient homes to keep utility costs down because they have higher expenses elsewhere. Comfy plush carpeting is no longer seen as a luxury like it was with baby boomers. Millennials are looking for hardwood, laminate, and tile flooring in homes. Millennials want their children to go to good schools with an ever increasing competition in the job market. They are also looking for homes near to towns with night life and nearby activity.
To market a home to millennial buyers, sellers need to be critically aware of selling price. Listing for the right price has always been important but never more important than now with a generation that is more aware of staying within a budget and what they can get for that budget. It is also a good idea to market your home online as millennials are very tech savvy. Highlight areas of your home that appeal to millennial buyers. Do you have energy efficient features in your home? Is your family room wired for surround sound? Do you live within walking distance of modern amenities? Keep your home minimally decorated and clutter free for showing millennials want to see modern touches with clean lines.
Seattle and the Eastside are hotspots for millennial home buyers right now. Want more ideas and advice for marketing your Seattle or Eastside home to Millennials? Contact Mary Pong and Associates to help you sell your home.