Millennials now represent the largest cohort of home buyers. Real estate agents and builders eagerly anticipated the entrance of millennials into the housing market. This generation is much bigger than the baby boomers. In 2018, millennials represented the largest cohort of home buying at 37%.
Millennial homebuyers are often looking for a lot at first and then they’re scaling back as they start searching for a home because of high prices and the limited selection of homes in most markets. But due to their lack of experience as homeowners, they do not compromise on the condition of the home.
So, there are a few things which millennials look while purchasing the house:
Make Your Home Move-in Ready:
Millennials want the finished product at closing. They shift jobs and locations far more frequently than their parents’ generation so there’s no time for rolled out home improvements. So, if you are looking to entice the Millennial audience, you have to deliver a move-in ready home that looks like it has tumbled off a magazine cover.
Young buyers are sociable creatures and most of them want a space where people can gather, mingle and socialize. Overall, they are more attracted to open floor concepts than a layout that compartmentalizes the home. Some of the renovations you might consider include knocking down walls to provide an open concept cooking/living/dining space and outdoor decks for entertaining.
Install Eco-friendly Features:
Millennials are a responsible generation with a collective social consciousness. Green lifestyle choices are a part of their DNA, and not embracing the move towards sustainability could be a deal-breaker for some younger buyers.
If your home falls short of the latest environmental standards, it may be worth boosting your home’s green credentials with a cost-effective retrofit. Energy-efficient heating, cooling and insulation are a selling point, or you could include sustainable materials such as bamboo into your flooring or kitchen cabinets.
Bottom line, selling to Millennials is not complicated as you might think. Using these tips, you’ll be better equipped to prep your home to sell to this up and coming home buying generation.