Millennials are those born between the 1980s and the early 2000s, and they currently make up the largest generation of homebuyers in the market today. These tech-savvy, multi-tasking, enterprising individuals have distinct ideals in mind when it comes to their homes. And many home sellers are starting to think about how they can cater to the needs of this enormous population of Millennial home buyers.
Tech-Heavy Lifestyles
One defining characteristic of the Millennial generation is that they grew up with technology. Many were “plugged in” from the day they were born. To these individuals, technology is not just a luxury, but it’s a necessity. Your home needs to be technologically friendly in order to appeal to these buyers. Many Millennial home buyers would like the option of installing an entertainment center, television set, or desktop computer in every room of their home.
How can you accommodate this? As you consider improvements and upgrades, think about how to integrate practical technology into your home. For instance, you can install a simple home automation system like a programmable thermostat that can be linked to your smart phone. Home automation is important to young homebuyers, as 41 percent of Millennials who were surveyed by Better Homes and Gardens indicated they would brag about a home automation system over a renovated kitchen. If you’re going to renovate the kitchen, or any other room in the home, you may want to incorporate home automation updates as well.
Fixer-Uppers are OK
If you would describe your home as a “fixer upper,” you might feel as though you need to tackle those fixes now, but you’d be surprised to learn that many Millennial home buyers actually appreciate the challenge as well as the affordability of fixer-uppers. Millennials are known to be scouring garage sales and thrift stores in order to find vintage furnishings that they can refurnish and personalize themselves. Often referred to as the “DIY generation,” Millennials are more willing to take on the challenge of revamping a shabby home themselves.
Additionally, this generation is known to be the most educated, but also the most indebted, largely due to student loans. Many Millennials have been delaying their home purchase in order to pay off their student loans during the past decade or so. Although more and more Millennials are starting to enter into the real estate market, they are not able to make huge purchases. Unlike the Baby Boomer generation, many Millennials are currently looking for starter homes. If you want to meet the budget needs of these first-time homebuyers, you may want to trim down the price and leave some of the fixes to the new buyer. Selling your home “as is” for a lower price might be a strategy worth discussing with your agent if you are targeting this demographic. It just might improve the appeal when selling your home.
Break Out of the Mold
Millennials want a unique home with character. As you consider improvements and upgrades to help your home stand out on the current market, consider what you can do to break out of the cookie cutter mold in your neighborhood.
More Conscious of Their Environment
If you are selling your home, you want to go green. The incoming generation of home buyers are more concerned about the environment, hazards to their health and the health of their children. Millennials are not only more aware of environmental concerns but are more interested in green building techniques. Low-VOC finishes, energy-efficient appliances and HVAC systems, as well as environmentally responsible building materials are all important to these buyers. Adding green features to your home may improve your home’s salability.
Remember, Millennials are unlike any other generation. They are buying homes in considerable numbers this year, and with the president’s student loan relief plan, many more are expected to enter into the market. If you are thinking about selling your home, be sure to consider the needs, interests and wants of this powerful generation of buyers.