Selling Your Home to the Millennial Homebuyer
Thursday May 18, 2017
There’s a new generation of homebuyers out there, and they are distinctly different than those who came before them.
Millennials—a total of about 80 million people born between 1980 and 2000—constitute about 35 percent of today’s homebuyers, according to a 2016 National Association of Realtors study. Although many of them have school loan and credit card debt, they’re also living with their parents longer (a lot longer) to save money. It’s a market segment you can’t ignore, but you also can’t overlook the fact that they have strong preferences in their home choices. If you want to successfully sell to this generation, you need to learn how to appeal to the Millennial homebuyer. Here are some home staging tips.
They live lightly. Millennials aren’t clutterbugs. They aren’t likely to be weighed down by possessions, as they prefer to feel unencumbered, to pick up and go on a whim. They like simplicity in their surroundings. When you’re preparing to sell your home, be sure to remove all the extra décor and furnishings. What you might think of as “cozy” or “charming”, they might perceive as “mom’s house”.
DIY doesn’t cut it. This is a generation that has been accustomed to instant gratification. They want a home to be move-in ready. That means updated and clean. They want stainless steel appliances and granite countertops. Carpets are passé to this group; they prefer the natural look of wood flooring, so even manufactured wood, laminate, or wood-like tile is a plus.
Open spaces are preferred. This generation of homebuyer is looking for something more modern than their parents’ home. They want an open floor plan that is conducive to the frequent entertaining they anticipate. They prefer multi-purpose space to defined areas (like dining rooms). Show them how to use a space as a media room (with Internet connectivity, please) and you’ll get their attention.
Go for the green. Millennials are more committed to eco-friendly living than any other generation. They want energy efficiency in the construction (insulation, windows), systems (HVAC), appliances, and fixtures (toilets, showers, LED lighting). Be sure to point out any repurposed or recycled materials used in the home (cork or bamboo flooring, recycled glass surfaces).
Every year, more Millennials will prepare to buy a home. Are you ready to sell to them?