According to the National Association of Realtors, millennials (adults aged 18-34) account for 32 percent of real estate buyers. What are they looking for in a home? Here’s what sellers need to know —
Unlike many previous generations, Millennials are not looking to buy something they need to fix up or expand; Millennials want the finished product, and they are willing to pay for it. Since they envision themselves moving frequently in their careers, they don’t see time for gradually rolled-out home improvements. In general, they want what they see in shelter magazines and on TV. The bottom line for sellers is to undertake some key home renovations before listing your house for sale. Here are four projects to consider:
- Open Kitchen plans: Remember the old adage, “no matter where I serve my guests, it seems they like my kitchen best”? Millennials want kitchens that are great places to hang out — this can mean tearing down walls between kitchen and family room, and/or adding a center island with room for stools.
- WiFi access throughout the house: Millenials want to use their devices everywhere. Make sure WiFi signals are strong (install boosters if needed).
- Eco-friendly materials: Millenials take conservation and living ‘green’ seriously. Eco-friendly materials such as bamboo flooring and energy-saving appliances are great selling points.
- Health-focused improvements: Mold-and fungus-free basements are expected, as are good air quality, wood flooring and energy-efficient heating and cooling systems.
Lastly, know that homes near urban centers, within walking distance or a short drive, are most appealing to Millenials. Smaller lots are a fair trade-off for those wanting to be near a city or town setting. The good news for those with smaller homes is that millennials prefer efficient space over mansion-sized status symbol homes. Open-concept and connected rooms are preferable to large separate rooms.
For home sllers, it is key to position your home sale as best you can; planning, paying attention to trends (such as how to appeal to Millennials!) will position you for the broadest audience at the best price.