Think Millennial When Preparing Your Home for Sale
As we make our way through 2015, the millennial generation (those between the ages of 24 and 32) will continue to move the real estate industry forward. Since they’re just about the perfect age for buying their first home, it’s important to think about these buyers when preparing your home for sale.
Many millennials are often turned on by the latest and greatest technology, so incorporating smart technology devices into your home will go a long way toward impressing them. A small investment in home automation may also be worthwhile, as this generation wants to be able to turn the lights on/off—and the heat up/down—through their mobile devices.
A recent survey by The National Association of REALTORS® revealed that millennials accounted for slightly over 28 percent of all home sales, trailing Gen Xers by a very slight margin. In addition, the report showed that the median age of millennial homebuyers was 28, their median income was $66,200 and they typically bought a 1,700-square-foot home costing $165,000.
When it comes to the inside of the home, millennials are impressed with entertainment rooms over dining rooms, and offices over extra bedrooms. They care about technology and environmentally friendly fixtures, so be sure to highlight these features.
If your neighborhood is getting younger and hipper, make sure you leave some information out about trendy restaurants, new stores and local hotspots. It’s also a good idea to compile some information about nearby pre-schools for those who may be thinking about starting a family in the not too distant future.
In terms of staging the home to attract millennial buyers, be sure to incorporate unique and cool looking furniture into the space. In addition, replace old curtains and carpets with something a little more hip. If you want to be sure you’re heading down the right path, ask any millennials you know for their honest opinion. If there are things they feel are old-fashioned, it’s a good bet that their opinion will be shared by others.
You may think your home won’t appeal to a millennial buyer because the neighborhood skews old, with a lot of families and high school-aged kids in the area, however, this signifies that there will most likely be a big turnover in the next decade. With so many millennial buyers entering the market, sellers shouldn’t dismiss the possibility.
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