Think millennials aren’t ready to buy a home yet? Think again! Currently, the youngest millennials are 24 years old and the oldest are 39, making millennials the largest generation of homebuyers in the United States. Many are in or are just now entering the homeownership stage of their lives, so if you’re trying to sell your home, there’s a good chance that a millennial buyer will be looking at it, both online and in-person.
Even though millennials are buying homes, they’re going about it in a completely different way. In large part, they intend to own for shorter periods of time and are purchasing in metropolitan areas. They are also highly interested in investment properties. Take note that, even before contacting a REALTOR®, millennials have already scoured listings online, sometimes for more than a year, and probably have plenty of Pinterest boards outlining their ideal home and design.
In most of these cases, the typical millennial homebuyer is married with no kids, looking for more space at an affordable price, and wishes to invest for the first time in their lives.
Now, the biggest question is how do you attract this large group of buyers to your listing? It’s no secret that millennials are shaking up traditions with their habits, and that applies to real estate, too. Here are some of our tips and strategies for how you can make your home more attractive to millennial buyers without a costly renovation. And, if you finish reading these tips and are eager to get started making updates to your home, don’t forget about our PINNACLE home services program, which allows you to make upgrades to your home, big or small, with no cost out of your pocket.*
An open concept floorplan is key to attracting not only a millennial buyer, but most potential buyers in general. Although formal dining rooms used to be all the rage, an open concept plan makes everything flow, making it perfect for entertaining guests and hanging out. If you’re already planning on remodeling your kitchen or living room, consider tearing down a wall or two to create a more open look and feel.
Since millennials are typically just starting out, they don’t always have the money to buy themselves any sort of fixer upper that will need upgrades; they want updated kitchens and bathrooms, and they want it as soon as they move in. If you’re looking into renovating rooms in your home, these should hit the top of your list. Brand new fixtures in either of these are essential and very important, and these can range anywhere from new countertops, fresh cabinets, and good flooring.
Working from home is becoming more and more common among millennial homebuyers, so many are looking for homes with dedicated work spaces. You can stage an extra bedroom or a kitchen nook into a *temporary* office space so potential buyers can easily get an idea of what they can do to accommodate their personal situations.
Millennials usually don’t want to spend their weekends doing chores, instead you’ll find them outside at the beach or hiking trails with their dog, grabbing a beer at their local brewery, or even working a second job. Because of this, they prefer low-maintenance features that can help them get household chores done faster and get on with their day.
In today’s world, lighting can make or break your home’s character, and we see it as a focal point of any room. We suggest changing your fixtures to something more contemporary and modern, as well as switch to LED lighting with dimmer switches wherever possible. This will not only be great for your buyer, but it will help you adjust the lighting according to the time of day your house is being shown. Plus, millennials will appreciate that they don’t have to purchase and install lighting immediately upon moving it.
Most younger buyers are likely not looking for a closet to hang their collection of suits and ties, but they do want an upgraded closet with plenty of space! Shelves for t-shirts, sweaters, or even shoe racks and spaces built for storage bins are a must-have for millennials. You’ll most likely score big points for even coming up with this strategy.
First-time millennial homebuyers don’t always have children, but many of them do have dogs and are looking for homes that are pet-friendly, meaning carpet will just not cut it. Aside from absorbing and retaining odor, stains, and hair, it is a big turn off even for non-pet owners. There are a variety of different ways you can upgrade your flooring without spending a fortune. Consider luxury vinyl tile, which is less costly than wood floors, but can work particularly well because it’s durable and easier to maintain.
Speaking of pet-friendly homes, millennials are searching for yards where their dogs can roam, soak up the sun, and safely do their business. If your home has a backyard but lacks adequate fencing, consider looking into the cost of enclosing your yard. Even if your millennial buyers don’t have a pup, they will still enjoy the privacy and creating an outdoor space perfect for entertaining and relaxing.
More than ever, technology is essential to our daily lives, especially a millennial’s life, and in the real estate world. Lots of millennials care about the environment and most will pay a bit extra to protect it if they can. They want appliances designed to help reduce power consumption, environmental impact, and have these save them money, all while having the latest features and tech to make everyday tasks easier. Aside from that, any smart tech that can enhance or aid their daily lives is just an added bonus and will have them saying “Alexa, make an offer!”
With all of this being said, it’s time for you to get to work on making these improvements! As mentioned before, our home services program, PINNACLE is designed to help you make upgrades to your home when you list with one of our agents, with no cash out of your pocket. PINNACLE can helps sell your faster and maximizes its value. It elevates your home by offering almost any type of service you would need to get it ready for showings, all at no cost to you until your home closes escrow.* It’s that simple.