If you’re a homeowner and thinking about selling your home in the next five years or so, you might want to get familiar with the homebuyers who are dominating today’s market. According to a 2015 National Association of REALTORS® (NAR) study, Millennials and Generation X make up almost 60 percent of recent homebuyers.
Millennials and Gen X have some big expectations when it comes to buying a home, and we have a pretty good idea of what they are. Let’s take a look at each generation individually so you get an idea of who these consumers are.
Though these two generations differ slightly, both tend to have a lot of the same must-haves on their lists when shopping for a home:
Updated features: Both generations want a home that looks like it was built in the last 15 years, whether it actually was or not. Here are some of the items that dominate their list of desires:
If you’ve made some of these upgrades in the last 10 years, homebuyers want to hear about them and most importantly, see them. Inform your agent of which renovations were made and when they occurred, then make sure they are featured prominently in photographs and brochures.
Low maintenance: More homeowners are gravitating to a more “disposable” lifestyle and prefer to replace items rather than repair them. This seems to be especially true of younger generations, who want to spend less of their weekends doing repair work around the house and more time in social situations.
These features are considered low-maintenance and more desirable to today’s consumers:
Technology: Young buyers have either grown up with technology or have been using it for most, if not all, of their adult lives.
Qualities Gen X and Millennials will be concerned about:
Even if your home performs poorly in most of these areas, be prepared to field questions and provide information about technological capabilities in your home.
Appeal: Curb appeal has always been a big deal when it comes to selling your home. But first impressions now almost always take place on the Internet. When searching online for their potential home, consumers will be more drawn to homes with listing photos that really wow them.
Gen X and Millennials want to see:
Things to think about before listing photos are taken or open houses are scheduled:
What this means for you
Many of the things that Gen X and Millennials search for in a home could mean costly upgrades for you, so if you don’t have the budget for it or you’re ready to sell right now, don’t sweat it. Do be prepared for questions about many of these things and to focus on which aspects of your home can satisfy the high expectations of current homebuyers. You also might want to check out our best advice on how to navigate the selling process.
If you aren’t prepared to sell now but are considering selling soon, start thinking about making some of these upgrades to your home. It will not only increase the value and desirability of your residence, but you’ll also get to enjoy these upgrades while you still live there. When the time comes, we have more than 3,000 trained professional agents in Southern California who will help you through the process when the time is right.