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Thinking Of Selling Your Home
What Young Home Buyers Want
The millennial generation has emerged as a dominant force in the housing market. According to the National Association of Realtors’ 2016 study of generational housing trends, millennials (or Generation Y) — those born between 1980 and 2000 — comprise the largest segment of the buyer market (35%), ahead of Generation X (26%), which covers those born between 1965 and 1979.
Together, these 2 generations represent today’s younger buyers, and broadly speaking, they tend to fall into 1 of 2 categories
“They’re young professionals who prefer a turnkey home that needs little or no work,” she says. “(Or they’re) creative/romantic buyers who want to invest sweat equity and money over time, and put their personal stamp on the property and add value for the future.”
But while those 2 groups may seem like they want entirely different things from a home, many agents say that younger buyers of all stripes have a lot of the same “must-have” features on their lists.
Updated kitchen and bath
We all want to buy a home with new kitchen and bath fixtures, but new fixtures are especially important for today’s young, budget-conscious buyers.
“The primary reason younger buyers seek updated kitchens and baths is because they have limited budgets. “Most of their savings will go toward the down payment and furnishings. Kitchens and bathrooms are also the most expensive parts of a home to update, and young homeowners cannot afford to sink a lot of money into those areas.”
While updated kitchens and bathrooms may bring in a younger crowd, remodeling costs should give a seller pause. After all, if those updates aren’t in a young buyer’s budget, they probably aren’t in a seller’s budget either.
Unlike a new roof or plumbing, bathroom and kitchen fixtures are also a matter of taste, so not every buyer will like what you pick.
Big kitchen & Open Floor Plan
A generation ago, formal dining rooms may have been on every buyer’s wish list. Today there really isn’t much appeal to the formal dining room.
“The kitchen has become the hangout room along with the family room. “An open space that can easily transition from kitchen to TV room is high on the list of the perfect home for young buyers. In essence, the kitchen is the new living room.”
Along similar lines today’s young buyers are also more attracted to an open floor plan, rather than a layout that compartmentalizes the home. Again, the reason has a lot to do with how younger homeowners entertain.
“They want people to flow through the home during gatherings, rather than be sectioned off in rooms”
More than 13 million Americans work from home, according to the most current U.S. Census data, and all signs point to that trend continuing. That makes a home office important for many buyers.
Home offices have vast appeal, “Most agents will point out that a room could be used as an office or other flex living space, especially if it is currently used or staged as a bedroom.”
Home offices aren’t just for those who work from home full time.
“As technology continues to make us more mobile, young buyers have more options than ever to work from home, depending on their job, Having a dedicated space is important because it will help keep them focused and concentrated on work while they are at home on a Skype call, planning a presentation, setting up their workday or simply paying bills.”
© Daxiao Productions/Shutterstock.com
Younger buyers tend to see location differently from their parents, who didn’t face high gas prices and traffic.
Younger buyers look for properties that are in proximity to public transportation and that have a good walking score.
But there are young buyers, and then there are young buyers with children. The former group may prefer to be close to the action of the city, while the latter might prefer something more residential.
© Stuart Monk/Shutterstock.com
Most young buyers look for homes that are low maintenance, low-upkeep features such as wood floors (as opposed to carpet) and granite countertops are seen as positives for this generation because they’re both attractive and relatively hassle-free. “Most young homebuyers grew up watching their parents spend weekends with their honey-do lists, or they had chores to do on the weekends,” he says. “Most young buyers are not going to follow in their (parents’) footsteps. They don’t want to do that stuff. … They want their weekends to themselves.
A generation ago, buyers didn’t care about a home’s technological capabilities. Either it had cable hookups or it didn’t. Today, buyers want to know about tech. They want to hear about wireless service and internet, not cable and telephone.
Most young homebuyers laugh at a landline phone, and even if they buy a house that has a jack, it is rarely used.
In some cases, a house’s appeal can be increased or diminished because of the strength of a mobile carrier’s signal or its internet service provider options. While cellphone and internet services are out of the seller’s hands, sellers and their agents should be prepared to field questions on that front.
Internet and cell service matters a lot to this generation, and they’re going to ask, so you need to have answers.
The reality TV effect
Whether or not we admit it, we’ve all seen at least a few of the home reality shows on channels such as TLC and HGTV. Those shows can be fun and informative, but they also do a lot to shape buyer expectations.
“Real estate shows on TV have impacted all buyers on the way they look at houses,” Elliott says. “But young buyers will often comment on how a house is, or isn’t, staged.”
Either way, staging is a critical part of selling your home.
“Staging a home is always helpful as it helps people to feel at home the moment they walk through the door, as opposed to having to imagine what it could look like once they move. Buyer expectations are often met — and at times, exceeded. So Stage it.
© Daxiao Productions/Shutterstock
If you’re serious about attracting young buyers, you need to think about how your property shows online, Elliott says.
“Younger buyers start their searches online,” Elliott says. “The home must have professional photography that shows the home in its best light, or they will move on before ever stepping foot in the door.”
Looking at the data, it’s hard to underestimate the importance of a quality online listing. According to the most recent analysis from the National Association of Realtors, 88% of buyers use the internet to search for homes, including 94% of millennials. By comparison, real estate agents are the second-most common resource for finding a home, with 87% of all buyers citing an agent’s help as a key factor.
The most telling piece of data may be what happens after buyers see an online listing. According to the NAR, 64% of buyers in 2014 said they walked through a home after viewing the listing online, and 76% said they at least drove by the home because of an online ad.
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Don Egypt is a professional Realtor with years of experience representing purchasers, sellers, institutions and investors. His knowledge and extensive experience in residential, new construction, luxu....