Why Should Sellers Cater To Millennial Home Buyers?
Of all first-time home buyers, Millennials make up 66%, and they are 34% of home buyers overall. Over 66% plan to purchase a new home within the next 5 years. That’s a huge generational shift in real estate. Millennials are better informed about their options than probably any other generation before them.
In short, if you aren’t catering to this generation’s enormous buying potential you could be missing out on opportunities. If you are considering selling your home:
- Make all necessary repairs and upgrades before listing
- Consider updating kitchens and baths – these have always sold homes, but now they are more important than ever
- Do an energy efficiency audit and make upgrades anywhere you can, including solar panels
- Consider upgrading any old appliances
- Install smart home features like programmable thermostats
Many millennials do hours of online research just to buy a sweater, comparatively they do even more research when it comes to buying a home. More than three-quarters of Millennial home buyers drove by a home because of photos and listings they found online, and over 60% did walkthroughs because of these listings.
Getting the information in front of them is key, and making sure you highlight relevant features is crucial.