The Millennial homebuyer represents roughly 32% of the home buying population in 2015, and that’s only expected to grow in volume as more Millennial buyers find steady employment and better wages. What’s even more staggering is that 80% of these buyers recognize the long-term stability that comes with owning a home.
Those potential buyers tend to have very different buying habits than their Baby Boomer parents. Boomers usually bought property that fit the parameters of their budget, opting to forego upgrades in some cases for a more affordable property. Not so for those under 34. Understanding what this generation is looking for is crucial to selling your home fast.
Put in Some Elbow Grease
Millennial buyers want a property that is turnkey, meaning they don’t want to worry about old plumbing fixtures or shoddy cabinet work. They want the life that has been popularized on television and the Internet. They want a modern-looking space, and they are mostly willing to pay for that.
It’s important to remember this generation has had to struggle through wage stagnation and a very tight job market. Most of these potential buyers haven’t built a substantial savings that might cover all those first year fixes Baby Boomers became familiar with. Not every Millennial will walk away from something short of pristine, but if you’re already upgrading the kitchen and bath it might be worth the extra money to update other parts of the home too. Doing so will usually fetch a higher sale price and a faster turnaround.
Location Means More than Geography
Millennial buyers benefit from mobility, so they tend to look at what’s around the area where a property is physically located. This generation is working from home in greater numbers, and they gravitate to communities that cater to that kind of lifestyle, with lots of public spaces to hang out. These buyers also want choices when it comes to the education system.
You can’t build a school down the street from your home, but you can look up some statistics in your area that would help create the kind of image a Millennial buyer wants to see. Check up on how your local schools are performing, and know the distance to certain landmarks (like markets, parks and other centers for commerce or play). Being able to sell the urban centers of your city can be just as important as selling your property.
Technology is Crucial
Millennial buyers are also particular about technology. They want constant Wi-Fi connectivity everywhere they go. They like the concept of a smart home, and they are interested in concepts like home security systems and upgraded appliances.
Do a quick walk of your home and note any spots where the Wi-Fi reception drops or decreases. It would also be a good idea to look at the service for cellular phones in your area. Millennial buyers won’t want to move into an area that doesn’t have reception from their particular carrier. If you come across these dead zones, fix them with a Wi-Fi or cellular service booster.
Staging for the TV Generation
Millennial buyers are used to seeing homes like the ones that are featured on television. They want properly staged, lived-in looking homes. If you find yourself in a position where you can’t change most of the above without a significant investment of either time or money, this is a simple solution that can help your home look a lot more attractive to younger eyes.
The best way to show off that staging, and get quick results for your work, is to photograph your home. Perfectly staged photographs are like vignettes, they sell a momentary glimpse of the possible. Used properly, they can be one of your greatest assets throughout the home sales process.
Bio: Kuba Jewgieniew is a passionate real estate professional, and the CEO of Realty ONE Group. Founded in 2005, Realty ONE Group’s mission is to help prospective buyers and sellers find the home of their dreams.