Generation Y, or millennials as they are called today, are one of the biggest groups that are buying homes. In a 2015 study, millennials (born between 1980-2000) are out buying Generation X (born between 1965-1979). Agents are starting to recognize millennials’ buying power and have shifted their marketing to cater to these young buyers. Although every millennial is different, a majority of them want the same things when it comes to their homes. Now that you know millennials are the biggest group of buyers, here are the 6 must haves if you plan to sell to millennials.
- Big kitchen with open floor plans
In years past, formal, sectioned off dining rooms were on every ones’ must-have lists. Today, home buyers are more interested in a home that has a free flow feel to it. When entertaining guests, new buyers don’t want to feel sectioned off. They want the kitchen and TV room to be an easy transition, as these two rooms are usually the hangout spots.
- Good location
Buyers in the past were not plagued with high gas prices, so when it came to finding a home, location was not a great concern. Today, young buyers are finding location to be at the top of their list. They want homes that are near the action of the city, but are still residential. They also want their homes to be located near public transportation and that are in a walkable distance to necessities.
Past buyers wouldn’t give it a second thought if their home had the proper hook ups or not. Today, buyers want to know the internet and cell service of a home. Many young people today don’t have a landline and if they do, it’s rarely used. For most millennials, the cell reception in a home is a big deal when finding the right house. Although it is not up to the sellers if their home has proper cell reception, they should be ready to answer these questions.
- Energy Efficient
As a move toward protecting the environment is growing, millennials are more concerned with the “greenness” of the home. Although people of all ages are interested in energy efficient homes, millennials are more conscious of buying homes that are green. Before you go and update everything, energy efficient homes are not the top priority for young buyers. Many millennials ask about these things, but end up updating themselves during the closing process.
- Online Appeal
According to the National Association of Realtors (NAR), 88% of buyers used the internet to search for homes. Your home should have the best photos, showing your home in the best light or they will move onto the next. NAR also went on to find that 64% of buyers did a walk through of a home after they viewed it online. Although a high percentage of buyers credited their agent for helping them find their home, the internet was the starting place for a majority.
- Staging a home
Many of us love watching those home shows on TLC or HGTV, especially those of us who are in the market for a home. These shows are shaping buyers’ expectations. Many of us find it hard to picture a home as our’s if it isn’t furnished. Staging a house can make the potential buyers feel at home the second they walk in the door. Staging a home will not only meet buyers’ expectations, but exceed them.