If you’re planning to sell your home anytime soon, you’ll need to think about how to appeal to Millennial buyers. Once considered reluctant to enter the homeownership world, they now make up the majority of homebuyers.
For example, Millennials make up 66% of first-time buyers, and 34% of the overall home buying market. They’re also pretty particular in what they want.
For example, Millennials want home automation and security features, and that’s understandable. A St. Louis alarm systems company recently cited the fact that 83% of thieves are deterred by an existing home alarm system.
So, specifically, what should you know to appeal to Millennial homebuyers if your property goes on the market?
Smart Home Technology
This was briefly touched on above, and Millennial buyers like not only security features but also smart home technology. A smart home ecosystem is something you can add to your home that will help with not just security, but energy efficiency and convenience.
With smart home technology, a new buyer can control their home and its systems from anywhere, and enjoy lower energy bills.
Another way to make your home more energy-efficient and appeal more broadly to Millennial buyers is by replacing your existing appliances with energy-friendly models.
Millennials are environmentally-conscious, and they want to reduce their carbon footprint.
A big majority of Millennial homebuyers want their homes to reflect this, so think about adding Energy Star-rated appliances if possible.
Create a Home Office
Increasingly people are working from home some or all of the time, and this is especially true for Millennials.
Create a dedicated home office space if possible, to show them what that might look like if they do work from home.
Following the coronavirus pandemic, it’s likely that even more people will be working from home permanently, so this could become an increasingly relevant home feature.
Millennials are having fewer children than generations before, so they care more about things like space for an office, rather than having four or five bedrooms.
In general functionality and in-home conveniences are important to Millennial buyers. This might include not only a home office but perhaps space in the home to workout.
If Applicable, Emphasize Walkability
When you’re marketing your home, if it’s in a walkable community, that can make a big difference to Millennial buyers.
Baby Boomers also tend to prefer walkable communities that will allow them to get to local businesses and services.
If you do live somewhere that’s walkable, highlight this fact throughout your marketing.
Create an Outdoor Living Space
Outdoor living spaces like decks and patios are appealing to Millennials. They like to see their lawn as an extension of their home’s interior. If it’s within your budget to create a more functional outdoor space or add some furniture so potential buyers can envision how it would work for them, do it.
You want people who see your home to see themselves entertaining or relaxing outside, and you can make this work even with a small area.
Along with outdoor livability, curb appeal is similarly important. Millennial buyers want to see a home that’s well-maintained outside, but also one that feels cozy and appealing right away. Declutter your home’s outdoor spaces and make any necessary repairs.
Small steps can go a long way to refreshing your home’s exterior.
Update Kitchen and Bathrooms
Millennials don’t often want fixer-uppers, and they don’t want to buy something that’s going to mean a lot of maintenance for them. Even if you can’t remodel your home completely, think about updating your bathroom and kitchen.
Just a facelift can go a long way. For example, paint your cabinets, change out the hardware, and add new light fixtures. If it’s in your budget, you might want to think about integrating a few wow factors like a tile backsplash or new flooring.
If your kitchen and bathrooms look more updated, it can detract attention away from other areas that might not be as modernized.
If you are making any updates, go for not only eco-friendly but also low-maintenance materials when possible. For example, quartz is a countertop material that is easy to clean and maintain and also looks stylish like natural stone.
Marketing Tips
If you’re selling your home on your own, or you’re working with your retailer to hopefully sell your home fast, and for the most profit, marketing is critical. Millennial-driven marketing tips include:
- Online photography, as well as videos and any kind of imaging, are going to appeal not just to Millennial buyers, but most buyers in any demographic. We are an image-driven world at this point, so splurge for professional photography and if you can, have a virtual tour done as well. If you can stage your home for these, even better. Think about creating an Instagram-worthy space.
- Infographics can be a good way to market your home as well. It’s unique and can quickly disseminate information about your property, and the unique features that give it a competitive advantage over others in the market.
- Price is a big consideration for Millennials in many cases. Most Millennials save for a down payment and because of factors like student loan debt, they may be more cautious about taking on other forms of debt.
- Hire a real estate agent who has experience working on digital marketing and who works with a lot of Millennials, if possible. You want someone who can offer a fresh perspective and do things in a way that appeals to the current, modern buyer.
In many ways, Millennial buyers are like other generations, but at the same time, they have certain things they may prioritize more than others. Overall rather than looking for McMansions with lots of bedrooms, Millennials tend to want functional spaces, outdoor areas and they want a low-maintenance but eco-friendly home.
If you work with a realtor, they can help you make any possible design changes that might make your home more marketable to Millennial buyers.
