Understanding the “millennial homebuyer”

 

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Spring and all its glory is right around the corner! Just take a look at the signs all around you! Budding flowers, chirping birds and “For Sale” signs that start popping up on lawns across the country as the weather starts heating up.

One of the most effective strategies of home staging is targeting your market. Do you know how to target the Millennial home buyer? Read on!

The youngest generation of home buyers, Millennials, also known as “Generation Y,” are those born between the early 1980s and the mid- to late-1990s. Like other generation groups, Millennials believe that home-ownership is part of the American Dream.

Limited job prospects and student loan debts have made it challenging for Millennials to save for a downpayment and take advantage of low interest rates in the current economic recovery.

From now and through at least the next 10 years, there are significantly more consumers in the “millennial” generation coming of home buying ace as compared to the Baby Boomers. And they are proving to be a unique generation when it comes to home buying.

A millennial’s timing for buying a home may not like the earlier generation. Past generations typically followed a more linear life path: living with parents, complete education, start a career, get married and buy a home, have children, move to a bigger home, have more children.

Millennials may follow a different, less linear path. Instead, they get an education, move in with friends, start career, travel abroad, move back with parents, continue education, buy a home, get married, etc.

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Their changing life paths coupled with economic uncertainty may lead us to a new paradigm for millennials where the question is not if, but when they will decide the time is right to purchase a home.

While baby boomers may want a two-car garage, large kitchen and extra storage space, Millennials have their ownwish lists. This generation is looking for something different than their parents:

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  • Open floor plans
  • Single-story homes
  • Split floor plans
  • Media rooms
  • Hardwood or tile floors Marketing these features will help get the attention of this generation.

Sell the Neighborhoodnei

For many millennials, the neighborhood they live in matters just as much-or more-than the house they buy, and they’re looking to meet a specific need. “Millennials live in a technology-driven era: the faster we can get from point A to point B with the least amount of distractions and obstacles is our preferred route.

Pointing out the proximity of your home to highways, hospitals, shopping centers and schools. Knowing the house is conveniently located will have major appeal to millennial home buyers.

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Show Off Environmentally-Friendly Features

leaf It is no secret this generation is environmentally-conscious, and they’ll be looking for homes that have “green friendly” features.

For newly-built homes, most builders today are using Eco-friendly materials and products. If the home is older you may not need expensive upgrades to complete.

 

If you don’t want to make your whole home Eco-friendly, I would suggest at the very least getting rid of old single-pane windows and putting in some new double-pane windows for better insulation and great curb appeal.

Think Clean and Modern

Modern homes are popular with this crowd, but your house doesn’t need to be brand new or designed by a minimalist architect to appeal to this generation. Some simple home staging before your showing or open house could be all you need to bring in an offer. Less is more. Millennial buyers expect clean, crisp homes. The less clutter to make any room open is best!

HAVE A GREAT SELLING SEASON!

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