Every generation enters the housing market with a new wave of hopes, dreams, wants and needs. Whether your generation sought out sizable lawns and formal dining rooms, crown molding or even wall-to-wall carpet, one thing is for certain, we’re not selling to the same buyers anymore. According to a recent study by the National Association of Realtors (NAR), millennials now make up the largest percentage of home buyers in the United States, and you might be surprised at what they are looking for.
If you’re a homeowner looking to sell, consider this list of ways you can appeal to the newly emerging market of homebuyers:
Take Good Photographs
More than 90 percent of young buyers begin their home search online, according to the NAR, making professional photographs an essential component to a successful home listing. You can get recommendations on the best staging techniques, angles and assistance with photography by talking to one of our trusted Lipman Group realtors.
Be Ready to Talk about Energy
Young home buyers are interested in buying sustainable homes that are, or have the potential to be, energy-efficient. They are green-savvy buyers that want to know about insulation levels, heating and cooling systems, seasonal energy efficiency and building materials. While this encourages many millennials to reach for newly constructed homes, it’s not always a deciding factor. Regardless of the age or footprint of your home, be prepared to talk about these key aspects.
Internet, strong cell service and high-tech add-ons are high on the wish list for millennial buyers. They are interested in smart home systems that support lighting, entertainment and temperature and want homes that play nice with the latest technology. Be prepared to highlight recent upgrades to your home’s technology and answer related questions.
Young buyers are attracted to open floor plans with lots of windows and fewer partitions. They no longer have a need for a formal dining room or sitting room and like their kitchen and living room to be a shared space for entertaining, lounging or even working. And with more and more millennials working from home, the option of a home office or designated work space is increasingly important. Talk to one of our realtors about how you can stage your home to be more flexible. Consider turning that extra guestroom into a home office or furnish your reading nook with a small desk and chair.
Upgrade Kitchen and Baths
The interest in the quality and size of a home’s kitchen and bathrooms span all generations – millennials included. While millennials want new appliances and upgraded features, they also seek low maintenance materials like hardwood or concrete floors and granite countertops. Before investing in a major kitchen remodel or bathroom update, consider choosing materials that don’t require a lot of upkeep (and bonus points if it’s considered green!).
It’s important to understand what motivates current buyers when you’re getting ready to list a home, and luckily, our realtors are here to help with all the listing tips and staging tricks you need for a successful home sale.
Lawrence M. Lipman is the owner and president of The Lipman Group / Sotheby’s International Realty in Nash- ville. Real estate is Larry’s career, but also his passion. He can be reached by calling 615-364-3333.