Millennials are now the largest group of home buyers, making up 36% of the home buying population, according to the National Association of Realtors.
Millennials are a very different group of home buyers. Unlike other generations, many millennials are waiting until later in life to buy their first home. Millennials lived through the housing crisis and are much more calculated when it comes to buying a home. Millennials are well-informed home buyers who know what they’re looking for in a home.
If you’re selling a home in a price range that likely goes to first-time buyers (generally anything $350,000 and below), it’s important to take note of what millennials are looking for because they’re likely your target audience.
With more an more people working from home, a dedicated space to use as a home office can be a major selling point to buyers. Luckily, a home office can come in many different forms, depending on the household. The best way to show off having a dedicated workspace is to show that you utilize a certain area of your home has an office.
A potential home office could be an extra bedroom, a living room that is being utilized as a home office, or a small nook somewhere else in the home that you’ve started using as an office space. Office space doesn’t have to be a large space it just has to be enough to be functional.
Millennials are very budget conscious when it comes to buying a home. They don’t want to have to dump money into a home in order to do updates. The two major rooms that buyers like to see updated are kitchens and bathrooms.
In a bathroom, buyers are wanting a functional, comfortable bathroom. When updating a bathroom, stick with choices that aren’t overly trendy. A tastefully updated bathroom is likely to appeal to any home buyer. This doesn’t mean that you have to spend tons of money updating a bathroom. A remodel can be as simple as painting the cabinets, putting in new flooring and repainting the walls.
In a kitchen, buyers are looking for a great space to cook and entertain. Updated appliances, countertops, and cabinets can make a kitchen seem brand new. Millennial like a kitchen with space to entertain guests.
These two spaces are big on a buyer’s list because they can be costly spaces to upgrade.
Millennials tend to like an open, functional floor plan suited for their lifestyle. Homes that come with a very structured purpose can turn millennials off.
Space to entertain guests is very important to millennials. Millennials are looking for a spacious kitchen and family room or basement to entertain guests. Ideally, these living spaces would be open so that guests can float between each area easily.
If you’re selling a home that is older, it could be hard to overhaul a traditional floor plan. But that doesn’t mean that you’re out of luck with millennial home buyers. When you list your home make sure that you show off your functional space. Ensure that rooms don’t feel overcrowded. Consider having your home staged to help show off these elements.
Like any first time buyer, millennials want a home that is going to be low maintenance. They don’t want to worry about having to upgrade major systems shortly after moving into a home.
Millennials like to see that big-ticket items like the HVAC system, roof, siding, and water heater are in good condition and relatively new. These are big-ticket items for any seller to replace, so obviously, it would be unrealistic to replace all of these items before you list your home.
For the other systems, be sure that you’re taking care of routine maintenance and that they’re running efficiently. This can be a big selling point when marketing your home towards millennials. They want to know that the major systems are dependable and that they’re utility bills aren’t going to be through the roof due to an old HVAC system.
Are you thinking about selling a Knoxville this year? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected] or by phone at 865-696-1888.