Millennials are all over the news.
Their home ownership rates are in decline and they’re also waiting way later than the previous generation to become first-time home buyers. But that’s okay! Ignore all the scary headlines about how millennials can’t afford to buy homes and aren’t interested in property ownership. Every home buyer is different – millennial, retiree, family, bachelor – and what you need to focus on as a seller is making your home appealing to every buyer on the market.
So, what are millennials looking for in a home? Nothing you can’t offer!
Millennials are more affected than other generations by dated, worn out homes. They grew up in the age of DIY and HGTV and they’re looking for rooms straight from a magazine! Some aesthetic changes to your home can go a long way to enticing this demographic: switch out brass fixtures for polished silver, get rid of musty furniture, and take down all that wallpaper. Millennials want homes that have charm and character, yes, but they also want a space that feels fresh and new.
And no, not a neighborhood gym! This group wants in-home amenities like built-in closet systems, heated flooring, and smart thermostats and they’re willing to sacrifice space to get them. Millennials are big into efficiency and they want to make the most of the space they have. They’d rather see your formal (unused) living room turned into a media room they’ll enjoy every week and they can overlook other flaws if you’ve got a state-of-the-art kitchen.
Okay, so the location of your home isn’t really anything you can change but it is something you and your Realtor can market to your advantage. Why not talk about the walkability of your home to the grocery store, any restaurants, and it’s proximity to the gym? You don’t have to live right in downtown to have a desirable location but you do have to tell millennials what’s nearby to get them to think outside the box. If they can see themselves living the millennial lifestyle with ease in the home they’ll be more likely to buy.
More and more, millennials are using their homes as an extension of the rest of their lives, not just as a refuge from work. They want home offices that can one day convert to a game room and large attic spaces that could eventually be finished as a playspace. They don’t mind spending the money to customize their homes as long as the space they choose gives them options. The less defined the floor plan of a home, the more millennials are willing to make it their own.
Millennials are really, really into entertaining. They want a home they can show off but also a home that functions as an entertainment space for their friends – from fire pits to open floor plans to pool table rooms. While Generation X before them was more concerned about family friendliness, millennials are more likely to be childless when they first buy and looking for a place to entertain. Show them how they can use your home to throw a great party and they’ll be hooked.
Did we miss anything?
Some of our favorite clients ever have been millennials and we just love this group’s endless energy and optimism. Don’t discount and entire generation of folks as “unlikely home buyers” but instead try to meet them where they are! You’ll be glad you did.
- Welcome to the Team, Jen Fralin! - 03/02/2017
- One of Charlotte’s Premiere Luxury Homes is On the Market - 11/02/2016
- DIY Security Tips to Keep Burglars at Bay [Infographic] - 09/28/2016
- Sellers: Stats that Prove Why KW Southpark is Charlotte’s Choice - 09/20/2016
- 3 Reasons Now is the Time to Sell Your Home in Charlotte - 06/27/2016
- Check Out Our New Logo! - 06/14/2016
- Welcome to the Team, Chelsea Ashworth! - 06/08/2016
- Charlotte – One of America’s Fastest Moving Housing Markets - 05/16/2016
- KW Family Reunion 2016: What We Learned - 02/24/2016
- Infographic: 6 Reasons Everyone is Moving to Charlotte - 02/15/2016