When devising a strategy on selling to millennial home buyers, it is important to ask yourself, “What do millennials want in a home?” Selling real estate to millennials is no easy feat, as they have a unique set of preferences and demands that set them apart from buyers of other generations. Check out the following list of “must-have” features for today’s youthful buyers:
- Updated kitchen and bathroom: Brand-new fixtures in kitchens and bathrooms are important for budget-conscious millennials. Because of their limited budgets, most millennials’ savings will go towards a down payment and furniture, and not updates.
- Open floor concept: Although formal dining rooms used to be popular, today’s buyers prefer an open concept where the kitchen, dining, and living areas all flow together. All rooms are used as hangout spaces.
- Home office space: The number of Americans who work remotely continues to grow each year, making a home office an important factor for home buyers. Having a dedicated space will help them focus on the task at hand.
- Proximity: It could be attributed to high gas prices and traffic, or to eco-consciousness, but young buyers tend to emphasize the property’s location. Proximity to work or public transportation, as well as walkability, are all important considerations.
- Low maintenance features: Today’s “weekend warriors” tend to not want to spend their weekends carrying out chores and honey-do lists. Instead, millennials are showing a preference for low-maintenance, low-upkeep features.
- Home technology: Technology has taken center stage in real estate for millennials, as these digital natives have saturated the home buying landscape. Prepare to talk to potential buyers about wireless service providers, carrier signal strength, and smart home features.
- Energy efficient: Energy efficiency features such as solar panels help millennial buyers kill two birds with one stone. Increased efficiency allows them to protect their budgets while satisfying their environmental consciousness.
- Online photography: Mentioned earlier, the vast majority of home buyers find their property online. Setting up a real estate website for millennials is essential, which should include photographs and virtual tours of the property after it has been professionally staged.
I hope you enjoyed this rundown of the home-buying process. If you have further questions about this or any other real estate topic or are in need of vetted vendors, please reach by phone or email. I’m always here to be a resource for you!