Homes That Attract Millennial Homebuyers
Millennial homebuyers (especially those in their thirties) continue to be a major part of the real estate market. According to the National Association of Realtors, they make up 35 percent of all homebuyers. Clearly, appealing to young buyers should be a priority for home sellers.
The big question is, what makes a home attractive for millennials? Our team of South Florida real estate professionals discuss the top characteristics that make a home “millennial friendly.”
Open Floor Plan
Millennials prefer large open spaces rather than homes sectioned off by multiple walls and partitions. Open areas have multi-functional potential and are great for entertaining. One of the best renovation investments that may help appeal to this group is to tear down a few walls to make the kitchen, living, and dining rooms follow an open concept design.
Updated Kitchen and Bathroom
Most young homebuyers, especially first time buyers, do not want or have the money to repair and renovate a kitchen and bathrooms. Since these two rooms get high usage, sellers should install new appliances or even remodel before putting the house on the market. According to a 2016 study by remodeling.net, homeowners received $11,769 more on average for their homes if the bathroom was remodeled and $38,938 more for a remodeled kitchen.
More workers want or are able to telecommute and this is especially true for Generation Y. A Flexjobs survey found 85 percent of younger buyers want to work from home full time. Even for those that still have to commute to work, they finish up many of their projects at home. To accommodate these millennial homebuyers, create a space that can double as a home office. Sharing this vision with potential buyers could be as easy as adding a strategically placed desk and office chair.
These younger buyers are likely to be focused on climbing the corporate ladder and forwarding their careers. They cannot sacrifice their time constantly maintaining their homes. Whenever possible, sellers should be sure to keep their home as low-maintenance as possible by using durable materials such as quartz or recycled glass countertops and long-lasting landscaping like perennial flowers.
There is a huge appeal for easily accessible communities among millennials. They do not want to depend on their car and would rather walk or take public transportation to do their errands. If a home is conveniently located in a “walkable community,” sellers should highlight this in the listing description. Such communities feature close proximity to conveniences like public transportation, groceries, restaurants, local businesses, and public services.
Technology & Energy Efficiency
A Better Homes and Gardens survey found 68 percent of millennials believe smart home technology is a good investment. Millennials are willing to pay 3 percent more on a home if they believe its energy efficiency upgrades will help reduce their future utility costs, according to a survey by the National Association of Home Builders. Because of these two statistics, consider installing energy efficient appliances, a smart thermostat, better insulation, or even solar panels.
Another way of appealing to millennial homebuyers is to work with an agent who clearly understands their needs and preferences. Our team of tech-savvy South Florida real estate professionals knows how to use the digital platforms Gen Y’s are familiar with to connect young buyers to your home.
Call Stein Posner today to find out how we can help you sell your home!