Keep in mind that the youngest generation of homebuyers, often referred to as millennials, are entering the job market in a recovering economy and have most likely accrued a lot of student loan debt. Because they might’ve stayed in school longer pursuing a master’s degree this generation is getting married, having children, and entering the housing market a little later than usual. All of these factors contribute to what a new homebuyer is looking for in a home. Paying back student loans while slowly building their careers means that money is tight for this generation. They want the biggest return for their money, which means that the most important feature of the house is its functionality. Smaller homes are OK as long as every square foot is used. However, this does not mean that clutter is acceptable; in fact the opposite is true. Millennials gravitate towards clean lines, smooth surfaces, and open floor plans that allow for multi-functional use.
Cost effectiveness is no doubt a priority for every buyer, millennial or not. Energy efficient features such as an eco-friendly washer, dryer, dishwasher, and refrigerator are highly sought after. Additional features that keep utility costs down such as dual pane windows, solar panels, and ‘green’ landscaping are a huge selling point. Homebuyers are also looking for kitchens and bathrooms that have already been renovated. This saves them from having to come up with an extra bundle of money (on top of their mortgage) to pay for major updates. If these renovations are done with sustainable materials, this is even better. Homebuyers (and especially millennials) are supportive of conserving resources and leaving a small carbon footprint.
Last but definitely not least: your property should be marketed online and available for viewing on mobile devices. In an increasingly tech-savvy homebuyer generation, this is a must. Even before a buyer hires a realtor they will familiarize themselves with the market through online searches. Even when they have a realtor to help guide them through the process, they will continue to search on their smartphone for homes in their desired area. With so many real estate apps now available, browsing the market on smart devices is a huge part of home buying! If you’re not sure how to market your home properly, hire an experienced realtor (hint, hint) who can help you get the most exposure.
Photo via myscandinavianhome.blogspot.com
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