If you’re thinking of putting your home on the market, you might stop to consider what the kids are doing these days. Before you go making jokes, (What? Millennials are gonna buy MY house? You mean AFTER they move out of their parents basements!?) you’d do well to remember that millennials are the largest generation in home buying history- and they’re REALLY sick of that joke. Experts agree that we are on the cusp of a millennial takeover of the housing market. Builders are freaking out because the next generation of consumers don’t want to move to ticky tacky mcmansions in the suburbs, and real estate agents (with an industry wide average of 56 years old) are desperately trying to adapt and serve them.
All that said, if you’re thinking of selling your home sometime in the next decade, you might be thinking about what you can do to make your property measure up. Let’s climb inside the minds of the youngs and see what your house needs most to sell for top dollar:
Sexy Sexy Photographs
Get yer mind out of the gutter- I’m talking photographs of HOUSES. The fact is, millennials aren’t waiting for their realtors to find them houses- millennials are looking for houses online at work, on their phones in the grocery line, and on iPads at night while they watch never ending marathons of Orange is the New Black. They’re highly organized (the Pinterest boards, my god, the Pinterest boards!) and in the fever pitch of a home search, a little obsessive.
Photographs of your home need to reach out and grab them- which means more than just hiring an agent that utilizes the services of a professional photographer. Staging, colors, repairs, and light are all essential for grabbing their attention on whatever tiny device they might be viewing your home. For more information about standards for real estate photos watch this video where Anne Jones and I explain the dos and don’ts of properly presenting homes online.
Updated kitchen and bath
Buyers are seeking updated kitchens and baths for two reasons: limited budget and limited time. With few exceptions, either they have scraped together the down payment and a meager savings that doesn’t leave them with much to remodel or they are working around the clock and don’t have time for DIY. Kitchens and bathrooms are the most expensive parts of a house to remodel and young home owners cannot afford to sink a lot of time or money into those areas. It is easier for them to finance a house that has an updated kitchen and bath than to struggle through a potentially expensive and time consuming remodeling project on their very first house. If you’re wondering which repairs are worth doing, Anne Jones and I made a video about that, too.
Location
The trend of buyers wanting to live in walkable communities that are served by public transportation stretches beyond just millennials, but they are no exception. These buyers want easy commutes to work, coffee shops and bars within walking distance, and homes that don’t look exactly like their neighbors do. The trend of buyers refusing to buy large homes in the suburbs in favor of more compact homes with character in urban centers is causing urban planners across the country to rethink the suburbs entirely.
Low Maintenance
This generation has to work long hours to be competitive in the workplace. In the case of couples, both partners work full time. They simply aren’t able to spend their weekends working away at home projects. For this reason buyers prize homes that are low maintenance.
They also want materials that are durable and won’t need to be disposed of every few years. Things like hardwood floors instead of carpet and solid surface, granite, and quartz countertops are highly prized by these busy, style conscious buyers. More importantly, systems (like your roof, sewer, and furnace) being in good working order will go a long way to easing the minds of these time and cash strapped buyers.
Obviously if you have a 4,000 square foot house an hours commute into the suburbs I’m certainly not advocating for changing out your flooring and throwing some quartz countertops on your kitchen in a desperate attempt to appeal to the youngs. The point of this article is to recognize the changing tastes of buyers in America and be thoughtful about the repairs and improvements you make to your home in the coming years- so you can be perfectly prepared when it’s time for you to sell.
Got a question about selling your place to millennials(or anyone else for that matter)? Contact me.
