What you need to know after being involved in a fire.
Millennials are a unique demographic. They’re well-informed and are very sophisticated when it comes to what they want, particularly when it comes to the home they plan to buy.
Millenials have plenty of expectations that the generations before them may not have had when it comes to buying real estate. Knowing this, sellers should take the time to understand exactly what the specific needs and desires of this group are when they’re searching for a home. That way, sellers can be more competitive.
So, what exactly is this particular group of homebuyers looking for in a property to call home before they decide to put in an offer?
Considering the fact that millennials practically grew up with digital devices in their hands and the internet at their fingertips, it should come as no surprise that this group of buyers would want their homes to come equipped with some level of automation.
“Smart” homes are basically those that can be controlled to some degree by technology. With the simple touch of a button, homeowners can command various components of their homes to do exactly what they want them to. Whether it’s changing the temperature, locking or unlocking doors, or adjusting the lighting, such functions can be operated through their mobile devices no matter where they happen to.
Any property on the market that is already equipped with such functionality will likely be attractive to millennial buyers.
The younger generations tend to be quite focused on minimizing their carbon footprint on the plant. That’s not to say that older generations don’t, but millennials are more likely to place more emphasis on “green” homes that don’t waste energy.
This demographic appreciates structures that make very good use of energy and water and are not wasteful in any way. Features such as energy-efficient windows, low-flow toilets, LED lights, programmable thermostats, and rainwater reservoirs go a long way at impressing millennial buyers. Besides, such features will end up saving them money in utility bills too.
Just about every homebuyer demographic likes to see hardwood flooring in the homes they visit. Vinyl, laminate, and carpeting are considered outdated features that many buyers will end up ripping out after they take possession. Not only is hardwood flooring much more attractive than other flooring materials, but it’s also rather low in maintenance.
Spacious Laundry Rooms
Seemingly unimportant little spaces, laundry rooms are very important to buyers, including millennials. Not only do they want laundry rooms to be well-defined and located in a convenient spot, but they also want them to be spacious enough so that family members aren’t stepping over each other.
They also want to have plenty of space to fold their laundry and even rinse in a tub if possible. Lots of counter space, cabinetry, and a sink can make a laundry room much more convenient, which is what millennials like to see.
Open Concept Layouts
While some buyers still appreciate compartmentalization of homes to provide defined spaces for different uses, many others like the idea of an open floor plan. This is especially true of millennials, who like the idea of being able to entertain and be in view of everyone on the floor regardless of whether they’re in the kitchen or living room.
Open concepts are not only more modern, but they also make a space feel brighter and more spacious.
Updated Kitchens and Bathrooms
These two particular rooms very important and are typically the main selling points of homes. The majority of millennial buyers look for turn-key homes that don’t require much work at all, and the kitchen and bathroom are typically spaces that would require any work to update.
But homes with kitchens and bathrooms that are already upgraded and modern will be more likely to attract the attention of Gen Yers during the house hunting process. They appreciate upgraded cabinets, granite counters, sophisticated lighting, and modern appliances.
Space For an Office
Thanks to the internet, more and more people are able to work remotely, and many of them are choosing to work from home as opposed to anywhere else. As such, having a dedicated office space that provides them with plenty of room for a desk, computer, phone, filing cabinets, and anything else that they need to conduct their work is a highly coveted feature in a home.
The Bottom Line
As a seller, it’s always important to understand who your target buyers are. This will help you get a sense of what they’re looking for in a home and can give you some ideas of how to stage or present your home appropriately to attract these buyers. And when it comes to the millennial buyer, this particular group tends to have very sophisticated tastes and needs in a home they plan to purchase.
Work with your real estate agent and home stager to help position your house in the best light possible to attract the masses of buyers looking for a place to call home.
It was such an honor to be a part of an amazing event hosted by NAGLREP!
In this video, we discuss multiple aspects of my life journey:
Background: Born in Arizona, I moved countless times growing up, eventually settling in Connecticut before graduating high school. I then moved to Malibu, CA to attend Pepperdine University. Pepperdine attracted me because I was passionate about advertising and they had an excellent advertising program. Read more about my background here!
Real Estate: Upon leaving Pepperdine, I got my real estate license. The popularity of real estate at the time forced me to wait 10 months before finally receiving my license. However, this allowed me to really learn about the industry and plan my entire marketing and advertising strategy for the year. My first client was someone I had met while working at a hotel during college and they knew my work ethic and reliability. Most agents would not work with her and didn't think it was possible to sell her a home, but that fueled me and I eventually sold her a home as my first deal!
Networking: Ever since I began my career, I knew that every person I met had the potential to be a client one day. Even if it ended up taking a year, you want to develop a relationship with them which just might eventually lead to real estate.
Bravo TV: My journey with Bravo started when the producers of Million Dollar Listing were calling agents to be interviewed for the show. I interviewed with them and filmed a couple of my listings with them for the show, which had 12 agents featured at the time. After Coldwell Banker didn't want their agents on their show following Season 1, I negotiated my way on and was one of only three agents starting on Season 2.
Building a Team: Building a team was huge for my business. I was able to find a partner who complimented my skills and gave a different perspective on things. We were then able to build a team of 10, including someone to handle marketing, client management, office administration, finances, and several agents that work in the cities surrounding Malibu.
LGBT Community: I am grateful that I found a community to accept me after feeling like I was in the middle of five different ones. Being a part of a group that has shared the same journey as me and can relate with me is something that I do not take for granted.
Are you preparing to make a move? Our friends at Escrow Trust Advisors have got you covered with a moving checklist.