Is your home an ideal first-time-buyer starter homes that may attract the millennial buyer? If so, here’s some insight from the millennial point of view. The Millennial is getting older and now is ready to invest their dollars and time into their first home.
Though there are 83 million millennials — a larger than boomers — and need a roof over their head, millennial home buyers are not purchasing as you would think. Numbers aren’t there as the Boomers were.
As more millennial's reach traditional home buying age and your home is intent on attracting millennial singles and couples — and other first time buyers — you need to understand how to transform your home into a "millennial magnet."
Five Perspectives "Millennial Magnet"
1. New Functionality & Cool Design Matter
To the millennial, there is a new lingo here .Many rooms have new functions and should look very new and different from the décor many sellers have maintained for many years. Here is how rooms have been transformed into the new school of thought. A TV room is now a media room; the bedrooms are now sanctuaries; bathrooms are spas; recreation rooms (not family Rooms) are man caves; garages are studios; and closets are the ultimate to die for.
Keep in mind that many rooms are not as attractive as before. . An Open Floor Plan concept is the preferred "dream home" configuration. You need to disregard how you have used and enjoyed specific rooms and concentrate on transforming old rooms u to look like the right new space. Hot real estate markets have millennial's feeling that they are settling for less than they want. Provide them with something to be excited about and they will prepare an offer to buy your home.
2. Fun-Filled Low Maintenance Yards Are Mandatory
"High maintenance" is out everywhere in, on, and around a house and especially in the garden. No time here for the majority of chores once was a standard of protocol. They will hire the lawn maintenance crew .However the initial attraction with a lovely front entrance with an abundance of flora and fauna will capture their eye. But those temperamental roses, shrubs that demand pruning, bulbs that must be dug up each fall, plants that must be watered, lawns that need mowing, and anything that adds to millennial's "To Do" lists does not add value according to their appraisal of the property.
Environmentally-friendly, low maintenance landscaping along with anything fun, like hammocks, Fire pits, outdoor kitchens, and party areas will provide the "wow'" and add value for buyers.
3. Storage Plus
Storage is a key component since most Millennials are moving from their family home or a rental condominium, that neither has provided enough storage. Adding storage is equivalent to adding space — you can never add too much storage.
4. Walkability Is Key
What's in the neighborhood can hold more value than what is in the house. A Close Proximity to town for restaurants, shopping, transportation like bus or train and the cool places and hot spots represent a very big value to buyers... Many Millennials think of their dream home as the center of a universe of fun and convenience. Single or Couple many work long hours and do not have time to prepare dinner so the best alternative is to be close enough to delicious and excellent prepared meals and take out .As a Seller start to evaluate the area from their own point of view and consider it the way thirty-something's do. Also Your Real Estate Agent who should give you insight.
5. Bearable Trade-Offs
There is always tradeoffs the question is can” I live with it”. Urban lifestyles are irresistible to most millennials. But understand A suburban area that offers many attributes they like can be very attractive and a lot less than expensive than city dwelling purchases.
So what benefits does your home provide to the millennial buyers? The highly rated value from first time home buyers is proximity to train/bus station, a large entertaining-friendly yard, detached home, great schools, active and vibrant town and recreation area. The first time home buyer or millennial's do want that dream home but they understand there is a step process to that dream home and are buying in markets they can afford and specifically where there are good paying jobs.
Contact Susan Massa Broker CRS SRES ABR “Your Hometown Realtor”