Published : 8 January 2015
Real estate experts predict that 2015 is going to be the year of the millennial property buyer. The millennials are individuals born after the early 1980s and their real estate preferences are completely different from what previous generations searched for.
The number of millennials among first-time property buyers is increasing and 2015 will probably see a significant shift in prospect characteristics. Members of the millennial generation are finally managing to gain their financial independence, which is motivating many of these individuals to buy their first home.
Interested in selling your home to younger buyers? You’ll need to keep several important millennial preferences in mind. This generation is very different because of several factors.
Fact 1: Millennial Buyers are Financially Conservative
Many members of the millennial generation saw their parents and grandparents struggle financially. This is a major factor affecting the purchasing decisions of younger individuals.
Many millennials are not willing to take a large loan in order to buy a house. They will attempt to have at least a portion of the entire sum available before finalising the decision. Millennial buyers tend to be very cautious and unwilling to take risks. These buyers will be looking for the best price to quality ratio.
Adequate pricing and professional valuation are determining for your success, if you want to find younger buyers. Overpricing the property will make it very difficult to attract the right prospects and to get them interested.
Fact 2: They are Looking for a Lifestyle
Younger property buyers are used to a particular lifestyle. The neighbourhood, the available facilities and the nearby entertainment options will all affect the decisions of such property buyers.
If you want to attract millennials, you’ll have to sell the lifestyle. Are there stores located nearby? Does your location brag easy transportation to the central parts of town? These two features will be determining for many first-time and millennial home buyers.
This generation doesn’t believe in the statement “my home is my castle.” The home is a place giving access to all of the lifestyle choices that millennials are used to. This is the main reason why convenient location and the attractiveness of the neighbourhood play such an important role.
Fact 3: Technology is the Key to a Quick Sale
This generation is 100 per cent technology-dependent. A home that facilitates the use of different gadgets will gain much more interest than a traditional property lacking such upgrades.
Does your house have a light and HVAC control system? Great! Millennial buyers will fall in love with such clever gadgets and control options. The smarter technology you incorporate, the easier it’s going to be to sell.
Fact 4: Millennials Prefer Move-in Ready Houses
Millennials aren’t really interested in fixing or modifying a home after buying it. The majority of these individuals prefer move-in ready possibilities.
Renovations happen to be costly, they demand a lot of time and effort. Younger buyers prefer to pay a bit more and save themselves from the trouble of having to organise renovations. Recent renovations and turnkey solutions will increase your chance of selling to millennials.
Take a bit of time and think about the best renovations that will have the biggest impact on your property’s appearance. Kitchen and bathroom remodelling tend to bring a very high return on investment. You should also think about energy-efficient appliances and other modern, money-saving solutions.
Fact 5: You Need to Boost Space Flexibility
Younger individuals love open spaces and multi-functional rooms. Giving these buyers some flexibility is a certain way to impress them.
Many members of the millennial generation are either self-employed or operating a small business. Show these individuals how one of the rooms can be transformed into a home office. Even better – have the home office designed for these buyers.
Millennials aren’t looking for a living room and a separate dining room. You can tear down a couple of walls, open up space and create larger room that serves multiple purposes. This minimalist trend will continue gaining prominence. If you want to sell your house in 2015, you should certainly give it some thought.
Generations are changing and the profile of the traditional real estate buyer is also undergoing a serious transformation. Thinking about younger individuals will enable you to sell your property faster. The number of millennials purchasing property is expected to grow significantly, which is why you’ll have to consider modifications/repairs that will appeal to individuals in their late 20s and early 30s.