In the world of real estate, what people want in a home can vary from generation to generation.
When it comes to the majority of millennials' housing preferences, their tastes are quite different than that of homebuyers who are older.
Read on to discover what millennials are looking for in a neighborhood and in a home so you can market to this growing group in a more effective way.
Location is Still King
Regardless of the age group, people will always consider the location of their new home one of the most important factors. This doesn't change in terms of millennials' housing preferences, although they may prefer to be closer to the action.
Today's young homebuyers want to be near things like craft breweries, dining, and shopping. Homes in bustling or up-and-coming neighborhoods tend to appeal more to the millennial generation.
If you have property to sell in or near a major city, highlight the proximity to other amenities. Focus on the things that will draw the younger buyers in like a new shopping district, live music venues, and other places nearby that will entice young homebuyers to move there.
It may surprise you to learn that many millennials are now choosing to live in the suburbs rather than in the midst of a big city. More outskirts of cities are offering mass transportation, which makes it easier for career-minded people to get to and from work.
Don't worry if your property isn't located downtown or near a major urban setting. As long as potential buyers have fairly easy access to major things like shopping, schools, and hospitals, you can still market to millennials in an effective way.
Millennials Housing Preferences are Energy Efficient and High Tech
More people than ever before are focusing on things like eco-friendly building materials and energy-efficient features in homes. Houses with solar power, low-E coatings on windows, and bamboo flooring are great selling points for many millennials.
Young buyers want their homes to be energy efficient so they can save on their utility bills. These features also mean that the home is more eco-friendly than others that might have older insulation or outdated HVAC systems.
You can do a few simple things like switch to LED lighting and add Energy Star appliances to the kitchen. Those easy tweaks can mean quite a lot to a millennial buyer looking for their first home.
Of course, millennials also consider technology to be more of a necessity than a luxury which means you may need to add some upgrades. A smart lock or smart thermostat is a fantastic way to update your property and market it to millennials. Consider installing a Bluetooth security camera system that the new owners can control remotely for a great selling feature.
Wide Open Spaces
Today, millennials' housing preferences are focused on the floor plan. They want an open concept home that makes it easier to entertain friends and spend time with everyone together in one place.
These open floor plans boast features like a large kitchen with an island so there's lots of room for casual seating and barstools. A big living area that has lots of room for a sectional sofa will appeal to millennials more than an older home with a closed-off layout.
Besides the general idea of an open plan on the main floor, millennials also love walk-in showers. Gone are the days when the tub and shower combo was a wonderful feature.
Younger homebuyers are looking for luxurious bathrooms and lots of open space where they can feel comfortable. Homes that seem closed in or sectioned-off may turn off some potential buyers.
As the baby boomer generation is starting to downsize and look for smaller homes, millennials are on the hunt for a larger property. Vaulted ceilings and a loft or a spare recreation room, as well as a finished basement, are other bonuses that will draw millennials in.
Pet-Friendly Homes
Everyone loves their dog, but millennials seem to adore their pooches more than almost any other group. If you really want to market to these buyers, make sure you have a dog-friendly yard.
Homes with privacy fencing and a large backyard will make a lot of pet parents happy. If you currently have a big yard and no fence, consider installing one to bring more potential buyers to the closing table.
You may even entice a few cat owners if you add a "catio" to the home. Don't go overboard to accommodate potential pets, but do pay attention to a few things you can change to make the property more enticing to pet owners.
If you happen to live near a park or walking trail, make sure you emphasize this in your listing. Many busy millennial pet owners would love to live near a place that they can easily walk their dogs whenever they want to.
Think about other aspects of your home that make it pet-friendly. This can be anything from a doggy door on your back entrance to scratch-resistant flooring. Put the emphasis on all the things you think a pet owner would want in a home.
Speaking of walking trails, you can also include information about your proximity to parks and other outdoor activities. A lot of millennials are health-conscious and would love to be located near outdoor spaces.
Modern Colors and Finishes
Many millennials are looking for a move-in ready home that's easy to maintain. Make sure your property is updated when it comes to the basic color palette, too. While most young buyers don't expect to move into a mansion, they do prefer a low-maintenance home.
Update your interior wall colors to a nice neutral gray instead of a classic tan hue. This simple, quick change can transform your home and open the door to a lot more buyers in the millennial age bracket.
Millennials are also looking for nice finishes in their new homes like granite countertops and tile flooring. Stay away from carpet if possible and add a trendy tile kitchen backsplash or install some tile around the fireplace.
Most millennials aren't expecting luxury in their first home, but they do want things to look clean and modern. If you have the budget and time, consider making a few upgrades to give your home a more modern look before you put it on the market.
Some simple tweaks like a new, modern color palette and solid surface counters will make your property more appealing to young buyers. Don't spend a fortune on these upgrades, but do make sure that your home looks like it belongs in the current decade.
Market Smartly
If you really want to expand your marketing and take it up a notch, you'll need to utilize technology to help you along the way. Millennials love to use their smartphones, and they probably aren't browsing through the local newspaper to find real estate.
Online services and apps that allow you to post clear, colorful pictures can do wonders for your marketing plan. Don't forget to utilize other new technology like interactive 3D house tours.
When millennials can easily view homes on their phone or computer, they're more likely to pick out their favorites. Stage your home or at least clean it up before you post photos so they look nice and modern.
Focus on all the positive features of the home you're trying to sell, and be sure to use appropriate keywords. Many millennials will type in these keywords when they're looking for their first home.
Another trend in real estate marketing is drone photography. This unique method lets people see the home with a bird's eye view. Modern buyers love the ability to get a full view of the property along with the surrounding neighborhood.
If you're not comfortable with digital marketing, consider enlisting the help of a professional service. They can help you with your listing and make sure that it's reaching those coveted millennial buyers.
Say Hello to the New Generation
Once you know more about millennials' housing preferences, it will be much easier to market to this generation. When you cater to the new tastes, you'll have a better chance of clinching the sale.
Don't be afraid to make a few small upgrades like installing smart technology and updating colors. These little tweaks can mean the difference between a fast and slow sale of your home.
For more information on buying and selling or to check out our 3D virtual tours, visit our website today!