Millennials are expected to become the largest generation in 2019, accounting for 73 million individuals in the United States. According to the Pew Research Center, anyone born between 1981 and 1996 (ages 23 to 38 in 2019) is considered to be a millennial.
This demographic is quickly becoming a major player in the world of real estate, accounting for 1 out of every 3 new home buyers.
It is true that this generation has a unique lifestyle compared to Gen X and baby boomer populations, whose values circled around stability and long term property ownership. Millennials have been highly impacted by the fast-paced, technologically-centered mode of life that we see in today’s day-and-age. City life and sociability are also common pursuits of this generation.
A common misconception is that millennials are not financially grounded and are prone to frequent moves, thus leading them to only desiring apartments and rentals. However, the National Association of Realtors revealed that in 2017, millennials comprised 34 percent of the home purchasing sector. This home purchasing trend is forecasted to continue to grow over the upcoming years.
Now that it has been established that millennials are definitely seeking homes, it is important to understand what they desire out of a house, what they are willing to pay for, and how to market towards this group.
Looking to get your house on the market and sold? Contact Equity Assets Realty in McAllen today for more information.
Millennials Want a Finished Product
If you are a home seller seeking to appeal to a millennial base of potential home buyers, consider making your home as “ready” as possible. The lifestyle and desires of the millennial generation mean that they do not find homes that need work to be desirable.
Although renovations are great for customization, millennials can see the process as a task rather than a project. Homes that are finished, do not need (too many) repairs, or require heavy maintenance, are great for this busy generation.
Of course, you do not need to splurge on renovations to increase the value of your home. Rather, consider making a few accommodations to help increase the appeal of your home in the eyes of millennials. These changes can include:
- Open Layouts -You can renovate by knocking out a wall that closes off or compartmentalizes living space. Open living and dining areas to create a space for social gatherings and hanging out with friends.
- Walls and Flooring – Stick to neutral-toned walls and hardwood flooring. This creates a more modern look that photographs well.
- Chic and Minimalist trends – Stainless steel, marble, rugs, and chic furniture can also add value to your home when a potential buyer is touring.
- Good Lighting – Windows are great for natural light but fixtures with large bulbs add dimension and style to living space.
- Close Proximity to Amenities – If your property is close to shopping centers, jobs, and entertainment, it will be more than likely appeal to millennials. Emphasize location if it adds value to the property.
Technology is the Language of Millennials
Once your home is prepped to go on the market, you can reach millennials by marketing your property on social media and other websites. These days, everyone finds what they need online, so take pictures of your open floor plan, modern fixtures, or other appealing facets of your home and post them on social media sites like Facebook, Pinterest, or property listing sites.
Millennials also appreciate great technological factors such as good WiFi connection, quality phone reception, energy saving tools such as lighting brightness adjusters, and even solar panels. The more technologically capable a home is, the more value it has.
Seeking Proximity to Work Hubs
The real estate landscape has changed, especially in urban areas. As previously mentioned, millennials seek an urban lifestyle and location close to work hubs. If there are any industry hubs near the home, you will want to emphasize this when marketing.
The McAllen realtors at Equity Assets Realty want to help sell your home for everything it is worth. And don’t forget the value of marketing to millennials, who hold high purchasing potential.