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.
Selling a house isn’t the easiest process. It involves plenty of hard work, time, lots of paperwork – and even sweat.
Timing also plays a very important role when it comes to selling your home.
Fortunately, the McAllen realtors at Equity Assets Realty have the experience, and understand all the nuances to make sure the home selling process is as smooth as possible for you. Below we have compiled a number of factors you’ll want to consider when deciding when to sell your home.
The Best Seasons
The warmers seasons tend to improve the speed and eagerness of buyers, especially during spring.
Another benefit of selling during spring, especially around April, is that many buyers have extra funds because of their tax returns and are thus able to afford some of the additional costs that go into purchasing a new home.
Additionally, the warmer weather allows for easier moving conditions. If timed accordingly, the buyer will also be able to take advantage of summer vacation. This will allow the buyer the opportunity to place their child in a new school before school starts up again.
With that being said, the best time to list your home is between the end of spring and mid-summer. According to Zillow, houses sold during the first two weeks of May, especially on Saturdays, sell almost two weeks faster than average and for up to $2,500 more in comparison to the national average.
The Best Market Time
Another factor to take into account when considering to sell your home is the local market and job growth. If job growth is low, there won’t be as many potential buyers. Naturally, if there’s an abundance of jobs, people are likely to be flowing into your city, which can potentially increase the value of your home.
When it comes to the housing market, there are two trends to be aware of:
A buyer’s market happens when there are more houses for sale than there are buyers. This means you’ll find more eager sellers (a.k.a. competition). In this market environment, you might find yourself being forced to sell at a lower price and/or making additional concessions with the buyer.
This market environment can be identified by the low amount of houses for sale and a great inflow of buyers. You can sell your house at a higher price since there are fewer options and a greater demand – and it will sell faster.
The Best Time for You
It’s important to recognize that selling your house doesn’t happen from one day to the next. Decide when you want to close a deal and then count backward to get your start date.
Then you’ll need a realty agent. The agent will need to gather information about your house including the number of rooms, bathrooms, dimensions, as well as check to see if there are any upgrades needed. Next, they will need to take pictures of the house to stage it – some realtors may even take video. This portion of the selling process usually doesn’t take more than a week.
With the pictures and information, your agent will place your house in different listing services for potential buyers to find.
Then comes the waiting game. According to data from Realtor.com, during the months of April and May in 2018, properties lasted an average of 55 and 59 days. After that, it can take 50 days to close on the sale.
Some additional factors which can impact the amount of time it takes to sell your house include:
Lifestyle changes: If you’re moving because of a job, you’ll want to ensure you are following a strict timeline in order to have everything settled before you start your new job. Or if you have children and you want them to enter a certain school in a different school district, you will need to have everything done before school starts. Just take into consideration your lifestyle expectations.
Emotional preparedness: Your house was your home; it’s important to make sure you are emotionally prepared to leave it behind.
Financial benefits: Being able to sell for a higher price will help you put down a healthy down payment on a new home. Be aware that sometimes opportunities arise and it’s your decision whether or not to take them. Always think through the pros and cons.
Finding an agent: It is important to take your time finding an experienced realty agent you can trust and feel comfortable with. You will be communicating with this agent for a meaningful amount of time and a healthy relationship is going to be important. Finding experienced agents like the McAllen realtors at Equity Assets Realty is important to making the sale.
Repairs and upgrades: The house inspection may reveal problems and issues that will need repairing. These upgrades can take a while and the house won’t be sold until they are done. You may also want to make some upgrades on the house to increase its value.
If you’re looking to sell your home, 2019 is the year for you. Of course, there are a lot of little nuances that can affect your ability to sell your home and so you’ll want to have a plan in order.
If you’ve been wondering if 2019 is the right time to sell your home, the answer is definitely, yes! Let the expert McAllen realtors at Equity Assets Realty give you the tips to accomplish your goals in 2019.
Reasons to Sell Your House in 2019
1. Selling Your House in 2019 vs. 2020 (or 2021)
Forecasts suggest that 2019 will be an economically stable year. A study conducted by real estate database company Zillow surveyed 100 U.S. real estate experts in which it was concluded that about half of the panelists expected a recession to come in 2020, while others believed it wouldn’t come until 2021.
In other words, if you are debating whether to sell your house sooner or later, you should definitely go with sooner.
2. There Are Plenty of New Buyers
Despite interest rates increasing, there is still a steady inflow of new home buyers into the market.
While there may not be an overabundance of bidders, there are sure to be enough new buyers interested to help move your home. According to a poll conducted by Trulia in November of 2018, Millenials are the new wave of home buyers, with one-fifth of Americans between the ages of 18 and 34 looking to buy a house in the next 12 months.
It’s worth noting that the market is not at it’s highest peak, however. So if you notice your house staying in the market a little longer than longer, this is to be expected. You can – and will – sell your house.
3. You Have High Equity
If you bought your home close to the 2007-2009 recession, chances are you purchased it with low interests rates and an equally low price.
Your home equity is the difference between what paid and owe and the home’s current market price. Chances are your house has rapidly appreciated over the last decade and your equity has grown with every mortgage payment you have made. The higher your equity, the more you will get paid for your house, and the better a down payment you can put down on your future home.
4. Interest Rates Are Still Low
While interest rates are not at their lowest historical point, they are definitely far from being at their highest.
Current rates may encourage many homebuyers to take the leap this year before the rates go up again. It should also encourage you to sell as soon as possible.
The longer you wait, the higher the risk the rates go too high for you sell within a reasonable amount of time.
Tips For Selling Your Home in 2019
The following tips can help you to successfully sell your home in 2019.
1. January and February Are the Busiest Months
Everyone is looking to get the new year started on the right note. Take the chance and sell early in the year.
2. Declutter and Pack
When you are getting ready to sell, it’s time to pack up all the non-essentials and get rid of anything you don’t need anymore.
Spacious, decluttered homes are more attractive and easier to sell.
3. Give Your Home an Upgrade
Upgrading anything that seems off or old is a great way to add value to your home. Even simple changes, like fixing up old faucets or replacing worn door knobs, can make a huge difference.
4. A Fresh Coat of Paint Can Do Wonders
One of the things buyers love to see are clean, newly painted walls in a home. We recommend going with neutral colors. Whites and light beiges are excellent at reflecting incoming light and making a home look more spacious.
5. Fair Pricing is Essential
Price is still king. Even if the mortgage interest rates don’t go up, buyers can become quickly uninterested in a house that seems to be overpriced. Always price your house fairly.
Do NOT try to overprice in an attempt to get some extra cash. It’ll make it harder to sell the house.
6. Share, Share, Share!
While having an expert real estate agent can make all the difference in the world, it doesn’t hurt to have friends and family share information via social media or through word-of-mouth.
7. Keep the 30-Day Rule in Mind
If your home has not sold in 30 days, the selling strategy needs to change. Is the price right? Is there anything that needs to be remodeled? Ask what can make your home more enticing and fix what you can.
While the winter season can be one of the more challenging times of the years to put your home on the market, you may not have much of an option due to personal reasons and time constraints.
But just as serious as you’ll be about selling your home, interested buyers are likely to be just as committed to making the purchase. That’s why you’ll want to make sure that your home is properly staged and that you follow a few essential tips so that your home leaves a lasting impression. (You’ll also want to avoid certain missteps that can cost you a sell.)
Our dedicated team of McAllen realtors at Equity Assets Realty understands that life happens and sometimes you need someone who can help guide you through the process. If you are placing your home on the market during the winter season, consider the following steps to help you make the selling process a better experience.
Tips to Help You Sell Your Home During the Winter
1. Keep the Lights On
During the winter, the day gets darker earlier. This means the outside of your home can be difficult to see for potential buyers. Make sure to have some outdoor lights on that accentuate the parts of the home that you want to draw attention to. While holiday lights aren’t necessarily the best option, if you do decide to go that route, just make sure to keep things to a minimum.
Don’t forget the inside of your home, either. Turn on as many lights as possible to brighten up dark rooms.
2. Price It to Sell
If you are invested in selling your home, then you’ll want to price it to sell right out the gate. There’s no sense in playing games with a potential buyer and asking for an unreasonable asking price only to lower it a few days (or even weeks) later.
Your real estate agent can help you to come up with a reasonable price for your home. Don’t make reductions after an offer, cut down the price beforehand.
3. Use Excellent Real Estate Photos
Most listings go online, so you’ll want the most flattering, high-quality photos of your home for individuals who are browsing on the Internet. If you’ve had the opportunity to take pictures of your home during the spring or summer, make sure to include those as well.
A first impression goes a long way.
4. Create a Virtual/Video Tour
Why not help out potential buyers by providing them with a virtual or video tour of your home? This can help to provide them with a preview if they are short on time and can be especially beneficial for individuals moving down from elsewhere who might not be available to view the home for some time.
Coordinate with your real estate agent to see if this is possible to include in any online listings.
5. Spread the Holiday Cheer
Sometimes it’s the little things that count, especially during the holiday season. Consider having some cookies and nice hot coffee or hot chocolate for potential buyers who may be visiting in the evening when temperatures dip.
What NOT To Do When Selling Your Home During the Winter
1. Failing to list your house.
Enlisting the aid of a qualified realty agent can be the key to getting your house sold in a timely manner. They can list your house on their company website as well as local publications, helping it get sold quicker.
Failing to list your home can draw out the home selling process longer than you intended.
2. Not Opening Your Home on Certain Days
Christmas Eve. New Year’s Eve. These aren’t days that we think would be great for selling a home. But the reality is that some interested buyers may only be able to view your home on those days and failing to meet their needs can limit your opportunity to get that sale.
If you’re a bit wary of opening your home during these days, have another family member host activities at their house – you can even ask them to hold your gifts there, too.
Keep in mind that serious buyers may be moving in from another area and with little time. Allowing them to view your home on these “off days” may be just what helps you get the sale.
3. Not Having Your Home Prepped
Yes, the winter season can be extremely hectic with the holidays and family time. But if you are truly invested in getting your home sold in a timely manner, you’ll need to have it always ready for a tour.
Some areas to pay extra attention to include:
While we rarely, if ever, get any ice or snow in the Rio Grande Valley, we do get plenty of rain during the winter. That means making sure walks ways to your home are safe to individuals walking up to your door.
Speaking of the outside of your home…the winter months can dry up trees and leave them with unsightly limbs. Trim your trees as necessary and make sure your yard is spruced up properly. Curb appeal really counts.
Your entryway needs to be clean as this is the first section of the home a visitor will likely see. Make sure to have an area where they can wipe off their feet and you can place any wet coats, gloves, hats, etc.
Declutter your home from personal items that can make your home feel smaller. Depersonalizing also helps potential buyers to visualize where their belongings would go.
Make sure your home is always clean.
4. Do Not Let the House Get Cold
Sure, you might love the cold weather so much that you want the inside of your home at a crisp temperature. But when trying to sell your home, it isn’t about what you want. It’s about making your house as attractive as possible and that means keeping things nice and warm inside.
While your home shouldn’t be boiling, it should definitely feel cozy. Especially in comparison to the cold winter day outside. In fact, a warm interior might encourage them to stay inside a couple of extra minutes longer to avoid going back out into the cold, which can be just enough time to help your real estate agent make that perfect pitch.
5. Not Adding That Extra Pop
Maybe you want to avoid personalizing your home too much with a Christmas tree and the likes. But that doesn’t mean you should completely avoid decorating. Consider adding a wreath to your front door, lighting some gorgeous candles to add a nice winter smell, and some colorful decor to add some life to the home.
Want a little more guidance and support in making sure your home is ready for the market? Let the expert realtors at Equity Assets Realty help you make your home shine.
Contact us today at 956-994-9455 and let our team of McAllen realtors make the selling process as easy and enjoyable as possible.
If you are looking to sell your home, take comfort in knowing that we are currently in a sellers’ market and housing prices continue to steadily rise. You’ll want to take advantage of the current state of affairs and invest a bit in your home to really capitalize on its value.
At Equity Assets Realty, we have years of experience with helping sellers enhance their home to increase its value and the likelihood of selling it within a reasonable amount of time. Consider the following 5 amazingly useful tips to get the most out of your house.
Before You Begin…
Before making random adjustments and improvements to your home, the first thing you’ll want to do is make a plan. This will go a long way in ensuring that you are making solid investments and that any improvements you make are meaningful.
You’ll want to start off by creating a list of potential updates you would like to make. Do not hesitate to write down any big schemes – you’ll end up prioritizing at the end of the process.
Once you have jotted down your big to dos’, consider the type of timeframe you’d like to accomplish these changes. Will it take multiple years to complete? How will this affect your ability to sell your home in the immediate future?
Do some research to prioritize which changes would reap you the biggest benefit while also taking into consideration your budget. By this point, you should have a decent idea of what you can actually perform, how much it will cost, your schedule, and the potential value you would be adding to your home.
1. Cook Up Value in the Kitchen
Individuals and families spend a lot of time in the kitchen. From weekday dinners to football Sundays, there’s a lot of action that takes place in this area of the house. Because of that, you’ll want to make sure that this portion of your home gets plenty of love. Some key components that can make a major difference include:
Replacing the kitchen countertop (think quartz or marble).
Updating kitchen appliances (stainless steel is the to go-to option).
Replacing or refinishing flooring.
Cabinets and walls can benefit from a fresh coat of paint.
2. Curb Value Starts With Your Yard
An unkempt yard can be disastrous for a gorgeous home. Remember, this is going to be the first portion of your home that a potential buyer sees, and you’ll want to make sure that your exterior is just as beautiful as your interior.
Luckily, landscaping isn’t very expensive and a few simple tweaks can really help your house to shine. Consider:
Trimming unruly tree branches and undergrowth.
Pruning shrubs and hedges.
Avoid excessive amounts of outdoor furniture or other items.
A simple wreath on your door can add a welcoming element.
Keep your yard clean of strewn trash
3. Your Bathroom is Your Secret Weapon
Just like your kitchen, bathrooms see a lot of wear and tear. That means you want to perform the necessary maintenance and upgrades needed to keep it looking fresh. A subpar bathroom can really hurt your value and a potential buyer’s interest. Focus your upgrades on the following areas:
Bathroom countertops – just like your kitchen’s – should be made from marble, quartz, or granite.
Faucets should be modernized – and if within your budget – include under-mount sinks.
The spa vibe is definitely a plus for any bathroom. Consider stone surround tile for your shower with a dual shower head.
New grout is essential for all the grime that can build up.
Always – and we mean always – keep your bathroom clean.
4. Eco-friendly Homes Are Great
When you hear the term “eco-friendly,” you might assume some major changes are in order – such as adding solar paneling. While these major updates can definitely add some value to your home, the truth is that small changes can be just as effective.
This is especially true when it comes to your energy and water use. To make your home a little eco-friendlier, you can make some of the following upgrades:
Government-rated Energy Star certified windows can have a major effect on heating and cooling costs, in turn, increasing the value of your home.
Programmable thermostats are the new standards for homes and can help to further reduce heating and cooling costs.
Upgrade your water heater to lower water bills and energy costs.
LED lighting offers excellent lighting while being energy efficient.
Invest in some insulation if your home is a little older.
Eco-friendly homes are enticing to modern home buyers.
5. It’s Not About You
If you are truly invested in selling your home, then you’ll want to move away from your own preferences and give potential buyers an opportunity to project their own ideas onto your home. One of the easiest ways to do this is to paint doors and rooms with neutral colors that will allow them to develop their own vision.
Not only does this help to give them the chance to envision themselves in your home, a new coat of paint will help to revitalize your walls from any chipping and wear that might have occurred over the years.
You’ll also want to move away from decorations, furniture arrangements, and gaudy home decor that can draw attention in the wrong way.
Want a little more guidance and support in making sure your home is ready for the market? Let the expert realtors at Equity Assets Realty help you make your home shine. Contact us today at 956-994-9455 and let our team of McAllen realtors make the selling process as easy and enjoyable as possible.