Appealing to Younger Buyers
By Keith Loria
In todayâ€™s housing market, younger people are buying homes at a greater rate than they ever have over the last decade. In fact, a recent report by the National Association of REALTORSÂ® revealed that 31 percent of homebuyers come from Generation X (those born between 1965 and 1979) and 28 percent of recent home purchases were made by millennialsâ€”those born between 1980 and 2000.
These numbers show just how important it is to make sure you do everything you can to attract these young, often first-time, buyers.
One of the best ways to do this is to make use of social media sites like Facebook, Twitter, Instagram and Pinterest when marketing your home. Talk with your real estate agent and make sure he or she is using these valuable sites to not only list your house, but to include catchy videos, photos and descriptions that appeal to these buyers.
Walkability is a huge selling point today for young couples, so highlight a homeâ€™s location near public transportation, commuter routes, fitness centers and even nearby shops and restaurants.
As for the listing itself, if your home has a formal dining room or den, call them home offices, game rooms or extra bedrooms, and demonstrate which rooms would be suitable for entertaining guests. Most young people will use the kitchen for eating, so dining rooms are becoming obsolete for this generation.
Itâ€™s also important to highlight any technological advancements in the house, be it a security system, high-speed Internet availability or any automated systems. And stage the space with a top-of-the-line home entertainment system in the family room or living room and let people envision what watching TV in their own home will look like.
Most millennials arenâ€™t going to want to spend their weekends fixing up the house, so theyâ€™ll be more likely to look for homes that donâ€™t require much maintenance. Wood floors and granite countertops are preferable because thereâ€™s not much work involved in the upkeep.
Younger homebuyers tend to have set ideas on what they want within the space and will most likely be willing to renovate some part of the house to make it more their style. A savvy agent will include information about an FHA 203(k) loan with their marketing materials to show buyers that they can include renovation costs into their mortgage.
Young buyers also prefer open spaces, so declutter any extra rooms and take out any old-looking furnishings, replacing them with modern chairs and lighting fixtures.
If the home has green elements, highlight those as well. Most of the under-30 crowd is very interested in saving the environment.
Of course, not every buyer is the same, and you may find an older buyer interested in your home. Regardless, doing what you can to attract the greatest number of potential buyers is key to a successful and quick sale.
To learn more about what you can do so that your home attracts younger buyers, contact our office today.