The Millennials are coming and they want to buy your home. But there’s something you should know about these upcoming homeowners who are feeling empowered as they enter the real estate market and they know what they want.
Millennials are between the ages fo 23-38 and are shopping for homes differently.
Their top priorities include:
1. A fully fenced yard – for their Instagrammable pets.
2. A home office – With newly created careers in social media, marketing and influencing, having a traditional 9-5 isn’t always the case for these buyers and they want a place to work from home (with their pets).
3. Community engagement – meaning a cool way to entertain their friends, perhaps with a community pool or volleyball court, resort style amenities are a huge plus, and close proximity to things to do, trails, parks or restaurants, live music venues just sweeten the deal.
Over the next 10 years, the number of people in their 30s will increase by 4 million and that equates to a 13% increase in buyers. If you’re a home seller, you’re probably asking yourself, “Anne-Marie, what can I do to up my chances in selling for top dollar when these new buyers enter the market?”
Here are a few of my simple tips to maximize your home’s value and elbow out your neighbor when you’re competing on the market:
Rule number one – Always do at least ONE thing a year to improve your home.
- Small cost improvements
- Paint all the walls, baseboards and doors. It’s amazing how something that is a comparatively low cost improvement can have one of the greatest impacts.
- Window treatments and updated lighting. These upgrades are easily cost controlled. Did you know that in the real estate contract, all fans, light fixtures, window treatments, rods and draperies convey unless otherwise excluded? These are the things that make a house a home, and makes your living environment inviting
- Medium cost improvements
- Updating flooring to cohesively match throughout the house is a really nice upgrade. Buyers love floors that match and flow throughout the house.
- Paint your kitchen cabinets and add new hardware.
- Add a kitchen backsplash
- Update the master bathroom vanities
- Higher cost improvements
- Adding a pool is often too expensive and you’ll be lucky to get 50% of the value back when selling. Consider adding an oversized porch, the cost is less than half of installing a pool, and it’s a different way to differentiate your home from other non-pool neighbors. A lot of Millennials won’t want the cost of a pool maintenance, but still want a good outdoor entertaining space.
- Look at the trends in the luxury real estate market and add touches of that into your home, such as professional grade kitchen appliances
- Make sure the “guts” of your home aren’t ancient. To get top dollar, the roof and AC need to be fairly new, and no recalled systems like polybutylene pipes, aluminum electrical wiring or outdated electrical boxes.
Interested in buying or selling? Contact me.