According to the National Association of Realtors®, first time home homebuyers are about 31 years in age on average– so what does this mean for today’s real estate market? Just as every generation before them, millennial homebuyers come with their own set of needs and desires when it comes to shopping for property. As a seller, what can you do to give your home the extra value it needs to appeal to this growing demographic of first-time homebuyers? Here are a few ideas to get you started:
Open floor plans for casual entertaining.
For many years, home-buyers have desired formal dining rooms and closed off family rooms, but this just isn’t the case anymore. Younger homebuyers are looking for more open floor plans that make entertaining easier. Rooms that flow seamlessly into one another are highly desired– as opposed to the more traditional compartmentalized floor plan. While a home’s family room is still considered a high-traffic area, the kitchen is also one of the most used rooms in the house, so it makes sense that the two go hand in hand.
These days, having fast internet speed in the home is about as important as having hot water. Many young buyers are planning to use smart technology in their homes, whether it be with wireless security systems, or a digital thermostat. This need for efficient Wi-Fi has buyers looking for homes that have strong signals from mobile carriers and that are positioned to accommodate a wide range of internet providers. If you’re selling a home that doesn’t have the best signal to various wireless carriers, you may want to consider installing a signal booster– the costs is roughly $100 bucks and will give your home the extra value it needs.
The space to work from home.
With so much digital technology in the world today, it’s no surprise that many young people are choosing to work from home. Because of this, more and more first-time homebuyers are looking for extra space for a home office. Even if a buyer works from home half the time, the idea of dedicated workspace in the home is extremely appealing.
Little to no extra maintenance costs.
There are a lot of expenses people face month to month: cell phone bills, cable bills, car payments, student-loan debt and more. It’s no wonder first-time homebuyers look for low maintenance features in their homes. These buyers are attracted to landscaping that requires minimal attention and appliances that won’t need to be upgraded any time soon. As a seller trying to market to todays first-time homebuyers, it’s in your best interest to upgrade your kitchen as much as possible, and to make everything as “move-in ready” as you can.
In the same vein, younger home-buyers look for homes that aren’t too far away from urban cities in hopes to save on gas on their commute. For this reason, walkable communities and easy access to public transportation are important factors to many new home-buyers today.
Bonus Tip: Perhaps one of the best ways to appeal to most first-time homebuyers, and repeat buyers for that matter– is by having a strong presence online. According to the NAR, 44% of buyers said they found their home thanks to the help of the internet. It’s a known fact that when a home for sale provides good pictures and information in online listings and social media, it’s more likely to grab the attention of buyers.