The National Association of Realtors 2015 report on generational trends found that millennials between the ages of 25-34, make up the largest share of homebuyers at 32%. Additionally, 68% of first-time homebuyers are millennials. If you haven’t done so already, now is the time to start gearing your marketing and listings towards young families, and if you don’t, you could be missing out on some business.
Here are 11 things to consider when attracting young families to your listings:
Most homeowners would agree that hardwood floors, in general, have a luxurious look. Hardwood floors also provide a cleaner look and make the room feel larger. Additionally, they are much easier to clean. Young buyers with pets or with children no longer have to worry about spending money to replace stained carpets. Hardwood floors are resilient and long lasting.
Homes with yards allow children to safely play outside in the comfort of their home. Yards also provide a safe place for dogs to get some fresh air without the owner’s needing to take him/her for a walk.
Close to Schools
For Millennials with families, it is important to consider the school districts in the area. Parents are looking to place their children in top schools that will provide their children with the best opportunities to succeed.
Convenience can differ from person to person however, having a central location allows the buyer to have easy access to places that they need to go everyday. For some people this may mean close to public transportation if they don’t drive, while for others this could mean being close to a grocery store or a park.
Updated Kitchen and Bathroom
Updating a kitchen or a bathroom can be one of the most expensive rooms to upgrade. Having that already done can save the buyer money and allow them to either save that money, or put it towards additional upgrades somewhere else.
Open Floor Plan
Not only do open floor plans allow for more natural lighting, but they make it easy to entertain guests. Young buyers don’t want to have to choose between cooking for a dinner party and socializing with their guests.
Having an extra bedroom allows the buyer to either use that room for a guest room, or a home office. Technology allows you to bring your work with you when you go home so having a room dedicated to your work allows you to be as productive at home as you are in the office.
Goodbye landlines. It would seem that home phones have become a thing of the past. Cell phones and internet access are two the most vital pieces of technology today. A home lacking either will be a hard sell.
Protect the environment and go green! This is not a characteristic specific to young home buyers, but buyers in general. Having an energy efficient home can save the buyer money and protect the environment at the same time. Who wouldn’t want to participate in that?
Low HOA Costs
Young home buyers often times don’t realize that there are additional costs to purchasing a home. These cost can vary significantly, but keeping in mind the budget of your buyer is key.
Young buyers typically start their searches online. Having appealing pictures of the home can make the difference between the home buyer wanting to see the home in person or not. According to the NAR, 64% of buyers in 2014 said they walked through a home after viewing the listing online.
Young families and millennials are quickly dominating the housing market. Are you doing everything you can to gain their business?
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