on selling your home to Millennial Buyers
Want to sell your home in 2020? What do millennial home buyers want in 2021? Why are millennial homebuyers important? These are just a few of the key questions that you should be asking yourself if you want to sell your home this year. It is important to understand what current trends are and how to capitalize on these insights. During this challenging time in the Corona Virus and COVID-19 era, we help families that are unable travel or tend to their property needs by providing a true one-stop resource. We are focused on making life just a little easier for families during often difficult times. With Personal Property Managers, one call does it all.
This is part of our 2021 best in class continuing series of real estate articles by Nick Santoro and Joe Santoro of Personal Property Managers who service Pennsylvania and New Jersey and specialize in buying and selling homes, the real estate industry, home content downsizing, property management and estate sales.
Who are they? Home Buyer Profiles for 2020:
• The millennial generation is defined as those who are 36 years old and younger.
• Generation X is 37 to 51
• Younger Boomers are 52 to 61.
• Older Boomers are 62 to 70
• the Silent Generation are aged 71 to 91.
Nick Santoro says, that no matter where you live in the United States, no matter what your profession, background or generation, no doubt you have seen and heard much about the generation called the “millennials.”
Millennials are the people born between 1981 and 1997. It is important to understand certain behavioral patterns shared by most millennials.
Millennials are set to become the largest home buying generation in U.S. history and, more than likely, a millennial may be the next buyer of your home.
Millennial buyers (age 36 years and younger) represent 66% or 2/3 of today’s buyers and were first-time buyers. Over one quarter or 28% of today’s buyers were Gen X buyers (age 37 to 51). So, 92% of today’s buyers were Millennials or Gen X’ers….
Joe Santoro says that in our opinion, millennials have been largely misunderstood by older generations because of the unique way they think and communicate.
At Personal Property Managers, we have been fortunate enough to work with quite a few millennial homebuyers and sellers. Through our experience, we have gained valuable knowledge about the likes, dislikes, expectations and fears of the millennials. Using our firsthand experience, we are happy to share some tips with would-be sellers on how to make your home attractive to millennials.
What do todays buyers what in a home?
If you were asked to guess the top-selling feature in a house, what would you guess? If you said the kitchen, you hit the jackpot. But not just any kitchen says Joe Santoro. Millennials love the concept of a remodeled open kitchen, and light cabinets and white or gray granite countertops are a must. Add stainless-steel appliances, backsplash, cool plumbing fixtures and recessed lighting, and you have a winner.
If it is at all possible to open up your kitchen into your living/dining room, the expense will be well justified, Nick Santoro says.
The next thing millennials pay close attention to is bathrooms. We not only sell a lot of homes but we purchase and flip homes and have noticed that having a remodeled walk-in shower has become a lot more desirable than a traditional tub. Nick says that floor-to-ceiling tile mixed with some inexpensive mosaic designs create the “wow” factor.
Again, soft and light colors are most desired by millennials. Also, don’t shy away from using cool sinks and vanities. They combine nicely with the concept of a modern bathroom.
Now that we have the top two areas covered; kitchens and bathrooms, we’d like to share with you what else in the house can be appealing to a millennial buyer.
Flooring is a big one. Having light wood or laminate in the main living areas makes the space appear larger and aesthetically more pleasing. Carpeting is out for today’s buyers. A relatively newer alternative is the luxury vinyl plank flooring with a wood look. It’s less expensive but just as durable, if not more so, than wood. Neutral off-white, gray or light blue paint is the color of choice for this generation. Crown moldings can add a nice touch.
Technology in the house is also something that resonates with today’s younger buyers. We’re talking about high-tech security systems with touch pads, smart devices like thermostats, the “Ring”-style doorbell/security system and remote-controlled lights and ceiling fans. Even a modern wall-mount electric fireplace can add a lot of character.
What about the outside of your house? What do buyers look for?
Do what’s reasonably possible to add great curb appeal to your house. By far, one of the most important exterior features millennials look at closely is the age of the roof. Having a new roof sometimes makes or breaks the deal. Manicured landscaping and a painted front door and trim can greatly enhance the outside appearance.
What if you can’t afford these upgrades?
We’ve shared with you our personal experience with today’s buyers and you may be thinking by now, “It all sounds great, but it costs a lot of money.” That might be true. But, generally, millennials are willing to pay more for a house that has everything they want. And in today’s market, with such low inventory, they don’t always have the luxury of choice.
If there is no way you can afford remodeling and prepping your house for sale, there is still something you can do that may help you and that doesn’t cost much, if anything. For example, what if you have an outdated kitchen, bathrooms or floors. Why don’t you call a contractor and get estimates for the work, including opening up a kitchen if necessary?
Please remember that in todays market, unlike years ago, when pricing a home, you need to discount the price of the home in line with the work that will need to be done to it. Todays buyers, for the most part, do not have the time, desire or the left over disposable income to do fix up work and needed updating. This is a vast shift from years ago when home buyers were expected to do work on a house. Todays buyers would like to move in on a Saturday and host a party on Sunday…and do nothing to the house. So please factor this in to your home pricing when putting your home on the market.
One really creative way to tackle upgrades without spending any money is to ask contractors for some renderings or “after” pictures of similar kitchens they have done. Having an estimate with the visuals can help the buyer see beyond the current condition and budget for the cost. It’s the fear of the unknown that scares people, and often they think the work will cost more than it really does.
Of course, you would also need to consider making a pricing adjustment to allow the buyers to do the work themselves and still feel that they got a fair price.
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For more insights, tips and videos please visit our Resource Page in the About us tab.For more information on real estate or home downsizing please contact Nick Santoro or Joe Santoro of Personal Property Managers at 215-485-9272 or 908-368-1909. Personal Property Managers specializes in helping home owners transition from their home of many years into a new community. Personal Property Managers services Pennsylvania and New Jersey and offers downsizing services, estate sales services, home staging, discount full service real estate services via its association with EveryHome Realty. Learn more about Personal Property Managers from our recent News Stories.