Attract More Millennials: 3 Ways to Understand What They Look For
In 2023, Millennials are still saving up and slowly getting ready to invest in their first home. Here are some tips on how you can spruce up your home and get it market-ready for a possible younger buyer.
The National Association of Realtors® (NAR) shows that 70% of younger millennials and 46% of older millennials are becoming first-time home buyers slowly. Still, they are indeed making their way right around the corner. First-timers, or young home buyers, make up 28% of all homebuyers in general vs 39% of the boomers in this market today.
If you want to reach out to the younger generation to sell your home when deciding to renovate, we want to increase your home's value when it is time. With 66% of millennials looking at owning a home as part of the American dream, adding some modern innovations and unique home features can certainly be worth the investment. In such a competitive market, listening to their priorities and concerns by investing in elements like automated tech, storage space, and outdoor appeal can make all the difference.
Automated Tech - With technology like the iPhone always evolving, it is no wonder why many younger folks want to invest in technology in the comfort of their own home. It is becoming an essential part of life, so it is only natural that this generation wants to invest in their homes to reflect their daily routine. Some of these include new security systems, thermostats, and smart lighting systems, which are voice-controlled.
Storage Space - Young home buyers want what is most accessible to them instead of finding a remote storage unit as a viable option. When investing so much time, money, and energy into a home, they want their belongings to be where they spend the most time. Young home buyers are more likely to make intentional purchases to make their life easier. This may include adding more cabinets and shelving and installing functional organizational space.
Outdoor Appeal - All the months living in the 2020 COVID lockdown drove this younger generation crazy! Who knew outdoor space was something these folks yearned the most for? That doesn't mean the renovation has to be over-the-top extravagant, for we can make this simple yet appealing. For instance, installing fencing to use in the front or back as a yard, marketing parks nearby, or even a trail they can visit will have them grinning ear to ear.
When selling your home, or working with clients, you may want to consider the following. There are some things that you can't easily change, like the total square footage or quickly adding a pool and yielding the return you put in. However, spending the time to invest in some more affordable, but strategic renovations may attract more leads and get you closer to the sale of your home and your next one.
Samantha Minns
RWorld Content Writer
✉️ Email
Source: National Association of Realtors® (NAR)
