Recently, millennials have become the most buzzed about demographic and with good reason. Millennials have more spending power than ever and are growing into powerful, potential homebuyers. When it comes to purchasing a home, young buyers value different things in a home than traditional baby boomers. However, selling an older home to a young buyer is feasible with a few home upgrades.
1. Market like a Millennial
Half the battle of selling a home to a young buyer is reaching them through nontraditional methods. Utilize new media to get to the forefront of consumers’ minds. If you are selling your own home, create a simple website that highlights your home and goes into more detail with photographs than a traditional online listing. Justin Decesare said in an article in Keeping Current Matters even if you enlist the help of a Realtor, consider including social media information on a business card or in an e-mail signature to allow young buyers to easily contact the Realtor in their preferred method of communication.
2. Paint smart
Gone are the days where walls need to be covered in floor-to-ceiling wallpaper with coordinating trims. These days young buyers are looking for painted walls in neutral shades. “Young buyers like what I call Pottery Barn colors,” said Debby Strott, manager of Weichert Realtors’ Morristown West office in Morristown, N.J. “Check out their stores or a catalog, and you’ll see the palette has soft earth tones, off-whites, beige and pale gray. You don’t want super personal color choices, but you can go with a neutral and a contrasting trim color.”
3. Not Your Mother’s Carpet
Alongside wallpaper, carpet is seen as outdated as the trend is leaning toward hardwood flooring. Hardwood floors look more modern and need less upkeep than carpet for busy generations. Wood is also more environmentally friendly, a growing concern for millennials today. Though new hardwood will be more expensive than installing new carpet, wood floors will create additional value for a home that will attract the next generation of homebuyers.
4. Modernize the Kitchen
Millennials are concerned about modern appearances that extend beyond their iPhones. GE. recently released the Artistry Series, a low-price but high-design series of appliances made with millennials in mind. Features include chunky metallic knobs and handles, high gloss finishes and a nod to the past with analog clocks. “The intent wasn’t to create this in-your-face-throwback retro look,” said GE Appliances’ Director Lou Lenzi. “The intent was to take some familiar design themes and bring them up-to-date with modern details and finishes.” Luckily, the series won’t weigh heavily on your wallet. The series was created to work within a millennial’s budget. Draw on some of GE’s designs by installing nice appliances with simple features that will create a fresh space pleasing to a young buyer.
5. If all else fails, offer a renovation plan
The young buyer may love the school area, location and size of the house, but hate the interior. If the home needs a major facelift to attract young buyers, provide the vision. Sellers can pay for simple drawings from a contractor that demonstrate renovations that would suit the buyer’s wants. Provide price estimates for the renovations that work well with the current state of the house.