Millennials now make up the largest share of home buyers. Here's how you can make your home appeal to them.
One consistent finding for the last four years of the NAR (National Association of Realtors) Profile of Home Staging report has been that buyers 36 years and younger (Millennials/Gen Yers) make up the largest share of home buyers - 34 percent in 2017. Sixty-six percent of these buyers were also first-time home buyers. The largest cohort in America is growing up and becoming more traditional in their buying habits. 2017’s report saw an increased share who purchased in suburban locations and who purchased detached single-family homes. Forty-nine percent of buyers 36 years and younger now have children under the age of 18 in their home, 66 percent are married couples, and 13 percent are unmarried couples.
Call it the Instagram effect, but millennials are in search of the "picture perfect" home. Appearance matters to millennials and according to a Zillow Group 2017 report, 41% of young home buyers say that home staging is important. Many millennials are frequently involved with visual social media sites like Instagram and Pinterest which give them interior design inspiration and sharp images of their ideal dream home.
So how can you catch the eye of millennials? Because they are a visually-stimulated generation who expects Pinterest-perfect, creating an environment that millennials can picture themselves living in is imperative. Since they are looking for move-in ready properties, it’s critical to stay on top of regular maintenance. Make any necessary updates, such as exchanging old kitchen appliances for stainless-steel appliances, replacing carpet with hardwood floors or adding outdoor living features. The more Pinterest-looking your home is, the better the chance of appealing to millennials as they rapidly scroll through listing photos. If you are not able or willing to make updates, consider lowering the for sale offering price to compete for millennial buyers.
For specific guidance to prepare your home for market, Get Started today with a custom video call Staging available through your smartphone.