According to the National Association of Realtors, the "Millennial Generation" (birth years ranging from the early 1980s to the early 2000s) is the second-largest segment of home buyers, ranking only behind baby boomers and it stands to reason that if you list your home for sale, many potential buyers will be smack in the middle of that demographic.
Here are five features that tend to entice millennials who are looking to buy:
1) AN UP-TO-DATE KITCHEN AND MASTER BATHROOM
Younger buyers often have limited funds for renovations, so it’s important that they have a functional and inviting bathroom and kitchen spaces from the very start. They are not interested in living in their grandparents' house. If your home has not been updated in the past 10-12 years, you may have a home that is considered "dated" by potential buyers. What should you update? Think granite slab counters, stainless appliances, wood-tile floors, under-mount vanity sinks, contemporary fixtures. One more thing...the less carpet, the better.
2) AN OPEN FLOOR PLAN
Having a formal dining room is not of particular importance to millennials. In fact, many prefer open spaces with no separation between kitchen, living room, and dining room. An open concept makes it easier to entertain everyone at once. While it may not be possible to tear down walls and reconstruct your home's layout, you can attack this problem by de-cluttering and making the spaces you have seem larger and more spacious.
3) A HOME OFFICE
More and more employers are offering work-from-home options, and there are also plenty of freelancers and telecommuters among millennials. A dedicated space for work can be a key attraction. An unused bedroom is a millennial buyer's workplace. Make sure it is ready to use the day they move in with neutral paint, a ceiling fan, bright lighting and surge protected outlets.
4) A FRIENDLY LOCATION
Many millennials prefer walking, biking, or public transit for their commutes. A great location is key. Of course, you cannot pick your neighbors, but you can certainly prepare a summary list of the key amenities in the immediate area. TIP: List every Starbucks within 5 miles!
5) ENERGY-SAVING FEATURES
Millennials are often more conscious of energy conservation and efficiency. Energy-efficient appliances, energy-efficient windows, and quality insulation can make a huge difference. Remote thermostats that can be controlled from smartphones are as important to Millennials as a carport was in the 1960's.
Having a product buyers are looking for is over half the battle in sales. When you are listing a new home on the market, consider the product you are about to offer and how is will be received on the open market.
Then price it accordingly.
