Get Ready Sellers - Millennials Are Taking Over the Housing Market!
For the last several years the talk in the market has been about how millennials are waiting longer than any generation to enter the housing market. While many people have believed this is because they would prefer to live an easy life in their parent's basement, this is anything but true, and things are starting to change.
Many millennials have been hesitant to become homeowners for several reasons
- They have witnessed the crash of the housing market and aren't in a hurry to take on that risk.
- They have more student loans than previous generations, making it tougher to get approved and save up for a down payment.
- They know what we want and aren't afraid to go after it. Previous generations have felt the need to fall in line with expectations
But, things are about to change. Zillow recently found that 56% of home buyers are under the age of 36. In 2015 millennials took the place of baby boomers as the largest demographic in the country, and now they are getting ready to take over the housing market. That means homeowners looking to sell need to know what appeals to millennials in their home search.
What the Millennial Buyer is Looking For
If you are getting ready to sell your house, there is a good chance that it will be bought by a millennial. With such a large number of the generation in the market, or getting ready to enter it, it won't hurt to make your house appeal to millennials.
1. Open Floor Plans
Millennials are not looking for a formal living room or separate dining room. This is a generation that enjoys entertaining and the freedom that an open floor plan allows. As they begin having children they like the idea of being able to watch the kids play in the living room while they prepare dinner in the kitchen.
2. Gourmet Kitchens
This description will be slightly different for each buyer, but many of the big items are the same. Gas stove tops, state-of-the-art appliances and a subway tile back splash go a long way. Granite counter tops are almost an expectation now instead of a desire. Buyers that enjoy cooking and entertaining will be looking for large kitchen islands that allow family and friends to sit and visit on the other side.
3. Environmentally Friendly/SMART Homes
Millennials are much more conscious of the environment than other generations. They have grown up hearing about global warming and our impact on the world around us. This comes through in their home search. The more green your house, the easier it will sell. Solar roofs, LED lighting, patio gardens, and Energy Star windows go along way. They also look for SMART homes that allow them to take advantage of technology.
4. Hardwood Floors
If you have carpet in your house think about replacing it with hardwood floors. Millennials, as well as other generations, love them and they provide a good return on investment when you sell.
5. Master Suite
Millennials love to see a large master suite in the houses they look at. They are looking for not only the bedroom to be spacious, but to have plenty of closet space and a bathroom as well. Double sinks and a large soaking tub can help bump your house to the top of the list.
If you are interested in selling and want to see what changes you can make to help your house appeal to the millennial market, contact Kasandra Gambo today at (862) 239-0299. She can help design, market, and sell your house fast!