In part one of our series, we discussed Millennial homebuyers’ background and their current home buying trends. In part two, we cover six important things every seller should know to catch the attention of Millennials in the housing market.
Going “green” is all about living our lives in ways that protect and replenish the environment. The Millennial generation is one of the first who grew up fully aware of the challenges we face with the longevity of the global environment.
As such, they lean towards energy efficient features. These include proper insulation, solar panels and ENERGY STAR®-rated appliances. According to the National Association of Home Builders’ What Home Buyers Really Want report, 75% of millennials want Energy Star®-rated appliances. On top of that, 71% want Energy Star® rating for the entire home.
Before putting it on the market, sellers should be aware of the energy-related features of their home. Making needed updates may help the property sell faster.
With advancing technology and the evolving work-from-home environment, Millennials have more flexibility than previous generations. Pre-COVID-19, this allowed people to travel often and frequently while still being connected professionally. Mid- and even post- COVID-19, more spend considerably more time at home where comfort is a necessity.
Whether constantly on the move or needing systems in place and ready to go, Millennials home buyers likely don’t want to be tied down by one project after another. Before committing to a home, Millennials home buyers don’t want to bite off more than they can chew.
In an article in the Washington Post, Michelle Sagatov, a real estate agent with Washington Fine Properties in Arlington, VA, said, “Millennials want almost instant HGTV-approved living. They’re not usually willing to put in elbow grease on making something their own through a renovation. As long as it’s on trend enough, they’re happy to just bring their furniture and their toothbrush and move in.”
For that reason, they’re typically more likely to fall for a ‘fixed upped’ over a ‘fixer upper’ and may be more likely to fall for a ‘fixed upped.’
The more tech savvy the home is, the more likely a Millennial buyer will be interested. This doesn’t that it comes with an electronic maid like Rosie the Robot from the Jetsons. It does mean features like keyless locks, advanced security systems with mobile applications, automated lighting systems and smart appliances such as refrigerators.
In the same Washington Post article, Kerron Stokes, a real estate agent with Re/Max Leaders in Denver, CO, recommends changing a few standard outlets for those that include USB charging capabilities. At $7 to $9 per switch, it is an expensive way to provide a modern benefit.
Technology has come a long way. Today’s homebuyers expect to see that reflected in their homes.
Their technological expectations expand into the home search process as well. Millennials heavily rely on online shopping for everything from groceries to shoes. Therefore, it’s a logical start for when they decide to purchase their future home.
Working with a Realtor with a good online presence could provide sellers a strong online spotlight. Combine that with outstanding staging pictures of the home.
An impressive online presence is particularly important in these times of COVID-19. Released in October 2020, realtor.com® and HarrisX shared a survey of 2,000 Millennial home shoppers who plan on purchasing a home within the next year. Of those, 37% spend more time researching properties online. Additionally, 32% spend more time watching listing videos.
A strong virtual curb appeal could make all the difference in how long the home is on the market.
Millennials tend to have a deep devotion to their communities and the causes that affect them. They also are likely to show loyalty to brands that demonstrate social responsibility. This helps explain the success of companies with give back programs such as Toms shoes and Bombas socks.
A recent survey by RetailMeNot reports that 74% of respondents ages 22 to 37 believe more brands should take public stands on important social values. Also, 52% said they would spend more money with a brand that aligns with their social values.
If your Realtor’s® company supports certain charities or has some sort of ‘give back’ program, let your potential buyers know. They’ll be impressed of the involvement in a cause. In addition, they’ll own a sense of pride that they are somehow participating in those contributions.
Giving back and helping others makes everyone feel good.
With the world of social media, it’s easy to find a plethora of opinions. More platforms now include a “recommendation” feature to request leads on nearby professional services.
With them so readily available, Millennials rely heavily on testimonials from previous clients, friends and family. In fact, 89% of Millennials trust recommendations from friends and family more than claims by the brand.
If your Realtor has glowing reviews from previous customers, be sure to include in your online presence. A few good words could tip the scales in your favor.
At The End Of The Day…
Better knowing their needs and expectations allows home sellers to better prepare their home for the market. At the end of the day, Millennials aren’t aliens. They are homebuyers as were the generations before. They were just raised in a slightly more modern world. Therefore, they have slightly tweaked needs and expectations.
Still, you know what they need. They need a home. Let BluPrint Home Loans help get them there.
BluPrint Home Loans is a Division of NFM, Inc. dba NFM Lending, NFM NMLS #2893. NFM is an Equal Housing Lender. Some products and services may not be available in all states. Licensing and disclosure information can be found at https://nfmlending.com/licensing/