First of all, what is a Millennial exactly? I’m sure you have been hearing this word more and more. Also known as generation Y, Millennials are those in the demographic group who were born in the early 80’s to the early 2000’s. They are now taking up most of the workforce and are becoming the next large generation of home buyers. But with other financial responsibilities such as student loans, car payments and maybe a credit card, just how do you attract millennial home buyers?
The most important part to any sale is knowing what the Buyer wants. Millennials want more home technology than the previous generation of buyers. For example, a home where they can use their iPad to adjust the thermostat or lock the doors.
The house is important but Millennials also care a great deal about the neighbourhood surrounding them. Good cell phone reception is key for these buyers, as well as good schools, and amenities. Millennials like to be close to everything they are going to need from grocery stores to coffee shops.
With all the advances in technology it has made many people, especially in this demographic, be able to work from the comfort of their own home. Having a dedicated space for an office in your home is essential for attracting these type of home buyers.
Energy costs also seem to be on the rise lately and most Millennials are more conscious about the environment. This makes an energy efficient home important. It’s not just Millennials though, most home buyers are looking for these types of homes and if not are factoring in the cost of making them so before they buy.
According to consumer reports, it is not main rooms like the kitchen or living room that are most important to these home buyers. Can you guess what it is? If you guessed a separate laundry room, you’re right! Many Millennial home buyers would pass on a home if it was missing just this one feature.
If you are selling your home you want to make sure you have a quality online presence. According to a recent study from NAR (National Association of Realtors) 88% of home buyers (approximately 32% being Millennials) use the internet to search for a home. 64% went on a showing of the home and 76% did a drive by after seeing it online.