How Millennials Buy Homes
Millennials, people between the ages of 18 and 34, are the largest group of home buyers in the United States. In fact, they also make up the largest group of first time home buyers. These numbers are noteworthy and should be cause for home sellers to take note and consider catering to the Millennial home buyer.
With sluggish wages and an all time high in student loan debt, Millennials struggle to save for that down payment. Often times having to borrow from family and friends. And once saved, there usually isn’t any cash left over after closing to make any improvements or updates. The days of the high demand fixer uppers and the weekend warrior are over. Instead, Millennials seek out homes that are fully updated and move in ready; new construction homes and already fixed up homes are the ones that are going to be selling on the real estate market.
What are at the top of the list when Millennials are looking at homes? Updated kitchens including appliance, renovated bathrooms, features that are better for the environment such as solar panels and other green products, smart home features like programmable thermostats, an open floor plan, a home office, a good location, and good Internet and cell service are a must!
Millennials spend hours online doing research when buying a clothing item, so they are naturally going to do even more research when it comes to buying a home. It has been reported that 75% Millennial home buyers drove by a home because of photos and listings they found online, Getting the information in front of them is key, and making sure you highlight relevant features is crucial. Because over 90% of Millennials rely on Real Estate Agents for their home buying experience, selling your home with Paula & Co. is one of the best ways of ensuring your listing information gets in front of them.
If you aren’t catering to Millennials tremendous potential buying power, you’re probably going to be missing out on a lot of opportunities with the largest group of home buyers in the US and the Minneapolis St. Paul area marketplace. If you are considering selling your home, be sure to make all repairs, updates and upgrades before listing in order to attract the Millennials. Not sure what to do and where to begin, contact Paula & Co. and we would be more than happy to help you come up with a plan.