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July 29, 2022

6 Ways to Attract Millennial Home Buyers

By

Tim Clarke

6 Ways to Attract Millennial Home Buyers

Millennial buyers have become an important group to consider when selling your home because they now make up a large demographic of the housing market.

Despite having different requirements for their living space  than previous generations, millennials are still interested in home ownership.

Marketing your home through more modern channels and offering home features millennials love, you can attract a large portion of one of the biggest buyer demographics of today’s time. 


Many Millennials are First Time Home Buyers

Millennials came of age in one of the biggest housing crises in US history.

Many of which witnessed their parents and grandparents lose a substantial amount of equity in their homes.

As a result, this demographic of buyers happen to be a bit more conservative with their budget than most.

Some, even if they can afford it, aren’t looking for a mansion to start out. If they are looking for luxury, they would be more interested in a small luxury house.

Millennials are mostly interested in properties that they can pay off in the shortest amount of time.

To millennials home lending is a trap. Most millennials would purchase beneath their means with anticipation of another downturn in the housing market.

Consider positioning your home listed as a great starter option.


Pricing is Important

Millennials have the best understanding of how to shop online.

Whether looking on the higher end of the market or looking for a simple starter home, most millennials have a good understanding of how to research market pricing online.

If they come across something they love and see that the listing is overpriced, they will simply move on to the next available option.

It is extremely important to price your home competitively rather than overpricing.

The market will eventually decide. In other words, if priced correctly, more offers are generated and your Realtor can get those buyers to compete for the highest price. 


Take to Social Media

Millennial buyers live on social media.

If you want your home to catch a millennial’s eye, encourage your listing agent to market on Instagram, Reddit, Twitter and Tik Tok (if necessary).

When you promote your property on social media, don’t cheap out on quality.

High quality videos and photos are paramount. Be sure to direct each prospective buyer towards a virtual tour.

The more information you can display and the more angles of the property you can shoot, the better.

The Triangle MLS which services Raleigh, Durham, Chapel Hill, Cary and more now allows 100 listing photos. 


Millennial Buyers Love Attractive Outdoor Spaces 

Millennials love private outdoor spaces, to entertain guests, play with their kids or simply relax on their own.

An outdoor patio, screened porch, a well maintained front yard and an inviting backyard with a place to put a grill is what you should place emphasis on when selling your home.

Keep in mind that many millennials are also parents of small children, so they are attracted to safe outdoor spaces. 


Don’t Forget to Sell Your Neighborhood

As already mentioned, Millennials love being outdoors.

Many of them would like to walk or jog around their neighborhood so, don’t be bashful when boasting about your neighborhood.

Mention the amenities the nearby shopping, dining and most importantly, the neighbors. 

Build the value of your home listed by building the value of where it is located. 


Add Smart Home Features 

Adding smart home features is a fantastic way to attract millennials.

Anything that can talk to an Apple or Android device is ideal.

If your home has a doorbell camera or a smart thermostat, highlight how those devices benefited you while you lived in the home.

These days the technology is available to upgrade your home into a smart home without breaking the bank.

Millennials definitely have an appetite for modern but their home needs are very practical.

Appealing to this key demographic would be easier and more cost effective that one would assume.

Give them the confidence that your home can give them the lifestyle they desire and that they easily fall in love with your community.

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