Ways to Attract Millennial Home Buyers
February 16, 2024
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.
Final Thought From Tim
As a 17 year real estate veteran and millennial in The Triangle, I've seen the market evolve in many ways. One key shift is the rise of millennial homebuyers.
While their motivations differ from past generations, their core desires remain the same - finding a home that fits their lifestyle.
My advice to sellers looking to attract millennial buyers is to emphasize the connectivity and convenience that today's young professionals seek.
Highlight tech features like smart home automation and high-speed internet capabilities. Also focus on location - proximity to public transit, nightlife, shopping and restaurants.
Leverage 3D virtual tours and social media engagement to capture millennial attention.
They appreciate homes tailored to their hobbies, so show off flex spaces for gaming, fitness or pets if applicable.
Most importantly, provide a seamless buying experience. Be transparent and responsive throughout the process.
Offer market insights and guidance to position your home as the perfect turnkey opportunity.
Build trust by demonstrating expertise on pricing, staging and negotiations. With the right approach, you can maximize your home’s appeal to this new generation of buyers.
What home features do millennials find most appealing?
Millennials often prefer smart home technology, open floor plans, modern kitchens and baths, flex spaces like home offices or gyms, sustainability features like solar panels, and outdoor living areas.
How can I make my listing stand out to millennial home shoppers?
Boost your online presence with 3D virtual tours, drone photography, social media engagement and targeted digital ads. Highlight tech features in listing descriptions.
Should I update or renovate my home before selling to millennials?
Minor renovations like fresh paint colors, new fixtures and flooring can help attract millennials. Focus on modernizing the kitchen, bathrooms and tech.
What neighborhoods and locations are most appealing to millennial buyers?
Millennials often prefer urban areas or suburbs near city centers, with walkable access to dining, nightlife and amenities. Proximity to public transit is also desirable.
How can I make the home buying process smooth for millennial clients?
Be transparent, move quickly, use digital tools for communication and paperwork, and offer guidance on financing options. Preapproval letters can strengthen their offers.
Should I highlight sustainability features when marketing to millennials?
Yes, energy efficiency and sustainability resonates with environmentally-conscious millennials. Promote solar, EV charging, tankless water heaters, etc.
What closing costs assistance do first-time millennial home buyers typically seek?
First-time buyers may request closing cost assistance like seller-paid transfer taxes, discounts on fees, or buying down interest rates.
How important is the inspection process for millennial home buyers?
Millennials rely heavily on inspections to assess condition, safety and needed repairs. Be proactive addressing inspection findings.
Should I allow millennials to rent my home before buying?
Rent-to-own arrangements can appeal to first-time buyers wanting to test out a home. Consider lease-purchase agreements.
What financing options best serve millennial home buyers?
Millennials often leverage low down payment conventional loans, FHA loans, VA loans, USDA loans, down payment assistance programs, family gifts, etc.
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