In the real estate industry, we’ve seen a steady shift in demographic trends over the past several years. As reported by the National Association of REALTORS, millennials (ages 25-43) are now the primary home buyers, representing a total of 38%.
If you’re selling your home, that means your buyer is likely younger than you are and has different interests. Barry Berg and Chad Larsen share some key insights about millennial homebuyers.
Time is Precious - Millennials Prefer Fewer Home-improvement Projects
Time is a precious commodity for this demographic.
People are incredibly selective about how they spend their limited free-time. For many buyers, this means house projects fall to the bottom of their to-do list.
“Buyers often have a five-finger rule,” explains Chad. “When they walk through a house, they already have a list of projects in mind to personalize the property. Beyond that, there’s a very finite number of additional projects they’re willing to take on.”
For example, prospective buyers want to think about personalizing the home with a new living room sofa or painting the walls their dream color instead of focusing on replacing the furnace, repairing the roof, and ripping up the carpeting,
Looking for the Home that Fits Their Lifestyle
Just as previous generations entered the housing market with different wants and needs than their parents’ generation, today’s buyers are typically looking for what’s current. Homes that were updated more recently reflect not only the style that is trending, but also the lifestyle that thrives within those design and layout choices.
“Today’s buyers are interested in the practicality and functionality of a home,” says Barry.
In the past, things like formal dining rooms and detailed molding caught buyers’ attention because the emphasis was on the character of a home, rather than how you lived in it.
Today, on the other hand, we see many people drawn towards properties with open floor plans, particularly in the kitchen or great room. These layouts are more conducive to the casual way most of us entertain nowadays.
We’re also seeing a large portion of buyers that work remotely to some extent, so having a pleasant workspace at home and an abundance of natural light is a priority. Similarly, things like porches, terraces, decks, and other outdoor entertaining spaces are continuing to rise in popularity.
Creating a Blank Canvas
When selling a house, help buyers see the space both for what it is and what it could be.
“We often talk about wanting a blank canvas to work from,” says Chad. “The neutrality of a blank canvas allows buyers to spark their creativity and see the potential.”
Ultimately, less is more. When we remove things like heavy window treatments and custom wallpapers, we allow what really matters to stand out: layout, architecture, and property features.
In many cases, making these quick cosmetic changes offers a refreshed look that renders your home market-ready. But, in some instances, staging can be the next step towards creating that neutral look.
Staging is the Art of Editing
According to Barry, “Staging is often misunderstood. When I meet with homeowners, they often think it means hauling everything out of your house and starting fresh. That isn’t the case in 90% of situations. Instead, it’s typically editing out a lot of excess or decluttering.”
For many sellers, staging simply means shifting things around to present a model of modern living. These small changes are an easy way to help buyers visualize and contextualize the space, which in return can generate more interest in your home.
Understanding the buyers you’re trying to reach and making some minor edits to do so will likely increase interest in your home, helping you reach your ideal outcome. The Berg Larsen Group has lots of experience working with millennials looking for million-dollar-plus homes, and is ready to leverage that first-hand knowledge into a successful real estate transaction for you.
Posted by Lizzie Byrne on
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