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Millennials and the 2020 Housing Market
Despite the stereotypes about their generation, millennials currently make up the majority of buyers in the housing market. According to the National Association of Realtors, 38% of buyers in 2019 were millennials. 2020. That’s a major chunk of the market!
If you want to increase your chances of successfully selling your home, then you need it to appeal to millennials. These three tips will make your home-selling process easier and increase your potential for a successful sale.
Tip #1: Make your online listing shine.
This one seems like a no-brainer – of course your online listing should show your home in its best light. However, it’s important you understand everything that goes into creating a fantastic online listing.
Taking a few good pictures and saying, “Okay, good enough!” isn’t going to get you the results you want. Work with your seller’s agent on taking the best possible photos of your home. It’s a good idea to also upload a virtual tour of your home – whether that’s a video or a self-guided tour is up to you – so that potential buyers can become more involved with your home.
You also should make sure that your online description is completely correct. If you include a detail online that doesn’t check out in real life, that’s a sure way to lose potential buyers. Before you post your listing, make sure that the description of your home is accurate and well-written.
Posting a professional quality online listing is extremely important. The reason for this is straightforward: almost all millennials (98%, according to the NAR) search for their new home online, and 78% end up buying their home from their online search.
Tip #2: Spruce up or add on desirable features.
Millennials are looking for specific features in their new homes, and it’s essential that you highlight these features in your online listing. You also need to make sure that, if possible, your home features a stunning version of them.
Laundry rooms, patios, garage storage, and walk-in pantries are these key components. Over 79% of millennials are prioritizing these features, which means if you want to appeal to the largest number of buyers, you should consider what you can do to improve these parts of your home.
Take some time to spruce up at least two of these four key features.
- If you have the time and the funds to improve them all, then that’s great! Plan out your renovations and budget in some extra time to make sure they’re finished by your listing date.
- If you’re missing a feature and you have the ability to add it on, that will improve your chances of selling your home.
- If you’re more limited, try to choose the two features that need the most work in your home and improve upon them.
Tip #3: Emphasize your location.
You can change almost anything about a house – except for its location. Before you write your online listing, brainstorm a list of perks about the location of your home. Think about nearby amenities and explain how close your home is to major roads or highways.
Most importantly, describe the benefits of the school district. According to NAR surveys, millennials are least likely to compromise on school district and neighborhood quality. That means you’ll need to do your research – find out what exactly are the best parts of your school district and include those in your listing.
It’s tempting to use the space of your online listing to highlight the square footage or the number of windows, but in reality, those features are better experienced than read about. For information that might not come up in the course of a tour, it’s a great idea to highlight those facts in your online listing.
Improve your home’s appeal
If you decide to sell your home in 2020, you have an advantage because of the strong buyer’s market. However, there’s always competition. Follow these tips to make your home shine by appealing to a major chunk of the buyers’ market, and rest easy knowing you’re doing everything you can to improve your chances at success.