When it comes to selling a home, understanding your buyer and what home features they are willing to pay top dollar for is key. So, who exactly is accounting for the largest demographic of buyers? Millennials. According to The National Association of REALTORS® millennials are the largest group of current home buyers, and they have some pretty specific asks when it comes to a potential home purchase. Here are the top 4 you should be aware of:
Open & Inviting Outdoor Spaces
From room to entertain and BBQ with friends to cozy outdoor spaces with market lights and a fire pit, large outdoor spaces are very important and attractive to millennial buyers. In fact, according to a Quicken Loans article they say “Seventy-five percent of millennials want relaxing outdoor spaces including amenities like vegetable gardens, decks and fences. When it comes to prepping your home for the millennial buyer, spend some time focusing on curb appeal. Is there sufficient space for relaxing or an outdoor gathering? It doesn’t have to be the large backyard with a white picket fence, but make sure it’s a space that prospective homebuyers could feel comfortable in with their friends (or a good book).” They go on to describe throwing in some extras during your sale, like maybe a riding lawn mower, grill, or even a small landscaping project that could increase the ultimate selling price of your home.
A Well-Structured Home Gym
Known as the “wellness generation”, PureWow notes that 49% of millennials believe having a home gym is very important. A recent article of theirs states, “Almost half of millennials ranked a home gym as one of the most appealing features of a new home (49 percent). That figure drops to 42 percent among Gen X and 19 percent for baby boomers. This is likely due to millennials’ tendency to exercise more often than other age groups.” Here’s what they had to say about boomers, “While many baby boomers are active, our data shows that home gyms simply aren’t a top priority when they’re looking for a new home. We’ve found that instead, they’re more likely to look for homes with high-quality kitchens and outdoor space. These amenities are ideal for activities like cooking, gardening and entertaining.”
A Comfortable Home Office
Working from home or hybrid schedules have completely changed the way that most millennials gauge their working spaces. No longer are the days of having to rush to the office every day but instead, there is a need for quiet and comfortable spaces in the home to accommodate effective working. According to PureWow, “(a home office) Is a major perk for 64 percent of millennials and just 42 percent of baby boomers. The divide makes sense, given the primary reason for moving for most baby boomers was retirement, whereas millennials cited lifestyle changes as a result of COVID-19.” They even go on to add an interesting staging tip that might make a huge difference, “If you’re selling your house, it may be worth staging a guest room to look like an office. People can imagine what a spare bedroom would look like (“bed goes here, nightstands there”), but staging the extra room to look like an office can help them envision a whole new realm of possibilities for that space.”
Outdoor Water Amenities
Whether it be an underground pool, a nicely staged above land pool or a hot tub having these amenities in the home is very enticing to a millennial buyer and not so high on the list for baby boomers. In fact, it is said that 43% of millennials, followed by 39% of Gen X find this feature important in comparison to only 19% of baby boomers. Needless to say, if you’ve got these features in your home now, they most likely will increase your sale price significantly when it comes to a potential millennial buyer!
Curious what other home features you may have that are getting top dollar in today’s market? Call us today to connect with your Ideal Agent!
