What millennials look for in a home for sale
October 1st, 2015
Posted in: Uncategorized
What millennials look for in a home for sale is very different from their parents.
The next generation of home buyers are looking for an express lifestyle, not status. They want homes that reflect who they are, how they live and what they want. Those new buyers in the housing market have different ideas of what impresses them. See how this affects home presentation for millennials…
When surveyed on whether they will buy a home someday, ninety-three percent of young adult renters said ‘yes’. These are the Millennials, also known as Generation Y, Gen-Y, Echo Boomers, Why Generation, Net Generation, Gen Wired, We Generation, DotNet, Ne(x)t Generation, Nexters, First Globals, iPod Generation, and iYGeneration, born from early 1980’s to early 2000’s.
Millennials are the offspring of the Baby Boomers and they are set to have boomer-like significance in the marketplace. This means they will become a major force in how real estate is consumed. They are already changing the landscape by choosing an inner urban lifestyle over the suburban ‘bliss’ of their parents.
Like previous generations, they view home ownership as a desirable goal and a major measure of success, but affordability remains an issue. Many young Australians are breaking into the market by buying in regional areas.
Where they live
- Inner Urban
Many millennials rent in inner urban areas where they have strong social networks, can walk or cycle to work, and are conveniently close to restaurants and shops. As buyers, millennials prefer to live in a house, but still want the benefits of closeness to the city centre.
- Urban Infill
Millennial home buyers aren’t looking to clone their parents houses and, as they mature, they don’t want to be confined to major metro areas either. Instead, these buyers are turning to urban infill – locations in an urban environment, usually unused space, that is repurposed for new construction. Using infill is a cost-effective way to have a new build while still enjoying the inner urban lifestyle.
- Culturally and ethnically diverse neighbourhoods
Millennials are globally aware and peer connected like no other generation before them. This, along with their broad definition of ‘family’, has created a generation of open-minded, goal-focused optimists, who are eager to work toward their personal ideas of success.
What they buy
It’s more important than ever for home sellers to profile their target buyer, especially when selling to the millennial generation. For sellers, spending on presenting to this generation will bring returns. Millennials have been weaned on home improvement TV and pristine in-home views from the likes of Houzz and Pinterest. Preparation, modern colours and lifestyle furniture will make you exponentially more dollars than poor presentation will save you.
Millennials react strongly to real-life examples, favouring the truth and what is real. For them, it’s all about the experience. Bridging the gap between your home and the buyer’s lifestyle is invaluable when selling to this cohort. Interactivity and involvement are key. You don’t have to have all the answers, you just need to show them what is possible and they will connect the dots.
Inside the home, millennials prefer simplicity, lifestyle, connectivity and sustainability. Present the home-for-sale with these things in mind.
- Lightness and Brightness
As much as possible offer bright, open spaces, with plenty of windows. Remove window coverings and display good lighting options. For renovators, choose grey for walls as the neutral colour of choice and wooden flooring or tiles over carpet.
- Flexible Room Use
Show flexibility in how younger buyers can use your home’s rooms and spaces.
- Dining Room = Home Office. This is fast becoming the operations centre for the start-up Mum and/or Dad entrepreneur. We’re seeing house plans with no dedicated dining area but the safest bet is to present with a dining table. No need to set it of dinner, just sell the flexibility of the space.
- Living Room = Home Theatre. Try to show a big living room as the home theatre with TV, movies and video games on tap. If you don’t have a large living room then open up smaller rooms using mirrors, natural light and light timbers
- Outdoor Room = Simple outdoor kitchen. Highlight the entertaining value and lifestyle potential of this area with a casual lounge and food service area.
- Innovative Storage Solutions
Storage space is still important but for millennials, it’s just as likely to house the Home Automation centre. In-home connectivity means being on the grid. High-speed internet, home security and automation are vital to this generation and the next.
Millennials used to be the ‘most connected generation’ until they started having babies. Now they are toddler taming with iPads.
- Wet Areas
Energy efficiency, ‘green’ features and appliances should be highlighted. Big bath tubs are no longer desirable; while an energy efficient dishwasher, washer and dryer are winners.
- Air Your Dirty Linen
Above all be honest. Present your home to show off the personality and uniqueness of your property, not to hide problem areas. Instead, present things like tired flooring or outdated fittings as ‘projects’, rather than problems.
By giving millennial buyers all the information they need to make an informed decision and presenting your home’s full potential, you stand a much better chance of selling your home for the right price to the next generation of home buyer.
Pro Vision Image
A two-hour home staging consultation with Tracey starts from $350 and helps you see your home more clearly through ‘buyers eyes’. Contact Tracey
Tracey McLeod is an internationally recognised award-winning interior decorator and home stager; a visual marketing specialist in home presentation that sells.
Combining her extensive experience in interior decor with a strong background in marketing; Tracey helps home sellers, property specialists and real estate agents to maximise sale price by creating ‘fall in love factor’ for buyers through home presentation.