Real Estate Watch – Cynthia Elizondo
Selling to the Millennial Buyer
A few years ago, we had not seen much activity from millennials in the real estate markets; however, analysts from Realtor.com are predicting that is about to change in a big way. As millennials are getting older, getting married, and their household incomes are increasing, they are now looking to buy their first homes or move up to larger homes in middle and upper-middle class neighborhoods like those found in Poway. Predictions are that millennials will represent as much as 45% of mortgages in 2019, compared to 37% for Generation Xers and 17% for baby boomers.
This is great news for the older generations that are downsizing and moving out of the area, as it provides ready buyers for their homes. That being said, the typical millennial buyer can be very picky. The size of the home is not as important as the condition. They do not want to have to do any work before moving in. This means that walls need to be freshly painted, floor coverings need to be replaced, and kitchens and bathrooms need to be updated.
In addition, millennials are online all the time. They are used to immediate gratification and finding what they want through the internet. They also like lots of photos, so they can see exactly what they are getting, long before they walk in the door. Even more, they like videos, so virtual and interactive tours are very important.
Finally, millennials lead very active lifestyles, and do not want to spend a lot of time working on their homes. They want easy, low-maintenance, energy-efficient, and high-tech. This means that homes with solar panels, smart home devices, and natural-looking turf will appeal to them more than homes without these upgrades.
If you are planning to sell your home soon, contact a Realtor now to get the best advice on which of these upgrades will appeal to the millennials that will most likely be your target market.
CalBRE #: 01924853
Halcyon Real Estate Services