While it is true that Millennials are living at home longer than previous generations, that doesn’t mean that they won’t eventually want to buy their own home, just like every generation before them. Considering there are 83 million Millennials in comparison to only 75 million Baby Boomers, they represent the largest pool of home buyers in the US.
It’s important to understand, however, that Millennials are going to value totally different things than what may have motivated you to purchase your home. The large yard and garden that you may have fallen in love with may seem like a huge burden to a tech savvy Millennial who may also be concerned about the environmental impact of using so much water to tend it. Some things that younger home buyers are placing a high value on, you can’t change, such as whether you live close to an urban area, in a good school district or close to a coffee shop.
On the other hand, if you do happen to live in a good urban school district and close to public transportation, shopping and a coffee shop, then you are in prime Millennial territory and that’s the demographic you are most likely to sell your home to – possibly at a large profit. In that case, you want to maximize the draws that have already been handed to you on a silver platter by creating a Millennial-friendly space and marketing through favored Millennial mediums. Here are 4 ways baby boomers can best market their homes to younger home buyers.
Tech it up
While you may still be using a flip phone, younger generations are far more tech savvy and are looking for homes already using advanced tech. Installing the latest home tech doesn’t have to cost an arm and a leg, but will generally go a long way to help sell your home to younger buyers. Some examples of modern tech you can install relatively inexpensively are a learning thermostat, smart smoke/ CO2 detector, smart locks and a video doorbell. Most of these will run you under $200 each, but will probably generate far more in a sale, particularly when installed collectively.
Low maintenance exteriors
Young home buyers are far more likely to want to spend more time at home playing video games than gardening and mowing a lawn. You can combine attractive features by installing a smart watering system that won’t turn on if it has just rained. This will appeal to younger buyers on many levels. It’s tech savvy, saves them the trouble of watering and it’s environmentally friendly by way of cutting down on water usage. While you may love tending your extensive garden, if you live in a Millennial-friendly area, you may want to tear it up and replace it with a more low-maintenance xeriscape garden or even a rock garden.
Green – energy efficient interiors
Today’s young home buyers are not just concerned with energy costs, they are also concerned with environmental impact. Most real estate agents recommend not doing major renovations when getting ready to sell your home, since the new home buyers will want to put their own imprint on their new home. It is common, however, to do some minor upgrades such as painting and replacing worn flooring and possibly even older kitchen appliances. Repainting with low VOC paint will go a long way to impressing young buyers, as will energy star appliances, energy efficient doors and windows and even solar panels. If you have old carpeting or vinyl flooring that needs to be replaced, consider replacing it with bamboo or some other material that has a high green rating or low environmental impact.
Use the internet
Young home buyers are hugely internet and tech savvy and that is where they are most likely to turn when looking for a home. While not all home buyers will begin their search online, 92% of home buyers will use the web at some point during the home search process. Just listing your home online is not enough, however. Younger demographics also rely heavily on social media, so you can also use social media to give yourself an edge over competing sellers. In addition, to simply listing your home, offering a video tour or even an aerial view of your home via drone will go a long way toward creating more interest in your home among younger buyers.