Baby Boomers: Here’s How to Sell Your Home to Millennials

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.

Millennial HomeownerIt’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.

Energy EfficientGreen – 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.

Tips for First-Time Home Sellers

Selling a home is more complicated than buying one. Home sellers need to balance their desire for a quick sale with a wish to get the best price for their home. Logistically, you need to deal with coordinating the purchase of a new home with the sale of the old one. Just when you are busiest with trying to juggle selling and buying and issues involved with moving and perhaps even a new job, you need to keep your home spotlessly clean and uncluttered for showings. The tips below will help you sell your house successfully, minimizing the stress involved and leading to a timely sale at a good price.

Get OrganizedOrganize

To avoid getting overwhelmed and perhaps missing some crucial task or piece of paperwork, you need to keep good records and an up-to-date to-do list on which you write down every task that needs to be done, the time by which it must be finished, and the person responsible for it. Schedule a regular time every evening to review the list with your family and make sure everything is on track.

Pricing to Sell

You’ll be working closely with your agent to set a realistic asking price for your house. Although the key to pricing is looking at previous data on sales of comparable houses, you should also visit nearby open houses to get a sense of the competition. Don’t be fooled by asking prices. Anyone can ask a fortune for a dump, but that doesn’t mean a buyer will pay that much. Price realistically in terms of what buyers have actually paid for houses of roughly the same size in the same neighborhood. You don’t need to price a house under market value either, as that may cause buyers to wonder what is wrong with it. Instead, aim for a price similar to comparable properties.

Prepare to Move

Before you put your house on the market, you should do the groundwork for moving out of it. Some potential buyers want to close quickly and you don’t want to lose a potential sale because you aren’t ready to move out. This means two things. First, you should begin looking for a new house before the listing of your old one goes live. Second, you should start preparing to move by donating things you don’t intend to keep to charity and organizing remaining items to make packing go more smoothly when you need to do it.

Create Curb Appeal

You only have a few seconds to create a good impression with a potential buyer. This means that your house should look great from the outside. Pressure washing will make the exterior of your house and your driveway sparkle. Keep the lawn neatly mowed, leaves raked, or snow shoveled, as buyers may request showings on short notice. Brighten up the front landscaping with colorful flowers in summer or cheerful evergreens with bright berries in winter. If you have a busy schedule, consider hiring a service to keep your yard in pristine condition while it’s on the market.

Repair Minor Issues

If you have been living in a home for several years, it won’t be in pristine condition. There may be stains on the carpet, scuffs on wood floors, scratches on counter tops, or chips in the paint. Although you may not want to invest large amounts of money in a house you will soon be leaving, the more minor issues you can fix, the easier it will be to sell the house. Steam cleaning carpets, polishing floors, touching up minor scuffs and scrapes, and replacing grout and caulking can make a house look newer and “move-in ready”, things that will appeal to buyers.

Cleaning to Sell

Cleanliness takes on a whole new meaning when you are trying to sell a house. It’s no longer just about sanitation. What matters is that things shine and sparkle to create a “new house” feel. Start by having the interiors and exteriors of all your windows cleaned. Next, clean drapes, blinds, and moldings. Carpets should be vacuumed, tile mopped, and wood polished. Mirrors, counter tops, appliance surfaces, door handles, switch and outlet covers, and fixtures should be spotless. Wash all bedding and use cedar blocks to freshen your closets. Many experts recommend hiring a cleaning service to do a one-time deep clean the day before your house goes on the market. If you are really busy, consider scheduling a professional cleaner to come in once a week to keep your house spotless.

Smells Don’t Sell

Smell matters as much as appearance. Pet odors, mildew, or other scents can drive off buyers. Don’t use air fresheners, plug-ins, candles, or scented potpourri as many people may find those objectionable. Clean with baking soda to reduce odors. Run lemon or orange peel through a disposal to reduce odors and consider a colorless bleach tank drop in for toilets. Use cleaning products with a light citrus scent. After cleaning, open up all the doors and windows to air out the house; nothing smells as fresh as real fresh air. Freshen up linen closets with cedar blocks or odor absorbents. For persistent smells, consider buying or renting an ozone machine.

Declutter

Your final step in getting ready for your first showings is decluttering. The less stuff you have in the house, the more open and spacious it will appear. Removing personal touches will also help buyers imagine how the house will look with their own personal items in place. Clear off counter tops and banish personal collections and mementos to the garage or a storage unit.

You are not alone as a house seller. Your agent is an expert who has helped many home sellers in the past and can provide advice through every step of the selling process. The more closely you work with your agent, the more smoothly the selling process will go.

 

7 Reasons to Use a Realtor to Sell Your Home

With so much real-estate information available on the Internet alone, it’s not unheard of to sell your home without a professional by your side. Although this concept sounds appealing to homeowners, it might end up as a detrimental feature to the selling process. In fact, it’s critical to have a realtor by your side as you sell a home. Take a look at these top reasons why a realtor is your greatest selling asset.

  1. Neighborhood Expertise

Sold Home For Sale Real Estate Sign and Beautiful New House.You may know the favorite eateries in the neighborhood or where the best playground is located, but realtors
have greater knowledge of their particular territory. They’ll have the latest school-quality information that’s
incredibly important for parents moving into an area. Crime data, economic predictions and other information is also the business of any good realtor. With this information, realtors can show off the home with more value than just the amenities and included square footage. Selling a top-rated school system gives the home a boost on its asking price before buyers even walk in the door.

  1. Industry-Trend Knowledge

Realtors are also valuable resources for industry knowledge. In the next year, a certain neighborhood might go up or down in price based on a new business renovation occurring a few miles away. This information helps the selling realtor because he or she can place indirect pressure on buyers to place a bid now rather than later. Without a professional by the seller’s side, some lucrative opportunities might be overlooked. As a result, a home might have a final price that’s well below what it’s truly worth based on the industry knowledge that’s exclusive to realtors.

  1. Negotiating Skills

Realtors take many classes on their trade, including how to properly negotiate. These professionals are trained to be fair but persuasive. A negotiation is partly a psychological game where the professional convinces the buyer that a particular home is perfect for their needs. Most homeowners aren’t professional negotiators, which makes a poor deal a possibility. Allow the realtor to discuss the price, and homeowners will see a higher number in most cases. Negotiations can go up or down in price, but the realtor will always know the proper limits in either direction.

  1. The Paperwork Alone

There are stacks of paperwork to generate, read and sign as you sell a home. This process alone can be overwhelming for most homeowners. The realtor usually has a team at the office who can put together the information without much effort. They know the normal and specialized paperwork that must be included with your particular sale. As a result, no areas will be overlooked on closing day. If homeowners attempt to write up the paperwork on their own, they might sign away their rights with missing sections or poorly worded paragraphs.

  1. Ethical Sales

Similar to a doctor’s oath, realtors also pledge themselves to ethical practices during any sale or purchase. They cannot lie, cheat or deceive their clients as their hired consultant. In fact, they can’t treat the buyers poorly either. These ethics mean that your property transaction will be free from any arguments or frustrations. If a house inspection turns up with major structural problems, the realtor is trained to handle that situation with objective ease. As a result, these clients will move forward with their home dreams as challenges arise that the realtor can deal with at a moment’s notice.

  1. Their Connections With Others

Selling a home can be tough in some neighborhoods or economic times. As a solution to a difficult sale, realtors can turn to their industry connections. Other realtors might know of a buyer who’s looking for that type of property, but they weren’t aware of this home on the market. Industry contacts can be a valuable resource for realtors and sellers as a home moves through the escrow process. In many cases, an insider’s knowledge allows a sale to take place faster than it would otherwise.

  1. Knowing When to Bow Out

With all of the effort in the world, some homes simply sell faster than others. If your home has been on the market for several weeks, realtors know when to pull it. A home that remains on the market for too long tends to look unattractive to buyers. People wonder if there’s something wrong with the property. Realtors can remove the listing and add it again in a few weeks. Although sellers may not appreciate the waiting time, the new listing might spark more buyers than before.

Realtors will routinely take classes and update their skills over the years. If you’re on the lookout for a professional, interview several people before committing to one person. Ask him or her about their license and continuing education. Reputable realtors will have several classes in their background and a few possibly scheduled in the future. These experts will have the skills to sell your home to the highest bidder.