It is important to know when listing your home who you are selling it to. It has been reported that 45% of mortgage will be taken out by Millennials this year. The average income for Millennials has increased to $88,200. This means that they are looking for middle to upperclass neighborhoods to settle down and put down roots.
As a seller, what does this mean for you? You should know how to market your home for the audience you are selling to – and as we just mentioned, that audience is the Millennial generation.
Millennials are known for being tech savvy, so making sure your home listing has been marketed so it is easily found in an internet search will help selling your home successful. Ensure that your agent is using good, high quality photos and videos to post to their website, social media, and email lists.
A blog post on Dave Ramsey’s website suggests that Millennials are not looking for large homes, but for quality homes. “Yes, square footage matters. But millennials are more concerned about how sustainable and usable each space is.” When showing your home to a potential Millennial buyer – make sure rooms are free of clutter so that they can envision how they will likely use the space. (Honestly, this is just a good rule of thumb for showings for any potential buyer – regardless of their generation.)
Doing upgrades before selling is always recommended, but if you’re going to go through the effort of making sure all the appliances are new for potential buyers, you might as well make sure they’re energy-efficient or have smart technology. Millennials have been raised on the notion that their way of life should be sustainable and efficient, so catering to that will be beneficial for you in the long game. If you don’t have those upgrades, someone else will.