Guess who's buying? Also, a few tips for selling.
Whether you are selling lemonade, a table you built, or even your home, you always have to have some sort of audience you are targeting. So when it comes to selling homes, the first, and most important question you have to ask is, “Who’s buying?” What I’m about to tell you next might surprise you, but the truth is that it’s the millennial generation. While the stigma that millennials don’t want to own anything continues to survive, the (now 19-38) year old population group continues to buy, and it’s time to put them on your radar. According to research recently compiled by the National Association of Realtors, millennials made up the largest group of home buyers in 2017 at a whopping 34%. They’ve actually led the population in home buying for the last four years. Want to take a wild guess on how they are looking for homes? Online. Well, only 93% of them to be exact.
So what we know about Millennials is that they are buying homes, and we definitely know that they are buying in Los Angeles. However, what you might not know is that they are actually being financially responsible about it. Weird? Maybe. Looks like the younger generation might have been watching mom and dad budget more closely than they thought. Long story short, Millennials are looking for affordability, and they are doing it in the suburbs.
If you have read to this point, first of all, thank you.. Secondly, you’re probably thinking that this information might change your impression of the market, but it won’t change your house. Well no, but it will give you an idea of how to start looking at the strengths and opportunities of your house. So let’s connect the dots: First you read A, what millennials like, then you write down B, what you have. The goal of getting to point A from point B is to be able to market your house in a way that will make millennials click on your listing during their search.
The first one is the easiest. Keep the place clean. If you are serious about selling a property, it has to stay in photo shape. Your listing will not be competitive if potential buyers are looking at your photos, and they can’t day dream about what your kitchen could look like in their possession. Dreamer’s need a specific type of canvas, but they need it to be blank. Give them space. Don’t clutter your property with appliances either. Keep it trim.
Photo Via Colin Poole
The kitchen is still the focal point. Millennials love to brainstorm what they could do with a roomy kitchen. Utility is key. Market spaciousness. Also, drawers and cupboards with specific uses are in style and unique to buyers. Find ways to repurpose wood or older items into ranges or decorative pieces. Hanging lights are in. Again, don’t clutter your kitchen with appliances either. Find cool ways to hide them and let clients discover this creativity during the walkthrough.
People like old weight scales and jars. Trust me.
Hanging racks, shelving, wall hooks, wine racks. Finding ways to create more counter and cupboard space are both practical and appealing to potential buyers. These are also reasonably affordable investments.
Take some time and consider these tips. We will have more for you later. Let’s continue this millennial marketing discussion soon.