What Millennials Want

In today's real estate market, every other article seems to be about millennials. Not sure who exactly is a millennial? Although the age range isn't always consistent, the term generally refers to the generation born between 1980 and 2000. While it seems like overkill, there's a good reason that so many people are talking about this particular group; after all, they are now the largest generation in the country and they make up 35% of all recent home buyers. Because of these facts, appealing to this group is extremely important for anyone looking to sell their home. Luckily, Bankrate has assembled a list of key characteristics that you can use to maximize your home's appeal to the millennial generation.

Updated Kitchen and Bathrooms

The average buyer 35 and under doesn't have a ton of savings, which means that the bulk of their home budget will be going toward the down payment and new furniture. Because of this, young buyers will place a premium on homes which come already updated with modern style and fixtures, especially in the most expensive areas, the kitchen and bathrooms.

An Open Floor Plan

In one of the least surprising developments of all time, the formal dining room is no longer a valuable home asset. Today's buyers place much more emphasis on having a large kitchen which flows directly into the living room. In fact, open floors plans in general have become much more popular relative to the compartmentalized spaces of older homes, as they allow for greater flexibility for entertaining guests.

Mention a Home Office

The 2010 Census showed that 13.4 million Americans worked from home in the last week, and that number has only continued to rise as technology makes the task easier. For this reason, having a dedicated home office has become an increasingly attractive feature among current buyers. Always be sure to advertise the fact that an extra bedroom could be used as a home office.

The Right Location

Being in a "good" location is helpful for selling a home to anyone, young or old. However, what types of locations are best for appealing to young buyers? Essentially, millennials fall into one of two groups: on the one hand, you have young buyers with children, who are likely to prefer moving to a more traditional, residential area. On the other hand, young buyers who are shopping only for themselves tend to look for areas close to public transportation and/or within walking distance of many shops and amenities.

Low Maintenance

Young home buyers tend to look for residences which require less work to maintain. Hassle-free features such as hardwood floors and granite countertops are therefore quite attractive to this age group. This same line of reasoning explains why condos have seen increased interest from younger buyers, who dislike the idea of spending the weekend doing the same outdoor chores as they did when they were living with their parents.

The More Tech the Better

Gone are the days of a landline telephone being the only tech connection in a home (or even one at all). In fact, even cable TV lines face decreasing relevance to the modern home buyer. Today's young buyers are more interested in cell phone reception and available internet service providers than they are older forms of connections. Although you have no way of controlling these things in your home, be prepared to answer questions regarding these services.

Energy Efficiency is a Bonus

Although generally not a make-or-break factor in a home purchase, energy saving measures such as insulation and low-flow fixtures are definitely seen as attractive features to a prospective buyer of any age. They also represent potential long-term money savers for those on a tight budget!

Home Staging Works

Although home staging may seem obvious, its effects are particularly relevant to younger generations, many of whom are used to seeing reality TV shows featuring immaculate houses and amazing remodels. At its most basic, staging allows any potential buyer to picture how the home could look for them, rather than how it does for the current owner.

Beware HOA Fees and Assessments

As previously stated, the low maintenance associated with condos and townhomes offers significant appeal to younger buyers; however, even units with reasonable price points sometimes fall out of range as a result of high HOA fees or wild assessments. Millennials are unlikely to be able to shoulder the burden of supporting a poorly run condo association, so a strong reserve fund can be a major asset if you are trying to sell a condo.

High Quality Online Photos

To paraphrase a popular online saying: if it isn't on the internet, it doesn't exist. Always be sure to include high-quality photos (i.e. bright, high resolution, in focus) in any online listing if you expect to receive interest from younger buyers. Need we say more?

Source: 11 must-haves to sell to millennial homebuyers