Selling homes isn’t the game it used to be. Real estate has evolved to involve a lot more than signs in yards and ads in newspapers to bring potential buyers in these days. Social media and so many home improvement shows and outlets (HGTV, anyone?) have been broadening the interest in real estate and homebuying, and the proof is finally in the pudding. The top group of home buyers in the country seems to be the group that’s most comforable with social media, YouTube shorts, podcasts, etc. Who would’ve thought you largest group of homebuyers currently is…
Surprise! It’s millennials!
Throw out the mindset millennials aren’t buying. THEY ARE! For the fourth year in a row, millennials are the largest group of buyers, making up 34%!
Below are suggestions if you’re marketing your home, and ways to make it appeal to this demographic and what to know before making a big purchase.
BEST TIME TO LIST YOUR HOME? YOU’LL BE SURPRISED (AGAIN)!
Redfin Real Estate analyzed more than 7 million home sales over the past four years and divided the data into seasons, according to when the homes were first listed. They evaluated which season was best for listing a home according to two of the most common goals for sellers: Selling for more than the list price and going under contract within 30 days.
As conventional wisdom would predict, spring was the best time to list a home, but just barely. Spring offered the highest likelihood of selling above list price and of selling within 30 days. But here’s your next big surprise: Winter, the supposed slow season for real estate, was a close second!
Remember…buyers move for all different reasons during all times of the year (life-changing events can include: retirement, job relocation/change, addition to family).
WHAT TO DO BEFORE CALLING YOUR REALTOR
- Paint with fresh and neutral colors where possible
- Remove wallpaper if it’s dated or not neutral
TIPS FOR SELLING TO MILLENNIAL BUYERS
- Make necessary updates
- Exchanging older appliances for stainless steel
- Replacing carpeting with hardwood floors (sometimes they are already there!)
- Updating laminate counters with granite or other hard surface counters
- Replace outdated light fixtures
- Add outdoor living features
- Move in ready!
Some sellers may not be able or willing to make updates. That’s always ok. However, they should consider pricing their home accordingly to compete for millennial buyers.