In 2021, millennials aged 22-40 represent 37 percent of home buyers according to the National Association of Realtors. Moreover, Zillow reported that half of all home buyers are under age 36. What do millennials prioritize in the homebuying process? If you are thinking about selling a home soon, you’ll want to be aware of what this group of homebuyers is looking for. There are certain features that they prioritize when looking for a home and if you want to be sure to appeal to this increasing market, here are some options to be aware of, which are as important as picking a realtor who can guide you to the priorities to upgrade your home.
Smart home features that control everything from temperature to lighting and security cameras are the wave of the future, and millennials are certain to find these upgrades appealing. If you are thinking about getting a new thermostat anyway, you can opt for a smart one like EcoBee, which was voted the best smart thermostat by CNET and is said to save users 23% annually in energy costs. You might want to also consider other popular home automation features like smart plugs which allow users to monitor energy usage and control appliances through a mobile app.
A home’s environmental impact and plus green technology to cut down on energy costs are on millennials’ minds, especially when buying. You don’t have to add an expensive solar panel upgrade to your home to appeal to green-focused buyers (although if you already have this in mind, it can certainly be an advantage). There are other upgrades that you can make that won’t set you back that much, while giving your home a green focus. Adding low-flow fixtures and toilets is an update that you can likely make without hiring a contractor and paying less than $100 for the fixtures, but the water saving can be significant. Updated windows and insulation are other changes worth considering. If you aren’t sure how much to invest into green updates, you can see how much you’ll get for your home using a net proceeds calculator, and then plan a budget accordingly.
Aside from having a home in a top neighborhood with convenient access to schools and restaurants, according to the National Association of Realtors, millennials are seeking homes with functional upgrades that make life easier. Organization is key and you might go for an updated laundry room with organization, or functional garages with storage in mind. Making the best use of space can also mean rethinking your home’s outdoor areas to get them ready for entertaining. Potential buyers will appreciate seeing spaces that are ready for outdoor cooking and open-air living.
Neutral design features
Real estate agents are talking about how millennials are favoring neutral designs rather than overly modern details. That’s because of their strong desire to create a space that is all their own and neutral color palettes and clean features allow them to do that. If you need to repaint, go for neutral colors like beige, gray, and white and think about cabinets and fixtures that are modern without being too bold.
If you are selling your home, or are thinking about selling in the future, focusing your updates on what millennials are looking for can be a ticket to appealing to this all important class of buyers. However, these updates are not only wise for millennials, they are also likely to work for a large majority of buyers who want functional homes that they can enjoy for years to come.