If you're selling your house, chances are you're doing so to put your financial house in order. While at it, one thing is nearly inevitable- you will meet millennial buyers. According to a 2020 study by the National Association of Realtors, millennials make up the largest group of home buyers today, accounting for close to 40%. And this is not by chance. More than 80 million millennials live in the U.S. Many are starting families, cutting down on debt, and buying homes. And sellers across the various sectors of the economy are targeting them.
Real estate experts warn that home sellers who ignore this demographic are likely to miss out. They're the fastest-growing group of consumers. We don't want you to be one of them. So, in this blog post, we share five tips to keep in mind when selling your house to millennials.
Make Your Home Move-In Ready for Millennial Buyers
Unlike their parents, many millennials don't want homes that need a lot of work. A majority of them are too busy with work and social life to engage in costly and time-consuming repairs. And that's not all. Millennials are also more likely to shift jobs more frequently, meaning they don't have enough time to spend on renovations. So, if you want to entice these buyers, make sure your home is ready to move in.
But that doesn't mean you spend thousands of dollars on renovations. Instead of going for luxury updates, opt for practical fixtures. A study by the National Association of Builders says 80% of millennials want a nice laundry room, more storage, and great outdoors. So, start here.
Apart from a ready-to-move in-house, millennial buyers are also interested in finding the right community that supports their passions, interests, and needs. Experts say that millennials love supporting local businesses, and prefer public transportation. Therefore, it pays to also focus on selling the neighborhood. You could do this by mentioning local events, the best bike trails, nearby restaurants, parks, and more to paint a good picture of the community.
Ask a Fair Price
As mentioned earlier, many millennials are working on their finances. They are looking for ways to cut down on debt and achieve financial freedom. As such, they will do lots of research to get a fair price. If you set an extremely high price, they may walk away.
So, find ways to help them save money during the home buying process. Just make sure the tips you offer benefit you both.
Be a Resource for Millennial Buyers
A large number of millennials are first-time home buyers. They may find the entire home-buying process complicated, overwhelming, and frustrating. So, it may be wise to present yourself as a resource first, then a person trying to sell a house second. This way, you can build trust among millennial homebuyers quickly.
Start by being willing to help answer questions and help them when they experience difficulty during the entire process.
Harness the Power of Social Media
Many millennials use social media platforms like Twitter and Facebook as primary tools for conducting market research, engaging sellers, and communicating with peers. For instance, a study by Pew Research Center found that over 80% of American adults aged 18 to 30 use Facebook and 37% use Twitter.
As a seller, social media platforms allow you to find, connect and engage with millennial buyers who spend most of their time on these apps. For starters, take great photos of your home and post them with a brief description. And when inquiries start coming through, respond on time.
Charm Millennial Buyers When Selling Your House
Millennial buyers are a force to reckon with in real estate. They account for over 40% of sales in today's market. And finding ways to appeal to them can increase your odds of selling your home quickly and building your finances. We hope these tips come in handy. Good luck!