By all accounts, now it the best time to list your home for sale in years. Interest rates are low and home prices are recovering, meanwhile rents are skyrocketing. All this adds up to a wonderful time to sell your house to a qualified buyer! Leslie Appleton-Young, chief economist for the California Association of Realtors in Los Angeles says, "This is a once-in-a-generation opportunity."
Generation Y is in the Market
Generation Y (or Millennials) are the largest demographic wave in our nation's history, even larger than the Baby Boomers! They're largely college-educated and the oldest members are in their early 30s, which makes them just the right age to buy a home! Full of enthusiasm for homeownership, 70% of Millennials classify themselves as being just as handy as their parents around the house. Now they're ready to move out of their parents basements and into homes of their own.
Last month, Better Homes and Gardens Real Estate surveyed 1,000 adults aged 18-35 to get a grasp of their desires in a house.
What They're Looking For in a Home
Just because they've been living in their parents' houses, doesn't mean that Generation Y would buy their parents' homes. Millennials want smaller, functional homes that they can personalize in their own image. Flexible spaces and technology rate even higher than curb appeal for this demographic, and they're not afraid to get their hands dirty. In fact, nearly 30% of Millennials surveyed by Better Homes and Gardens Real Estate would actually prefer a "fixer-upper" in which they can build equity.
Generation Y doesn't care about the luxury items that sold their parents on a home. Instead of formal living and dining spaces that no one ever uses, they want larger family rooms and spaces in which they can entertain. Every room should have a purpose in a Millennial's house give them a home office instead of a dining room, and if you really want to make a sale, convert your old rec room into a home theatre. Afterall, 59% of survey participants said they'd rather have extra space in the kitchen for a TV instead of having a second oven.
How to Sell to Them
- Stage your home so that every room appears to have a daily use. Turn your formal spaces into rooms that a young professional can use to entertain, work, or relax.
- If you're going to spend some money on upgrades, make them technological instead of cosmetic. 77% of Millennials surveyed want homes equipped with the technological capabilities to which they've grown accustomed.
- Save a little money on commission with a LessThan6Percent approved real estate partner. Remember, when agents compete, you win!
LessThan6Percent was born out of the belief that there could be a more transparent, efficient and cost-effective way for home owners to search for and hire a real estate agent when they are ready to sell their home. With a founding team possessing experience in building online marketplaces and developing online real estate communities, we set out to create an amazing, "so-satisfied-that-I-gotta-tell-my-neighbor" experience.
So that's our story: making the process of home selling better, faster and easier, one home at a time. Read about us on WSJÂ http://online.wsj.com/article/PR-CO-20130429-912590.html