Selling to Millennials
Millennials are taking over the Portland real estate buyers market. More and more Millennials are choosing to purchase and will continue to do so as rates remain low throughout the summer. Millennials are anyone born after 1980 and have a new way of doing business. Millennials find value in working with a Realtor and many are using agents to purchase their first homes. That being said if you are looking to sell your home the likelihood of a Millennial looking at or purchasing your home is high. This article will outline what Millennials are looking for in today's market.
In general (this article is very general and there are always exceptions) Millennials are young people that have recently entered the workforce and have large amounts of student debt. Many Millennials are looking for properties that meet the following criteria:
1) Located in a walkable neighborhood. Millennials would prefer to use public transportation or uber instead of paying for a car. This makes the location of your home very important.
2) Upgraded kitchens and baths. Millennials are usually on a restricted budget and want updates to be done before buying a home. They tend to like more modern simple interiors.
3) Move in ready. Moving right in is a huge bonus for Millennial buyers as many of them currently live at home with their families. That being said many are anxious to move out and into a home that is ready to be lived in. Millennials may tend to stear clear of the typical fixer upper.
4) Open floorplan. Millennials like simple modern interiors and an open floor plan works the best with this aesthetic. Having everything at their fingertips with smartphones and computers is spilling over into the living space. With an open floor plan you can sit in the kitchen and see the front and back doors all at once all while browsing on your smartphone.
5) Privacy. Millennials prefer to communicate via text or email and new studies are showing that they are even scared to talk on the phone. They also prefer homes that are private, but not secluded. They want to be in the middle of the action - close in Portland - but able to shut out the world when necessary. The days of borrowing sugar and block parties are over with Millennials.
The biggest hurdle with Millennials is getting them through the door. With all the information and photos on the internet many homes are ruled out before a personal showing. Bad photos are a huge reason to lose showings and in the end not selling your home for top dollar. Millennials look online for months before hiring a Realtor and looking at properties in person. Having good photos that tell the story of your home is a must when selling in today’s market. Many online lookers will only look at the first 5 pictures and then move on quickly to the next listing or continue looking at your home. Make sure the first 5 photos begin to visually draw in the buyer as they are really the most important ones.
Millennials entering the real estate market have started to change the way we all do business. Conversations that typically would take place on the phone are now happening via text and showings that would normally take place are not happening at all due to the amount of information out there on the internet. It is good to keep all of this in mind when thinking about selling your home. You have to know your audience and in today's market a majority of your audience are the Millennials.
Written by Amanda Folkestad and Brian Porter