How to Overcome Generational Gaps in Home SellingPosted by Sold Buy The Sea on Wednesday, December 12, 2018, at 4:11 pm
For years we have seen Real Estate trends differ with each generation. The baby boomers ditching their large suburban homes for the upbeat and fast paced urban life, while millennials leave behind their small one-bedroom city apartments and say goodbye to the hustle and bustle of city life. Millennials are opening their world up to the possibilities of single-family homes, private yards, and storage space. Millennials are usually categorized as being born between mid ‘80s and late ‘90s experienced a cultural and social shift, so it is not surprising when their Real Estate needs and wants shifted as well.
Here are some things to take into consideration for baby boomers and others when selling to millennial home buyers.
Millennials are busy
Today’s younger generation tend to work long hours, and like most, place a great deal of importance on spending their free time with friends and family. With this in mind, they are seeking ready to move in homes that need little to no renovations. Regardless of how irresistible the opportunity may seem, many of today’s young home buyers have no interest in “making it their own”. This is unlike their parents who were more apt to renovations and customizing homes they planned to live in for many years.
Technology is key
Technology is vital to millennials everyday functions and home buying is no exception. The young home buyers of today are quick to grab their smartphones and search through pictures of countless homes all at their fingertips. As such, millennials place a high importance on the visual aspect of a home and the quality of photos. If the buyer isn’t drawn to the photos, they are quick to move onto the next, so be sure to have quality images!
Bigger isn’t Better
In the past it was typical that a large home with over sized closets, formal rooms, and finished basements often conveyed success and were therefore in high demand. However, today is a different story with millennials desiring something smaller and simply done on a smaller tract of land. The younger generation tends to associate a bigger house with more work and maintenance, which can seem daunting to first time home buyers. You may not be able to shrink your home, but if you are motivated seller accounting for this trend your price will need to meet the market.