Learn Essential Tips on How to Sell Your Home to Millennials
For the population Generation Y in new Jersey, finances haven’t been easy. They’ve faced high unemployment, crippling student debt, and a high cost of living. But after years of delaying home ownership, millennials are officially becoming the primary group of home buyers. According to the National Association of Realtors, Gen Y now comprises a third or more of home buyers, and 76 percent of first-time home buyers. Furthermore, this generation is the most likely to buy previously owned homes and older homes.
Coccia Real Estate wants to help you understand millennial buyers, and that’s why we’ve compiled our list of tips for selling to this generation.
Digital Media is the Standard
It’s been 12 years since Facebook was founded. Since then, social media has exploded with a variety of services. With everything at their fingertips online, you better believe that you are going to need as much quality content as possible. Consider hiring a decent photographer or at the very least, utilizing a camera yourself. Create a video tour of the home. The final presentation is going to go a long way to catch the eyes of these potential buyers. Once you have quality media available, make sure that you’re posting the content on multiple outlets online.
If digital technology is a daunting concept, Coccia Real Estate’s superior team of agents will be happy to take the reins.
Millennials are Data Driven
While millennials are watching less news and reading fewer books, they’re digesting more information than any generation before due to ease-of-access. Most os Generation Y is going to find out everything they can about the neighborhood, the house, and the real estate agent before making a purchase. Because of this, be sure to provide as much information as you possibly can about your home and its neighborhood. Communities are very important to young buyers and they’re looking to live near places that cater to their interests and passions. If something isn’t being provided, it’s going to draw suspicion. Finally, find an agent with great reviews online, because millennials do place high value in peer reviews and word-of-mouth.
Access to Urban Locations Will Increase Home Value
For better or worse, urban proximity has become more valued than lot size. Generation Y is going to be willing to pay more for a home with easy access to New York City, Philadelphia, and New Jersey’s major cities. This is great for homes close to the train or physically close to these locations, but not so good for those who are more remote. There’s nothing that can be done about this, but it is good to know when establishing your expectations.
Millennials are Less Likely to Buy a Fixer-Upper
There are always going to be ambitious builders and romantic dreamers who look at a home with some warts to it and see an opportunity. Unfortunately, they are few and far between in the youngest generation. After years of living at home and bouncing from one apartment to another, millennials are less likely to believe that their new house is going to be their last residence. Consequently, long term remodels and upgrades aren’t on their minds. Instead, make sure that the following are a part of the home before listing it for sale.
- Consider eco-friendly building materials and energy efficient appliances, heating and cooling
- Make sure the home has easy WiFi access
- Ensure the house is free of mold, fungus
- Get rid of old carpeting in favor of wood flooring
- Open up the kitchen to create a more open floor plan space
Work with an Agent to Sell Your Morris County, New Jersey Home
According to the 2016 NAR’s Home Buyer and Seller Generational Trends report, 89 percent of Generation Y bought their new home through an agent. But it’s not just millennials. 87 percent of Generation X buyers bought through an agent, and 85 percent of younger baby boomers did so as well. If you’re selling your home, you need to find the right agency who knows what today’s buyers want and need to feel confident in their purchase.
Buy and Sell With Coccia Real Estate
Coccia Real Estate’s team of agents never stop learning. In the past ten years, we’ve become a standard bearer for real estate in Florham Park, East Hanover, Hanover and Parsippany. Find out why today and contact our team.