What Are Millennial Home Buyers Looking For?

Posted by Tarvin Realtors on Wednesday, April 5th, 2017 at 10:44am.

Selling your home can be a daunting task. One of the best things you can do is get a stronger sense of the home buyers that will be browsing your home and what kinds of things they'll have at the top of their wish list.

The 2016 Profile of Home Buyers and Sellers developed by the National Association of REALTORS® found that while the typical home buyer was 44 years of age, 35% of home buyers were first-time buyers. A younger demographic is starting to buy homes, and the question is: What are millennial buyers looking for, and will your Ridgewood home impress?

Open-Concept Homes

Over the years, open-concept homes have become an increasingly popular building style. These designs are of particular interest to millennial home buyers because, unlike buyers from previous generations, millennials are less concerned with the measured square footage of interiors compared to how large the interiors feel.

Open-concept homes encourage a relaxed social dynamic and allow guests and residents to flow through a common space. Flexibility is the appealing factor here. Home buyers who invest in an open-concept design have the opportunity to reinvent their home over and over and over again, and if you plan on living in a space for twenty of thirty years, that can be very appealing.

Home Offices

According to the 2010 Census, more than 13 million Americans work from home. That number is expected to continue rising, so for many prospective buyers, a home office is of key importance because their home is also their workspace. Even for home buyers who don't work at home, the idea of having a dedicated space where they can spend time on the computer or address household paperwork is desirable.

Updated Kitchens and Bathrooms

With 34% of buyers looking to avoid renovations, updated kitchens and bathrooms are a big plus. Especially considering that the majority of a first-time buyer's cash is going towards the down payment, they often can't justify the cost of the renovation.

Having that said, kitchens and bathrooms are some of the most expensive rooms in the house to renovate. Read this blog post about the cost versus value on remodeling projects for helpful information on how to freshen your kitchen without breaking the bank.

Green Housing

Costs of living are perpetually rising, and it can be a great selling point, if your home boasts features like double-paned windows or extra insulation that keep cooling and heating costs down. Today's buyers are more environmentally conscience than buyers of the past, and they want to know that their home is eco-friendly. Refurbished lumber flooring and water saving faucets are also appealing.

Tech

There's no doubt that houses are getting smarter. Enter your home by punching a code into a keypad instead of digging through your bag for your key. Adjust your thermostat an hour before you leave work so that when you get home the house is nice and toasty. The list goes on. While most millennial buyers won't demand features like this, if you already have them, they certainly make your home stand out from the crowd.

In 2016, 44% of buyers looked online before anywhere else, which is why it's important to list your home with a licensed REALTOR® who can ensure your home gets the online visibility you need to sell your home on the Ridgewood real estate market.

Contact Tarvin REALTORS® for more information about listing your Ridgewood home for sale. With years of experience, we can help make selling your home simple.

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