Boomers: How to Sell Your Home to Millennials
For years, baby boomers have been ditching their large suburban homes for the urban life. At the same time, many millennials are seeking the reverse: to leave behind small city apartments for a quieter, bigger place. If your boomer, here’s how to sell your home to millennials (though born between 1982 and 2004).
1. Respect the fact that millennials are busy
Today’s young people work long hours. They want to spend their free time with friends and family. They’re also more transient than their parents’ generation. So, when it comes to real estate, many of them seek turnkey homes for quick move-in. They can’t fathom taking the time to undertake renovating a bathroom or kitchen. To appeal to millennials, then, make any necessary repairs. Discuss any cosmetic improvements or fixture upgrades with your real estate agent, as many will pay for themselves by increasing your home’s value.
2. Put your best foot forward online
Millennials grew up attached to their phones. They hail a ride, order food, even find romantic partners with smartphone apps. Buying a home is no different. As a seller, you and your agent must invest time and money on your home’s photo shoot. If the buyer isn’t drawn to your photos, they’re on to the next place with a swipe of the finger.
3. Less is more
In the 1980s, a McMansion with quadruple master closets, oversized Jacuzzi tubs, formal rooms, and large basements were a sign of success coveted by home buyers. Today, millennials want smaller, simpler homes on smaller parcels. Bigger houses or any land more than half an acre equals more work and maintenance for them.
Of course, you can’t make your home smaller. But if you want to account for this trend, your price will need to meet the market.
4. Location matters more than ever
Millennial buyers want the urban experience, as best as they can get, but in the suburbs. This means homes that are walking distance to a village or town, near the train, and in bustling neighborhoods are among the most popular.
While being away from town, secluded, and with more land was a status symbol in the ’80s, it’s a deal killer today. Unfortunately, you can’t move your home to a better location. But again, you may need to adjust your price to meet the market.
If you’re a boomer selling a long-time family home now or in the future, and the millennial is your potential buyer, adjust your mindset to theirs. You can’t assume that anything related to your original home search applies today. Get ahead of it, or your home may spend many months (or even years) on the market.