New Generation of Homeowners Are Hands-on!
Posted by Client Care on Tuesday, April 2nd, 2013 at 4:11pm.
Recently Better Homes and Gardens conducted a real estate survey among the new generation of homebuyers, ages 18-35 years old, and concluded this younger demographic is not afraid of getting their hands dirty when it comes to their real estate purchase decisions. In fact, this hands-on approach regarding real estate renovations and repairs, is actually preferred by 30% of those interviewed! The survey also found that 77% of new homeowners are looking for a more “essential or purposeful” home, which features the “technological capabilities” they are used to over a traditional luxury home. In addition, 43% of those interviewed want something that is not considered a cookie cutter home, but offers quality amenities and accommodations. So what does this mean? Well, it means several different things to a wide variety of people, but it mostly indicates that today’s homebuyers are looking for a home that is special to them!
This kind of data regarding new homebuyer trends is very important and can be used to your advantage if you are trying to sell your home in today’s competitive market. By knowing and understanding that new homebuyers are looking for properties that speak directly to them and their specific needs, you can really hone in on what your particular property offers. Quality is seen as a bigger asset over quantity in today’s real estate market, which has many buyers looking more closely at the shell of the home over specific features.
In addition, the days of dreaming about buying a mega mansion have been replaced by purchasing a home that is at least as smart as your phone! New technologies offer a different kind of luxury, which is seen as more important to younger homebuyers. Things like green home innovations are now more desirable among this demographic than marble counter tops and master bathroom suites.
So now the question is, what do you do if your are trying to sell a 1960’s home, that still reflects your grandmother’s 1960s lifestyle? The answer is, you appeal to the younger demographic’s desire for quality, and upgrade one or two elements of the home to bring it into the new era. The fact that new homebuyers want to be able to customize their home to their needs, means you do not need to update everything. However you should at least be installing things like modern internet and cable connections, and maybe consider updating to energy efficient appliances. Furthermore, highlight the quality of the community and the uniqueness of your older home. By doing so, you will draw in people who are interested in the longevity and staying power of their real estate investment.
Seller Tip: One way to appeal to a younger demographic of homebuyers is to market your home as a property that will grow with them. Adding comments to your listing like: home’s roof offers direct sunlight if interested in installing solar panels, community HOA includes recycling, or award winning elementary school only minutes away, will help buyers pull your house “out of the box” and put it into their list of possibilities!