In our Chicago North Shore real estate market, millennials make up the majority of homebuyers. They’re moving from the city, they’ve started a family, and they’re very busy. On top of all of this, they know what they’re looking for in a home. How can you help your home listing appeal to them?
Millennials usually look at homes online first, so it’s important that you have great pictures that show off your property. A good presentation means everything, so look into the services of a professional home photographer. If you want an idea of how the photos should look, think “HGTV.” That’s what they want to see, so go online and look at how HGTV presents homes. Their homes are always move-in ready, which appeals to millennials.
You also need to price your home properly, as millennials can easily find out how much homes are worth online. If they see your home is much more expensive than a similar house next door, they’ll disregard your listing.
Millennials are not hunting for huge houses, and they don’t want to do a ton of renovating right after they move in. These buyers want their homes to be ready to live in from the beginning, so make sure your home is move-in ready. Millennials are also very good about their budgets, so they typically spend under their limits. Instead of purchasing a $700,000 home, for example, they may buy a $550,000 house and spend the savings on updates.
If you have a large home that needs many mechanical updates and repairs, you’re going to have a hard time finding a millennial buyer. They’d rather put their money toward things like painting and decorating instead of home systems. Make sure you’re keeping your home maintained so you don’t have a long list of things to fix before you list.
Finally, millennials have a keen understanding of property taxes. They know these taxes are on the rise, which is why they’re actively avoiding large homes with large yards. This makes it important to fight your property taxes each year to keep them at a manageable level. Remember that if your property taxes are high, your home price will likely have to be lower.
Since millennials make up such a large part of the market now, it’s important to listen to your agent about how to appeal to these buyers. If you have any questions or would like more information, feel free to reach out to me. I’d be happy to give you my recommendations and advice. Until then, I look forward to hearing from you soon.