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The home selling trends for 2020 are predicted to skew toward the millennial generation given the most recent statistics of age demographics. While the exact definition of millennial varies, the term usually refers to anyone born between 1980 and 2000 (give or take a few years in either direction).
Given the relatively large time span of this generation, there's a fairly wide gap when it comes to how they search for homes. We'll give you more information on how home sellers can capitalize on this trend rather than fall victim to it.
Prioritize Your Listing
Millennials aren't usually wandering around their dream neighborhoods just hoping to catch a glimpse of an Open House sign. In fact, chances are they're doing a lot of research online before they even consider hiring a real estate agent.
When more than 80% find their home on a mobile device and nearly 100% find their home through an internet search, you need to have an online listing that really speaks to them. Your photos need to be impeccable and your descriptions need to be chockful of the most popular keywords. You may even want to take some high-quality video footage of the inside and outside of the home.
Bigger Isn't Always Better
Millennials do care about how big the home is, but they may be more interested in how close the home is to a good school system (especially the older millennials). They may be looking for reassurance as to the quality of the neighborhood or how long the standard rush hour will delay them.
Making Improvements
If you're planning on doing a little renovating before you put the home up for sale, concentrate on the design flow of the home. For most sellers, it's recommended you put an emphasis on the home's patio, pantry, and garage space as a way to attract more buyers. It's the functionality that millennials are concerned with, which would explain why things like laundry rooms are more exciting to them than a huge master bedroom.
You may also want to invest a little money in your exterior lighting, as it can be a good way to improve both the look and safety of the home. And if you want to keep your price tag down, millennials are besotted with Style on a Budget decorating, giving you a chance to flex your creativity without having to buy spend too much money.
Home sellers can talk with a real estate agent to find out if their home is likely to be coveted by millennials or not. It just helps to know what they're looking for before you start inviting people on the property.
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