As more and more young home buyers enter the real estate market in Pearland, it's clear that this demographic has its own set of unique preferences. Each generation has defining characteristics when they start buying homes, and knowing these is key to broadening your market as a seller. If you plan on selling your home in the near future, you want to make sure that it appeals to the widest range of buyers, and understanding what young home buyers are looking for is essential to maximizing your audience. Likewise, if you're a young home buyer yourself, it helps to know what others in your age range are adding to their must-have lists and the reasoning behind these preferences.
There have been plenty of misconceptions about young buyers, particularly that they are all looking for trendy condos, tiny homes, and stylish suites in urban centers. But, for the most part, entry-level buyers share many of the same preferences as those of all ages, with a few key distinctions. Stay in-the-know with these 4 insights into the minds of today's young home buyers.
Function Over Space
While many millennials are hoping to upsize as they progress in their careers and begin planning for the future, functionality remains a priority more than square footage. Good utilization of available space is important — today's buyers value open concept layouts and clean lines, so that interiors feel comfortable and roomy. Strategic storage is important, as is wall-mounted or pre-built shelving; young buyers are not charmed by supplemental heavy storage pieces such as wardrobes and china cabinets.
Though it was long assumed that young home buyers — millennials in particular — favored big city living, this belief has shifted in the wake of new research. As the millennial demographic has aged, recent studies in cities around the country have shown that the millennials have their sights set on the suburbs and are already making their way out of urban centers.
The price per square foot value of suburban homes just can't be beat, especially for those who are considering owning pets or starting a family. That being said, convenience factors such as proximity to public transit and the walkability of an area are still highly important to young buyers.
Young tech-savvy buyers will likely assess a home's technological capabilities as part of their buying decision. This demographic requires convenience, so state-of-the-art technology is key. This doesn't mean that as a seller, you need to fully outfit your home with the latest home automation devices. It does mean that you can boost your home's appeal with features such as integrated security systems, solar panels, energy-efficient or eco-friendly appliances, and upgraded heating and cooling systems.
A 2016 study by CNET revealed that almost half of all millennials aged 18 to 34 have adopted smart technology at home and that the percentage of smart homes will increase as the number of millennial homeowners grows.
Upgrades That Add Value
Young buyers are not naive when it comes to home upgrades. They understand what does and doesn't add value to a home and prefer stylish enhancements that make homes easier to sell. A 2017 Northshore Fireplace study re-published by Business Insider shows that millennials would spend their upgrading budget on fixes such as solid hardwood or stone flooring, new appliances, and kitchen improvements including new cabinetry and countertops. They would also add solar panels to conserve energy costs and finish basements to improve the amount of useable space in the home.
Trivial features such as swimming pools, hot tubs, and 3-car garages were less popular options. This goes to show that sellers shouldn't feel the need to dazzle young buyers with frivolous luxury enticements that serve no purpose other than glitz. This age group is well-informed and made up of responsible buyers with a no-frills approach to home ownership. They enjoy the finer things but hesitate to splurge on excess items that offer little return on investment.
By making smart, knowledgeable choices, you can naturally increase your home's appeal among young investors.
Want to learn more crucial tips for Pearland sellers? Connect with the Pearland selling experts at The Sam Team today!.