If you're selling your home, attracting younger home buyers is going to be important. For the most part, younger home buyers fall into these two groups – Generation X and Generation Y or Millennials.
The largest demographic of home buyers is Generation X, who were born between 1965 and 1979. Millennials, those born between 1980 and 2000, are the second largest. Although they may fall into two demographics, they share common ground not only when it comes to what they look for in a home, but how they look and the most effective ways to sell to them.
Younger buyers are more likely to start the search for their new home online. According to the National Association of Realtors®, 90% of buyers use the Internet to search for homes, and 62% of buyers said they walked through a home after viewing the listing online.
Working around the home is not high on the younger buyers' list. They prefer to keep their weekends free, avoiding chores and maintenance associated with home ownership.
Some prefer to be closer to the city and mass transportation, while others are considering schools if they have children. Know which your location will appeal to and make sure it’s included in the listing.
Updated kitchen and bathroom
They may not have a lot of money to put into a remodeling project after they purchase; most of their cash just went into the down payment and furniture.
Cellular service and high speed Internet matter more to younger home buyers, especially since they are less likely than ever to have a landline.
Open floor plan
Younger buyers seem to be attracted to a big kitchen that transitions into a TV room, opting for flow of the home rather than sectioning off a formal dining room, living room, etc.
Technology offers more people the opportunity to work from home and younger people are most often the ones to take advantage of the opportunity.
Whether they're going green or not, a home's energy efficiency is something that most home buyers will ask about.
Buyers are affected by the home's potential, or how comfortable they are the minute that they walk into a home. Staging, rather than an empty home, is more effective to help younger home buyers imagine themselves in the home.
Attracting younger home buyers will be more important - to sellers and agents alike - as the housing market continues to recover.