Selling your home in 2024 requires more than just putting up a “For Sale” sign and waiting for potential buyers to line up. Those days are long gone! Millennials are now the majority of today’s buyers and often have an unconventional approach to buying real estate.
Say goodbye to traditional methods of selling. This age group and zeitgeist create unique purchase habits, such as prioritizing eco-friendliness, open-floor plans, strong community nearby, walkability, and more.
So if you’re selling your Illinois home in 2024, it is a great idea to tailor your strategy to specifically appeal to today’s millennial buyers. Attorney Ben Weaver from 23 Legal is here to guide you through the process of selling your home with our top pointers. Read on for eight secrets for selling to millennials, (plus a bonus tip!)…
Understanding the Millennial Buyer
Millennials, born between 1981 and 1996, are now in their prime home-buying years. According to recent statistics, millennial homebuyers make up over 40% of the market, showcasing their significant influence. Selling your home requires tailoring your approach to this demographic.
Millennials typically have preferences that take center stage when they buy a home. For instance, they’re tech-savvy and big on sustainability and energy conservation. While driven by ambition, they also prefer a healthy work-life balance.
They strike a delicate balance between physical and mental wellness and their professional drive and career goals. For quality of life, they look for homes with amenities close by that favor flexible work arrangements while having a friendly community nearby.
While potential millennial homebuyers face a tough real estate market – high house prices, high inflation and mortgage rates, and a lower inventory of homes, they are buyers to be reckoned with. Technology and online search have enabled and empowered these buyers and they are well-equipped to step into the market with professional agents and attorneys by their side. So, if you’re selling your home to a millennial, here are a few things you should know about their preferences.
8 Secrets for Appealing to Millennial Buyers in 2024
Wondering what features today’s homebuyers are looking for in a new home? Check out our 8 pro tips to consider…
1. Smart Home Technology
Millennials have grown up with technology and rely heavily on it. Hence, when choosing homes, they prioritize properties with the latest smart technology. Some of the latest smart technology for homes include smart thermostats, surveillance and security systems, etc. Sellers can upgrade to the latest tech to make their homes more appealing to millennial buyers. Smart home security systems allow you to monitor and manage security remotely, increasing convenience and peace of mind.
2. Energy Efficiency
Millennials are keenly focused on their ecological footprint and sustainability. For them, energy-efficient appliances are a major attraction. Not only do they help reduce energy consumption but also reduce utility costs. Sellers must ensure that their appliances are well-maintained to reduce energy wastage. If you can, upgrade your appliances to the latest models that are more energy-efficient. Solar panels and energy-efficient lighting and heating make your home more valuable to millennials.
3. Flexible Spaces
The pandemic has changed the way millennials view work and personal life. With flexible and remote work models becoming popular, millennials look for homes that can allow them to adapt to dynamic work conditions. A spare room or nook can easily be converted into a home office or a workstation, allowing residents to switch between their personal and professional lives easily.
If you have a spare room in your home, set it up as a flexible workspace or home library before listing your home. Upsell any nooks or extra rooms that can be converted for home offices, home gyms, or game rooms.
4. Open Floor Plans
Millennials love the open floor and flowing concepts that depict spaciousness and connectivity. Highlighting existing open spaces when listing your house can help you become a millennial’s favorite choice. Consult with a professional when staging your home for viewings. They will help you optimize the placement of your furniture to enhance the layout of your home. They also help reduce the clutter so your space looks cozy yet neat.
5. Low Maintenance Features
Busy lifestyles are a staple for millennials, hence they want their homes to be low-maintenance. They prefer durable building materials and easy-to-clean and maintain furniture and spaces. Minimalism is a popular trend for this generation, hence minimal landscaping and interiors are what catch their eye. If you want your house to sell faster, replace high-maintenance features with low-maintenance ones. Swap the carpets for hardwood floors, and replace exotic and extravagant landscaping with native and evergreen plants that do not need attention.
6. Location with Amenities
Millennials are increasingly focusing on healthy work-life balance and wellness. Hence, they want homes closer to facilities like gyms, parks, urban centers, cafes, and easy transportation. Sellers can’t change the location of their homes but can emphasize the facilities that are available near you. Highlight the lifestyle and community conveniences of the vicinity when listing your home.
7. Outdoor Living Spaces
Millennials have a connection with nature and want to cherish it. Backyards, patios, and outdoor spaces are a preference when choosing their dream home. If you have an outdoor space, now is the time to revamp it. Add some patio furniture, warm and cozy lighting, and cushions to make it homely. Add a fresh coat of paint and landscape for a fresh and maintained look.
8. Smart Storage
Storage is often one of the key elements people look for in a house. For millennials, a clutter-free home is the dream. When they view homes, efficient storage solutions are one thing they watch out for. When selling your home in 2024, highlight the storage areas you have. Under the stairs cabinets, built-in storage or closets and closet organizers add to the functionality of your home and increase its appeal.
Bonus tip: Neutral and Modern Aesthetics
Millennials often prefer homes with neutral color palettes and modern aesthetics. Consider updating paint colors, fixtures, and finishes to align with the latest interior design trends. Consult a decorator to curate a modern and neutral aesthetic. Decorate it such that it appeals to a variety of tastes and more buyers!
Sell Your Home in 2024 with 23 Legal
Selling a home is often difficult as it is, and even more so in today’s complex market. But it’s not impossible – especially with the right team on your side!
Millennial buyers are coming in strong, equipped with information and a professional agent by their side. By catering to their priorities, lifestyle needs, and interests, your chances at selling quickly are much better. We highly suggest hiring a realtor and attorney to make your home sale as smooth as possible. Read our previous blog about how to make a profit on the sale!
With decades of real estate law experience, Ben Weaver is very familiar with the Illinois’ real estate market and well-versed in understanding buyer preferences. 23 Legal’s clients also benefit from Ben’s excellent negotiation skills, coveted local contacts, and his attention to detail when reviewing documents. Connect with us today to discuss the best strategy for selling your property!
Planning to sell your property and start a new chapter? We can help!
Accomplish your real estate goals with 23 Legal: (847) 447-6004
Why Choose 23 Legal
23 Legal offers Real Estate and Estate Planning legal services to individuals, families, community associations and small business owners throughout Chicagoland. We know how intimidating “the law” can be. In fact, when most people think of law offices, they think of stuffy leather chairs, huge wooden desks and pompous lawyers who charge outrageous fees. That’s not us! We believe in 1-to-1; the same lawyer should work with you all the way through. Whether you have an estate planning issue, family trust concern, or you have a legal problem in regard to a new home, business, real estate or remodel, you need a lawyer who cares. That’s where Ben comes in! We are great listeners; more than that, we are lawyers who believe that our clients always come first.
