Millennials are the largest generation in the United States, so it’s no surprise that they also make up the largest share of home buyers. Young millennials are approaching or entering their 30s, and the oldest millennials are nearing their mid-40s. As they marry, start families, and settle down, many have recently bought or are looking to buy their first homes.
Marketing to the millennial generation is essential for home sellers. You need to appeal to the largest demographic of buyers if you want to receive competitive offers for your property. Although individuals within every generation can have different needs and preferences, there are some common patterns and trends that most millennials align with.
What Millennials Look for in Homes
Standards and priorities change with every generation. The qualities that millennials look for in a home vary greatly from what previous generations valued. Here are six of the most important factors millennials consider when looking at houses:
1. Location
While older homeowners may prefer living in quiet rural neighborhoods, most millennials look for properties in urban and suburban communities. Millennials place a strong emphasis on connection and community, and living in more densely populated neighborhoods can help them meet those needs.
Younger millennials may look for houses or condos in cities that offer access to public transportation, parks, stores, and other resources. Older millennials who are settling down and starting families may prefer suburban areas, but they still value walkable neighborhoods and access to community amenities.
2. Size and Affordability
Millennials have faced their fair share of financial hardships. Older millennials came of age around the Great Recession, and younger ones entered the workforce around the start of the pandemic. Because of low housing supply and dramatically rising housing costs, millennials don’t have as much buying power as older generations. Most are looking for smaller, budget-friendly properties, especially those who are purchasing their first homes.
3. Open Floor Plans
Open-concept floor plans are very popular among millennials. This layout allows for connection and socialization between family members, and it’s ideal for hosting events and get-togethers. Houses with open floor plans can sell faster and for a higher price than homes of a similar size with a closed-concept design.
4. Technology
Millennials grew up in the early days of the internet and have always been the first to adopt new technology. They’re tech-savvy and accustomed to living in a high-tech world, so they value homes with technological advancements. For instance, smart home technology is a huge selling feature for millennials.
The emphasis on tech also goes hand-in-hand with millennials’ focus on sustainability. Not only do modern appliances and systems offer more to the consumer, but they also tend to use less energy and reduce a home’s environmental footprint. Advancements like solar panels and energy-efficient appliances can greatly increase a home’s value.
5. Home Office
Although not all millennials work from home, remote work has become far more common in recent years. Many millennials seek out remote jobs, so a home office is a valuable addition to any property. Fortunately, practically any extra room can be converted into a home office, so it’s an easy feature to add when you list your home on the market.
6. Storage
Most millennials value clean and simple living spaces. Minimalism was a growing trend among millennials for a long time, and while extreme minimalism may no longer be at peak popularity, the generation still loves an organized, clutter-free home. Ample storage space is a highly desirable quality in homes for millennials. Extra closets, shelves, attic storage, sheds, and other storage spaces can help sell a house.
Tips for Marketing Your Home to Millennials
Millennials make up a huge percentage of the home buying population, so appealing to this generation is one of the best things you can do when selling your home. Here are five strategies for marketing to millennials:
1. Appeal to First-Time Buyers
The vast majority of millennial home buyers, especially young millennials, are first-time buyers. If you want to appeal to millennials, think about how you can appeal to first-time homeowners. Most first-time buyers are not as comfortable making home repairs as seasoned homeowners, so making repairs and upgrades before listing your home can work in your favor.
Additionally, many prospective buyers will have an FHA loan instead of a conventional mortgage. FHA mortgages have stricter inspection and appraisal requirements, so sellers often reject them in favor of conventional loans. However, if you want to appeal to millennial home buyers, you should keep FHA loan offers in the running.
2. Upgrade Your Outdoor Space
Turning your yard into a functional gathering space is a great way to set your property apart from others. Because connection and community are so important to them, many millennials look for homes with patios, fire pits, pools, or other outdoor features that encourage gathering. First impressions are key, too, and the yard is one of the first things your prospective buyers will see.
If your home already boasts a fire pit or patio, make sure it’s included in your listing. Keep it clean and in good condition for showings so that buyers can see it in all its glory.
3. Keep It Simple
Millennials prefer simple, minimal, and open designs. When staging your home, remove as much clutter as you can. If possible, switch out large or bulky furniture with smaller items so that rooms look more spacious. Use as much natural light as possible by opening up all your curtains and blinds.
4. Take High-Quality Photos and Videos
No matter your target audience, quality photos are essential when marketing your home. Most prospective buyers view listing photos before attending a showing, and almost all millennial buyers look at properties online as a first step. Professional photography will help you showcase your house in the best light possible.
In addition to taking high-quality photos, consider creating a 3D virtual tour of your house so that buyers can understand the layout of your home just by viewing the listing. This can generate more interest and help you appeal to buyers who live far away and may not be able to visit the home in person.
5. Use Social Media
Practically all millennials use the internet during their home search. They view listings online and research neighborhood information, such as crime rates, school districts, and nearby amenities. Social media is also a popular tool for younger home buyers, so many agents now list properties on Facebook, Instagram, and other sites. Talk to your agent about posting your listing on social media so that it can be seen by a wider pool of buyers.
Most millennials value simplicity, affordability, and functionality above everything else. To market your home to millennials, highlight any and all of these features that your property has to offer. Using technology to advertise your house is crucial, too. If you keep millennials in mind as you prepare your home for the market, you should attract a lot of attention and get some competitive offers.
