According to a 2016 Report published by the National Association of Realtors*, recently purchased homes typically had 1,900 square feet, with three bedrooms and two bathrooms. The survey also found that Millennials, or individuals born between the years 1980 and 1995, are the largest generational group of recent homebuyers.
As many Millennials are working to pay down student loan debt, live closer to urban areas, and enjoy experiences outside the house, they are balancing their priorities by purchasing smaller homes.
If you own a large home and plan to sell, price and location will definitely factor into your home’s attractiveness to the average Millennial. Additionally, there are other factors you should consider to grab their attention and avoid turning them off. These three tips will help you avoid alienating the largest, most powerful generational group of homebuyers.
Tip 1: Don’t Sell Your House Empty…
As we’ve discussed before, vacant homes can be a tough sell to any buyer, especially Millennials who don’t like a lot of guesswork. A large home can look and feel even larger when it’s empty, which leaves too much to the buyer’s imagination. You don’t want buyers wondering whether their furniture will fit because your home offers no frame of reference.
Also bear in mind that Millennials are not fans of hand-me-down furniture from mom and dad, so they are unlikely to own lots of big furniture pieces to fill large spaces. If your empty house makes them feel like they need lots of furniture to live there, younger buyers may become intimidated and move on to the next house.
Finally, don’t forget the photo factor—Millennials are very information driven, so they’re likely to screen houses online to select the ones they want to visit in person. Photos of empty rooms are unimpressive and may deter buyers from booking a showing.
Tip 2: …But Don’t Sell Your House Too Full.
Millennials love simplicity and hate clutter. They generally favor the light and airy look, so excessive furniture and clutter can turn them off just as quickly as an empty house. Large homes need the right balance of tasteful furnishings that don’t overwhelm the minimalist-minded Millennial. Consult with a professional organizer or stager for help decluttering your home and creating more comfortable living spaces.
Tip 3: Don’t Neglect Your Outdoor Living Areas.
Millennials value leisure time and social experiences, so be sure to put your outdoor living areas on display. Sellers often overlook outdoor spaces, but doing so could cost you many potential buyers.
Punching up your outdoor spaces can also help focus buyers less on the large size of your home and more on the experiences they can have outdoors with friends and family. But a word of caution: Most Millennials don’t like lots of yard maintenance, so if your outdoor living areas are large, you’ll need to make them look cozy and low-maintenance.
The Millennial generation numbers over 30 million people, so sellers should value their preferences. A home stager can help you create the right balance in your home to make it an inviting space for a broad pool of buyers, including the key generational group of Millennials. For expert staging advice, contact Jennifer at Main Stage Home Staging & Organizing at 240-324-8280 today.
by Jennifer Westbrook | Main Stage Home Staging & Organizing
*Nat’l Assn. of Realtors Home Buyer and Seller Generational Trends Report 2016