We’ve all heard how rough the housing market can be for first-time homebuyers. With housing prices on the rise and mortgage interest rates following suit, first-time homebuyers are finding more and more competition when it comes to purchasing an entry-level home.
However, just because the hurdle to buying a first-home might be a little higher for this generation, it doesn’t mean there is a lack of interest or desire to purchase.
Some sellers might even shy away from targeting younger, Millennial buyers because of perceived notions that they aren’t really serious buyers.
But, consider that Millennials make up 66% of all first-time homebuyers, and 34% of home buyers overall. That is a huge group of people to ignore! So, instead of avoiding first-time Millennial buyers, consider these tips for marketing your home directly to them…
Find the right partner to sell your home
Of course, you want your agent to know the ins and outs of your home, neighborhood, and community. But it is just as important for your agent to understand who the right buyer is for your home and how to target and communicate with them properly.
“I tend to approach most people as first-time buyers since there is so much to take in,” says REX Agent Kate Ward. “Most people come to me saying,
“Please explain it all to me, because I haven’t done this in a while.” I’m happy to take it slowly and explain the process, as well as offer names of vendors (inspectors, for instance) as needs arise.”
On top of the personal touch, utilizing digital marketing to attract a younger buyer is also important. REX, for example, uses the latest AI, machine learning, and data technologies to find the right buyer by targeting them both online and offline.
Reaching younger buyers on websites and social media platforms that they frequent is important to keep your home top of mind.
Understand that first-time Millennial homebuyers aren’t always in a rush, even if the competition is fierce.
“The younger buyers I’ve worked with are coming into the process knowing their priorities, knowing their budget, and are determined not to settle,” says Ward.
“They usually start the process very early and do a lot of looking before they decide on the neighborhood and the home. Rather than coming to the search ready to compromise, they are often ready to wait for something they love.”
Make Your Home Feel Flexible
Maximizing the space of a new home is important for any buyer, whether it’s their first house or their tenth. Ward says when getting your home ready to show, making it feel open and amenable to any lifestyle is important.
“Younger buyers are practical, but they aren’t ready to give up charm to get a deal. Showing that the home offers them choices in functionality – helps them feel like still have choices to make, even after they settle on a house.”
Get Your Home HGTV Ready
Who among us hasn’t found themselves knee-deep in an 8-hour Fixer Upper binge on HGTV? Home design and improvement shows are proliferating television like never before.
The popularity of these shows has created a generation of buyers who expect their first home to be ready for the front page of a magazine.
Now, don’t go running out the door to get a sledgehammer and completely re-do your home.
There are simple, inexpensive upgrades that go a long way to making your home decor stand out.
“Have a look at your light fixtures!” says Ward. “They have a huge impact on the look of a room and are relatively inexpensive and easy to change.
Consult magazines for the new looks or pull up photos of new builds and see what styles of lighting work for your home. Keep it simple.”