Millennials on the Move
As they reach home-buying age, millennials have dominated the housing market for over 15 years. Those who are thinking about relocating have plenty of factors to consider. Like everyone else, they live in a work landscape that now allows for greater freedom from geographic anchors. This is good news, especially for those moving out of state to settle closer to family or who just may want a change of scenery.
Many are right in the thick of raising their own families, so they’ll be paying attention to neighborhood amenities like parks and swimming pools as well as nearby dining and entertainment options. Real estate experts say that zip codes with the largest share of children grew 21% from October 2020 to October 2021.
Since millennial demand for housing is expected to continue accelerating home price growth in first-time buyer neighborhoods, it’s essential to consult with a knowledgeable real estate professional.
Home Staging To Attract Millennials
A tip for home sellers: Study what millennials like before staging your home. After all, these adults, ages 24-42, account for 43% of all U.S. home buyers. It’s important to target the largest demographic in the housing market.
As you browse magazines and Pinterest for staging ideas, remember these five features millennials value in their new home.
Natural Beauty and Eco-Friendliness
Millennials prefer natural materials featured in interior decors, such as sustainably sourced wood, bamboo, cork, granite, brick, rattan, and jute. Energy-efficient appliances or systems such as solar outdoor lighting, indoor LED lights and smart thermostats appeal to concerns about the environment.
Smart Technology
Beyond the thermostat, millennials will look for smart touches like keyless entry, USB outlets and voice-assisted appliances or systems.
Work-Life Balance
Set up attractive spots where a homeowner can work comfortably with a laptop, even if it’s just a nook in your kitchen. Be sure your listing agent knows about any Wi-Fi boosters and provide internet speed scores. Charging stations, task lighting, comfortable seating, and good natural light are all big pluses. Stage a guest room that can serve as an office or videoconferencing room. Cutting-edge tech and lighting definitely add to the appeal.
Move-In Readiness
Millennials are busy with work and family. They’ll be drawn to turnkey listings. It’s wise to have your home inspected before listing it and make any necessary repairs. When appropriate, replace outdated items like door knobs, light fixtures, mirror frames, shower heads, and faucets. Refresh kitchen cabinets with new paint or stain. Brighten rooms with on-trend, neutral paint colors. Browse second-hand stores for affordable statement items such as an antique chandelier or a recycled mirror.
Outdoor Areas
Stage outside living spaces with attractive fabrics, pillows and lighting (solar-powered, of course!). Create a lovely outdoor dining area complete with table settings and candlelight for evening showings.
Apps To Help Smooth Your Move
Feeling anxious about your upcoming move? There’s an app for that! Actually, there are several.
Your mobile device can help you in many ways before, during, and after your move. In fact, several apps are designed to help you throughout the entire moving process. Read descriptions and reviews to find which ones might be most useful for your situation. Available on iOS and Android, here are some free apps you can use to help you plan and prepare for your move.
- Shyft Moving lets you get an estimate without someone coming to your house. Show what you want to move on a video by going from room to room, and you’ll get an estimate in return.
- MoveAdvisor includes a timeline for your move, reviews of moving companies, and an inventory checklist of your belongings.
- Moving Organizer Lite helps you track all of your boxes and their contents with photos, tags and descriptions for easy searching. It also allows you to track location, values and sizes of your boxes with unlimited backups.
Benefits of a Home Warranty
Can you buy peace of mind? A home warranty helps buyers feel protected in case a problem arises due to normal wear and tear during the first year after the sale. This peace of mind is especially attractive to buyers whose savings may be low after paying the down payment and closing costs.
According to the National Association of REALTORS®, the most popular incentive sellers can use to attract buyers is a home warranty. (It’s critical sellers understand that a home warranty doesn’t exempt them from disclosing known problems to the buyer.)
Typically, home warranties offer a year of coverage for specific issues, systems and appliances. Warranty plans can vary significantly, so carefully compare the costs, out-of-pocket fees and coverage.
Investing in a Vacation Property
It’s clear Americans are looking for alternative ways to hedge against economic volatility. When you search “passive income” in your browser, you’ll get 130 million results. Airbnb is one such income source that some middle-class investors are considering. Since its beginnings in 2008, Airbnb has expanded into more than 100,000 cities worldwide with over 7 million listings.
Owning and renting out your vacation property can provide a source of passive income, depreciation and equity. Start with these 5 steps to figure out if this is a good investment for you.
- Scout your best location based on current and projected short-term rental activity.
- Research your market, looking for areas that are trending up.
- Calculate pricing determined by all of your research, including rental changes based on seasonal shifts.
- Estimate income based on your rates minus expenses.
- Prepare a market comparison for yearly revenue growth.
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