When it comes to selling your Fort Lauderdale home, there is a new group of buyers you may want to consider – Millennials. Born between 1982 and 2003, this generation are positioned to make a major impact on the U.S. economy in the next decade. Here are some facts about Millennials from The Brookings Institute, the most quoted and trusted think tank:
- Millennials will comprise more than one in three of adult Americans by 2020.
- Millennials will make up as much as 75% of the U.S. workforce by 2025.
- Millennials account for more than $1 trillion in U.S. consumer spending.
It’s true this group has been slower in taking the first steps toward home ownership than previous generations. That’s likely a byproduct of the economic and cultural shifts, which have combined to make real estate less affordable and equally less appealing. There is no denying that recent economic hardships have made it difficult for many Millennials to jump into the Fort Lauderdale real estate market. However, there are still plenty of people in this generation who would like to buy a home.
What attracts these younger prospects can be a lot different than older generations of home buyers. Here are four tips on how you can make your home more appealing to Millennials:
- Connectivity – Millennials spend a lot of their time on the Internet. In 2013, the number of hours Millennials spent online increased by 25 percent to nearly 25 hours per week. Homes with strong mobile and wireless connections will be appealing and should be promoted.
- De-clutter – Millennials are not drawn to cluttered homes, or those that look outdated. Like most buyers, it is difficult to picture themselves living in such a home. Take some time to clear clutter from your home and consider investing in home staging. According to Realtor.com, sellers investing just $500 in home staging can expect an average 343% return on their investment.
- Home Office – Millennials are working from home in greater numbers than past generations, so a home office is very appealing. If your home doesn’t have a home office, consider converting a spare bedroom, large closet or space in the kitchen.
- Walkability – The percentage of 16 to 24 year olds with driver’s licenses has been declining since 1997. Today, almost 70 percent do not have a driver’s license, the first time since the early 60s). Be sure to highlight if your home is close to businesses, public transportation, parks and other popular destinations. You can create a bullet point list of approximate times or distance to about five or six popular destinations that are closest to your property.
There is a lot of convincing evidence indicating Millennials are simply delaying real estate purchases, rather than planning to skip home ownership altogether. As the economy continues to improve, we expect greater numbers of younger buyers to enter the Fort Lauderdale real estate market. When listing your home for sale, it’s important to keep all potential groups of prospective buyers in mind. Contact us to learn how we can get your home sold!
