How Millennials Spend Play Money in the Colorado Real Estate MarketPosted on Nov 30, 2017
If you list a home, most certainly millennials will show up at your open houses and home tours. But how do you stage with the younger buyer in mind? What kind of upgrades and improvements matter most to them? Northshore Fireplace recently surveyed millennials by giving them $300,000 in play money to spend on upgrades. According to an article by goodcall.com, student loan debt delayed the home-buying wave for millennials. Now the group ages 18 to 34 make up the largest segment of home buyers. Millennials gravitate to the Colorado real estate market because of the incredible laid-back lifestyle and good job market. With so many millennials out looking for homes, should a seller put out avocado toast at open houses? Most millennials just want to feel as though they are serious contenders by receiving respect from home sellers and real estate agents. It's interesting to hear how millennials would spend play money when buying a home.
Investing in all new appliances
The most important thing to millennial buyers was having new appliances. It makes sense to invest in a matching set of appliances when listing your home. Because millennials already have to stretch to afford a first or second home, most can't afford to replace worn-out appliances. They often want to cook as evidenced by the fact that having a luxury kitchen also showed up as a popular upgrade.
Making changes within your budget
It's not wise to make major renovations in order to appeal to millennials because of the ROI (return on investment). The survey showed millennials prefer a two-car garage and finished basement. Instead of spending tens of thousands on creating a larger master bedroom, invest in a smart home system and upgraded flooring. While young people state they prefer solid hardwood and stone flooring, they often appreciate less expensive laminate flooring.
When staging homes for young people, create indoor and outdoor entertaining space. Young people also like homes with fenced in backyards suitable for dogs. At Team Lassen, we specialize in the Colorado real estate market. For more tips on how to get your home ready to list, please contact us.