How To: Attract First-Time Home Buyers
Marketing your listing to millennials? As 20-somethings slowly enter the market for the first time, they bring different priorities than did previous generations of home buyers.
Millennials can’t seem to catch a break. Saddled with student loan debt and facing some tough employment challenges, 20-somethings today are finding it more difficult than previous generations to get a foot into homeownership. In 2013, first-time buyers have accounted for only 28 percent of home purchases, down from 34 percent in 2012. If you’re selling a house with appeal for younger house hunters, here’s how to make it even more enticing:
Show how it lives smart. Millennials are OK with less space, so long as that space is multifunctional and intelligently organized. If possible, show how rooms can be used in different ways. For instance, move a fold-out sofa into the home office to demonstrate its potential as an occasional guest room.
Wire up. Millennials are said to be a mobile group. At home, that mobility takes the form of a wireless internet connection. Include in your marketing materials an explanation of local internet service quality and costs (and of cell phone reception on your property).
Map out commuting routes and alternatives. Bikes, public transit, and car-sharing services like Zipcar are catnip for millennials, enabling them to minimize day-to-day costs and save for monthly housing fees. Create a map that situates the proximity of your house to available transportation amenities.
Introduce them to the community. In today’s erratic and hypercompetitive market, buyers often parachute into unfamiliar neighborhoods, chasing affordability. Provide background on the features and culture of your neighborhood, since harried buyers may not have time to investigate on their own.
Be ready to respond on a moment’s notice. Millennials are likely to pull up in front of your house and review your listing from the screen of a smartphone. If they want to see your place, they want to see it right away. Be ready to show it at a moment’s notice.