The millennial generation (loosely, people born between 1981 and 2004) has become the biggest segment of home buyers in the real estate market (34 percent, according to the NAR). Atlanta is no exception to this trend. In fact, as recently as 2015, Money Magazine ranked the ATL the second best city for Millennials, due in part to its thriving job market, low cost of living and vibrant social scene. But what do these millennial home buyers look for in an Atlanta property? If you plan to sell this year, what can you do to make your home more attractive to this generation of first-time homebuyers?
Northshore Fireplace recently conducted a survey of 1,000 millennials to discover their top priorities when purchasing a home. The results were eye-opening, and they confirm some trends we have been seeing in Atlanta for some time. For our purposes here, let’s skip over some of the things sellers can do little about (like the neighborhood or an attached garage) and narrow in on things they can do to make their homes more competitive in the millennial market.
Updated Kitchen and Appliances
“New appliances” are by far the top priority in Northshore Fireplace’s survey results, with three-quarters of millennials naming it as an important factor. Forty-six percent of them also said they wanted a luxury kitchen. Why? Because young adults usually prefer the low-maintenance route and the kitchen is usually the center of the millennial’s family and social life. Remodeling your kitchen and replacing appliances is a great way to attract this type of buyer.
Millennials tend to be very conscious of the environment, as well as their wallet, which is why they value options that reduce their energy output. Nearly half of those surveyed said solar panels and/or energy storage were important to them. While converting to solar might be a bit of an investment for some, installing energy-efficient windows and insulation can become a good selling point.
Millennials have grown up in the digital age, and they see little reason as to why technology shouldn’t be integrated into their homes. Nearly 40 percent of those surveyed cited “smart home technology” as a priority in a new home. Implementing this technology can be minimally invasive and relatively inexpensive, and it adds to your home’s perceived value.
Thinking of installing new flooring? Get rid of the carpeting and look at installing natural hardwood or stone. Young adults prefer these options to carpet or tile, and per the Northshore survey, 45 percent of participants marked it as a priority.
Of course, every home is different, and buyers of all ages have different priorities. However, if you are making renovations to your home to sell it, you would be remiss not to consider the priorities of one-third of the marketplace. For more information on listing your Atlanta home for sale, call Atlanta Fine Homes Sotheby’s International Realty at 404.948.4812.