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Real Estate

Published on February 17, 2014

Author: sarahritzficzner

Source: slideshare.net


Millennials, those born between 1980 and 2000, are the second-biggest segment of home buyers, behind Generation X (those born between 1965 and 1979), according to a 2013 National Association of REALTORS® study about generational housing trends. Real estate professionals told ABC News recently of some “must have” features that tend to be in high demand among young buyers.

10 MUST-HAVES FOR MILLENNIAL BUYERS Millennials, those born between 1980 and 2000, are the second-biggest segment of home buyers, behind Generation X (those born between 1965 and 1979), according to a 2013 National Association of REALTORS® study about generational housing trends. Real estate professionals told ABC News recently of some “must have” features that tend to be in high demand among young buyers. 2/17/2014

1. UPDATED KITCHEN & BATH • We all want to buy a home with new kitchen and bath fixtures, but new fixtures are especially important for today's young, budget-conscious buyers, says Jack Curtis, a real estate agent in Dublin, Ohio. • "The primary reason younger buyers seek updated kitchens and baths is because they have limited budgets," Curtis says. "Most of their savings will go toward the down payment and furnishings. Kitchens and bathrooms are also the most expensive parts of a home to update, and young homeowners cannot afford to sink a lot of money into those areas." • While updated kitchens and bathrooms may bring in a younger crowd, remodeling costs should give a seller pause. After all, if those updates aren't in a young buyer's budget, they probably aren't in a seller's budget either. Unlike a new roof or plumbing, bathroom and kitchen fixtures are also a matter of taste, so not every buyer will like what you pick, according to Curtis. 2

2. BIG KITCHEN & OPEN FLOOR PLAN • A generation ago, formal dining rooms may have been on every buyer's wish list. But today there really isn't much appeal to the formal dining room, according to Lou Cardillo of The Lou Cardillo Team in Yorktown Heights, N.Y. • "The kitchen has become the hangout room along with the family room," says Cardillo. "An open space that can easily transition from kitchen to TV room is high on the list of the perfect home for young buyers. In essence, the kitchen is the new living room." • Read More From Bankrate: 4 big money mistakes of first-time homebuyers • Along similar lines, Curtis says today's young buyers are also more attracted to an open floor plan, rather than a layout that compartmentalizes the home. Again, the reason has a lot to do with how younger homeowners entertain. • "They want people to flow through the home during gatherings, rather than be sectioned off in rooms," Curtis says. 3

3. HOME OFFICE • More than 13 million Americans work from home, and all signs point to that trend continuing, which makes a home office important for many buyers. • "Home offices have vast appeal," says Paige Elliott, a Realtor with Dave Perry-Miller & Associates in Dallas. "Most agents will point out that a room could be used as an office or other flex living space, especially if it is currently used or staged as a bedroom." • Home offices aren't just for those who work from home full time, according to Cardillo. • Read More From Bankrate: 4 tips for single, female homebuyers • "As technology continues to make us more mobile, young buyers have more options than ever to work from home, depending on their job," says Cardillo. "Having a dedicated space is important because it will help keep them focused and concentrated on work while they are at home on a Skype call, planning a presentation, setting up their workday or simply paying bills." 4

4. GOOD LOCATION • Younger buyers tend to see location differently from their parents, who didn't face high gas prices and traffic, says Allison Nichols, an agent with Related Realty in Chicago. • "My younger buyers look for properties that are in proximity to public transportation and that have a good walking score," Nichols says. • But there are young buyers, and then there are young buyers with children. The former group may prefer to be close to the action of the city, while the latter might prefer something a little more residential. 5

5. LOW MAINTENANCE • Most young buyers look for homes that are low maintenance, says Cardillo, who points out that low-upkeep features such as wood floors (as opposed to carpet) and granite countertops are seen as positives for this generation because they're both attractive and relatively hasslefree. • Cardillo says he sees a generational shift toward a society that's more "disposable," where homeowners prefer to replace rather than repair. • "Most young homebuyers grew up watching their parents spend weekends with their honeydo lists, or they had chores to do on the weekends," he says. "Most young buyers are not going to follow in their (parents') footsteps. They don't want to do that stuff. … They want their weekends to themselves and don't really want to be cleaning gutters or cutting the grass. 6

6. TECHNOLOGY • A generation ago, buyers didn't care about a home's technological capabilities. Either it had cable hookups or it didn't. Today, buyers want to know about the home's technology. They want to hear about cell service and Internet, not cable and telephone. • "Most young homebuyers laugh at a landline phone, and even if they buy a house that has a jack, it is rarely used," Cardillo says. • In some cases, a house's appeal can be increased or diminished because of the strength of a mobile carrier's signal or its Internet service provider options, Cardillo says. While cell phone and Internet services are out of the seller's hands, Cardillo says sellers or their agents should be prepared to field questions on that front. • "Internet and cell service matters a lot to this generation, and they're going to ask, so you need to have answers," he says. 7

7. ENERGY EFFICIENCY • With energy cost on the rise and growing interest in protecting the environment, young buyers are conscious of buying homes that are green. They may not be alone, according to Jeff Hyland of Hilton & Hyland real estate agency in Beverly Hills, Calif. • "Today, not only younger buyers, but buyers in general, are looking for energy-efficient homes," says Hyland. "And if they are not already set up (for energy efficiency), then the buyers will often factor those costs into their budgets so they can do it after the close of escrow." • Before sellers green wash their homes, Elliott offers a caution: "I am not seeing the energy efficiency of a home as a top selling feature that attracts young buyers," she says. "They seem to be savvy on insulation levels, seasonal energy efficiency ratios and other energyefficiency factors, but (energy efficiency) still isn't the top reason for a home purchase." • Oftentimes, Elliott says, young buyers ask about these things and then update them after they close on the house. And in some cases, buyers who make those upgrades themselves do so because of tax credits. 8

8. THE CABLE TV EFFECT • Whether we admit it or not, we've all seen at least a few of the home shows on cable networks like TLC and HGTV. But while those shows can be fun and informative, they also do a lot to shape buyer expectations. • "Real estate shows on TV have impacted all buyers on the way they look at houses," Elliott says. "But young buyers will often comment on how a house is, or isn't, staged." • Either way, staging is a critical part of selling your home, Hyland says. • "Staging a home is always helpful as it helps people to feel at home the moment they walk through the door, as opposed to having to imagine what it could look like once they move it," Hyland says. "Buyer expectations are often met, and at times, exceeded by staging a home." 9

9. KEEP HOA COSTS DOWN • Young buyers tend to get caught in a trap when gauging the affordability of condos or town homes, Nichols says. The asking price often fits their limited budgets, but HOA dues and the possibility of large assessments can sink the purchase. • "When it comes to condo buildings, my younger buyers are looking for properties with no special assessments," Nichols says. "These can be as high as $10,000, and young or first-time buyers don't necessarily have this in their budget. Likewise, they want to maximize their monthly housing budget by finding a property with low monthly assessments." • The possibility of a hefty assessment or high HOA dues deters some young buyers, but a building that's eligible for FHA financing can be attractive, Nichols says 10

10. ONLINE PHOTOS • If you're serious about attracting young buyers, you need to think about how your property shows online, Elliott says. • "Younger buyers start their searches online," Elliott says. "The home must have professional photography that shows the home in its best light, or they will move on before ever stepping foot in the door." • Looking at the data, it's hard to underestimate the importance of a quality online listing. According to the most recent analysis from the NAR, 90 percent of buyers use the Internet to search for homes. By comparison, real estate agents were the second most common resource for finding a home, with 87 percent of buyers citing an agent's help as a key factor. • The most telling piece of data may be what happens after buyers see an online listing. According to the NAR, 62 percent of buyers said they walked through a home after viewing the listing online, and 76 percent said they at least drove by the home because of an online ad. 11

LIST IT! • Listing your house shouldn’t be a stressful process. At Ficzner Law, your decision to sell, and the preparation and listing of your home is an easy transition. • Howard Hanna’s superior service and Ficzner Law’s innovation, drive and expertise are a win-win for sellers. • Click here to learn more about all the benefits of Listing your home with Ficzner Law. Let’s Get Movin!- LIST IT! 12

SHARE IT! • Real estate marketing is changing at a rampant pace. At Ficzner Law we understand this and know that a photo is worth a thousand words. We are equipped with cutting edge mobile technology solutions to sell your home. • If a photo is worth a thousand words, a Sphere is worth a thousand photos. • Click here to learn more about all the benefits of the real estate technology we offer to our sellers at Ficzner Law. Let's Get Movin!- SHARE IT! 13

SELL IT! • We share your goals; to sell your home in a timely, financially and legally beneficial way, with little to no stress or anxiety. And, it can be this way, you just need the right professional on your team. • At Ficzner Law we combine the expertise of an experienced attorney acting as your Agent, and all the benefits of listing with your leading broker, Howard Hanna, to ensure timely and proper selling success. • Click here to learn more about all the benefits of this winning combination at Ficzner Law. Let’s Get Movin!- SELL IT! 14

CLIENT SUCCESS IS OUR FOCUS • As a new and innovative law practice, Ficzner Law offers the most complete set of solutions for our client's care, experience and success. Our comprehensive platform includes Web, E-mail communications, relationship and contact management, social CRM, analytics and SharePoint solutions. • Put simply, if you want to achieve more, you need Ficzner Law! We are backed by an international team of legal & real estate industry specialists providing design, consulting, technology, implementation, training and ongoing support services. • Ficzner Law is a member of the xRM System – an International marketing, communications and technology services group. Industry solutions include xRM4Legal, xRM4RealEstate, xRM4Accounting and xRM4Finance – powered by Microsoft Dynamics CRM 2013, Office 365 and SharePoint Collaboration and Document Management 15

CLIENT TESTIMONIALS "I have been using the services of Ficzner Law for my company's legal needs. Sarah Ficzner Esq. is very easy to work with and explains the procedures of what, where and when the service asked for need to be filed. I have referred my clients needing various services such as wills, buy sell agreements, promissory notes, dissolutions, and installment sales to her firm. These services are specific to my firms needs and only touch a portion of the services she provides. I am confident that you will be extremely satisfied with her and her firm.“ Lawrence DiDonato President, DiDonato Tax Service 16

PARTNERS • Howard Hanna Real Estate Services • 529 Mobile Solutions • xRM Global Solutions 17

CONTACT US Sarah Ficzner Attorney at Law / Real Estate Agent Phone : 216-296-1814 E-mail Address :sarah@ficzner.com Mike Ficzner Director of Operations & Client Experience Phone : 330-805-0353 E-mail Address :mike@ficzner.com 18

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