If you are planning to sell your Colorado home in the New Year, you may want to make updates that appeal to the Millennial house hunter on a Metro Denver home search. According to a recent study by Zillow, Millennials are expected to replace Generation X as the largest group of homebuyers in the New Year. Although first-time homebuyers were not as active in the housing recovery in Denver and other Colorado communities, experts expect young people to affect home sales in Colorado as the job market improves and lending requirements become less stringent. According to one article by Bloomberg, a recent report by Demand Institute shows young people do have the desire to own their own home contrary to the myths. Sixty percent of Millennials surveyed said they intend to buy a home, with three-quarters of them saying homeownership is an important goal and a great investment. When it comes to appealing to Millennials, there are improvements you can make to your home when you go to list your home for sale with an experienced Metro Denver Realtor.
Technology in the home
According to an article by Dotdotdot, there are several high-tech upgrades that will make your home more appealing to young buyers. Keyless entry doors, a high-tech security system and a home energy monitor are different features that would make your Colorado home stand out. A home energy monitor keeps track of your energy output throughout the home so you can make improvements to conserve.
Upgrades, upgrades, upgrades
Although location is still an important factor, you can’t really move your home to a new location if it doesn’t suit prospective buyers. However, you can upgrade the existing space to appeal to Millennials who have high expectations. Millennials don’t want to live in their parent’s or their grandparent’s style of home. It’s important to make sure all of the upgrades you choose are also eco-friendly so the young buyer can reduce their eco footprint. Some items on a young buyer’s wish list may include stainless steel appliances, recycled glass countertops, custom cabinets and hardwood floors or Travertine tile.
Flex spaces and bonus rooms
Young people are less likely to want a traditional living room and more likely to want a home theater or flex space that can be personalized when they move in. Because so many people are telecommuting, it’s always appealing to have a designated home office that can be closed off or opened up to other living areas.
Figuring out how to appeal to the wide range of homebuyers in the Colorado housing market isn’t easy. For more information on what Millennials want or with help conducting your own Metro Denver luxury home search, please contact us.