Smart Features That Millennials Want In Their Homes
Selling to Millennials is becoming a more likely possibility as time goes on and they want Home Technology. This age bracket wants smart features in their homes. Try some of these ideas if you’re selling your house and wonder what you can do to attract more buyers. Have you thought about all the Millennials that are now buying their first home? Millennials are the kids born with a cell phone at their mouth, they’ve always had the internet, and social media is their version of the telephone.
Home Technology is varied and not that expensive, and they will notice it! With 87 Million young people wanting homes with these features, some will probably look at your home no matter what price range they’re in.
Home technology in your home could equal a lot of home buyers who might REALLY WANT YOUR HOME! The fastest way to attract those buyers is with a few key smart features in your home. They don’t cost that much money, but they sound really good to a Millennial on the listing and can make your home “The Best” and “First To See.”
In the Las Vegas Valley, most millennials rent rooms, apartments or share rental houses with others saving for a down payment. That’s a lot of potential home buyers who get raises, start their own businesses, and have parents and grandparents to ask for down payment monies.
How Can Your House Catch The Attention Of The Millennial Homebuyers?
For under $500, you can add all the features we’ve listed below. In a seller’s market, these things can bring in multiple offers and bidding wars. Our daughter sold for $75,000 over the list price in Sacramento with these features. You might want to seriously consider making these changes. Having the home technology features Millennials want should pay for its self many times over.
This generation wants to buy homes- after all, it’s the American Dream. These young home buyers are reluctant because of the large down payment needed, and many have student loan debt. Real estate has been a great investment for their parents and grandparents, and with interest rates below 4%- Wow! Now is the time to ask relatives for down-payment help or partnerships.
How Nevada Helps Millennial Home Buyers
Nevada has two great programs that many Millennials can take advantage of. The Home Is Possible and the Home At Last Programs are currently available, which are down payment assistance programs. Programs always change, so call us to check on current availability if you or a family member are looking for a program. We advertise them frequently.
There are loan programs designed for graduating college students with jobs, where the loan qualification guidelines are different- accounting for their future raises. The State of Nevada frequently has “State Money” programs to help people get into a first house. The problem with State Money is that it is tough to know when it’s starting, and then the program ends abruptly when funds are depleted. If you are interested in State Money, let us know, and we can keep you informed.
What a Home Seller Can Do To Attract Millennials
To encourage millennials to step up with an offer on your house, they need to see the value for their money. Once you are priced right- in a reasonable “first or second-time homebuyer” price range, keep in mind that most people buy a home based on emotion.
One of the best ways to get your home ready for selling to millennials is to add some smart home technology features to your home. Your goal is to fascinate, engage, and convince younger buyers that your home fits them best. Many people are unable to imagine possibilities so put them in front of them.
Technology For Selling To Millennials:
- Smart, high-fidelity sound- Music is a crucial element in a millennial’s life. Wireless Bluetooth Speakers- if you have a wired speaker in the ceiling, consider changing it to wire-less. With music on everyone’s phone, there’s a “coolness” element to having music playing in whatever room they’re in.
- Amazon Alexa system’s Dots and Google’s Home Assistant devices ($20-$40) can be on a table or counter, and the “cool” element of your home goes up.
- Smart Thermostats and Sensors- Smart thermostats are programmable and allow the temperature to be changed as they drive home or lie in bed from their phones. In Las Vegas, that means big savings on their power and gas bills and easy to change out.
- The Ecobee System comes in a package for around $300. Their sensors go in each room and the thermostat on the wall. These are noticeable but subtle, 1 1/2 inch square thin disks stick on the wall or stand on the counter. They monitor which room has people and turn the system on or off according to that room’s temperature. This system’s technology senses whether a person is home or away and will also self- adjust the temperatures.
- Smart Smoke Detectors- Did you know that today’s smoke detectors can tell the difference between smoke and bacon frying? If you’ve ever had a shower’s steam set off a smoke detector, you get it. Modern smoke detectors also monitor carbon dioxide and air quality in your home. In case of an emergency, an alert is sent to the homeowner’s phone or tablet. The new smoke detectors are $35-$50 each, and they grab a persons’ interest that’s into home technology.
Added Security For Selling To Millennials
- Video Doorbells- Answering the door from your phone is a great thing – especially when you are not at home. Ring Doorbells now start at $59 and can be invaluable- especially when your home is for sale. Not only will these doorbells attract buyers, but they will also let you know when your home is being shown. You’ll see people coming and going for a showing, and you’ll know how long they stay inside. You’ll also know many other things too…
- Smart Doors and Locks- This is the day of garage door openers programmed to your phone- no remote necessary. There are garage passcodes, and what? A metal door key? Using a keypad code without a phone or giving a friend a one-time use code is very attractive. Smart door handles or locks are available at Home Depot, ranging from $49 for a basic keypad lock to $271 for keypad and fingerprint access. I notice younger people smile when they see keypads at the front door. Note- if you’re going to get a new doorknob, try to find one that covers the existing footprint so you can avoid painting the front door.
- Cameras- adding cameras looks good; however, most people figure that they don’t stay. If you intend to leave your security system, put it in the listing. When a security system is leased, sometimes, you need to pass on the lease. If someone has high qualifying ratios, the lease will count against them.
If your home is not for sale yet, consider doing these things when something breaks or if you would use these features.
Need More Help? Contact me today, e-mail me at [email protected], or filling out the form in the footer.
I’m excited to help you make a great sale.
Voice-Controlled Smart Appliances
Alexa, Google Home, and Siri are ushering in a new and advanced era of smart-home technology. There are so many possibilities for your home these days. For example, smart electrical plugs start around $10 these days, and Amazon dots for children are full-service entertainment and learning devices.
Smart plugs enable you to say: “Alexa, turn on the lights.” Add smart light bulbs that can be controlled via voice assistants, as well as other appliances such as the plugs in the kitchen, door locks, and security cameras. Suddenly, smart homes have become more attainable and cost-effective. In many cases, the technology will pay for itself.
FACTS ON MILLENNIALS AND HOMEBUYING
- All data from NAR. U.S. millennials total 66 million individuals and 24 million independent households
- The median age for first-time homebuyers has remained virtually unchanged for the past 40 years: In 2015, it was 31 years old, compared with 30.6 in 1970-74
- Two-thirds of millennials haven’t reached that homebuying age of 31, and 22% are under 25 years old.
- Millennials are renting for a median of six years before buying, compared with a median of five years for renters in 1980
- Millennials are expected to form 20 million new households by 2025
- The median income for a millennial older than 25 is $39,220
Gearing your home for selling to millennials is a better idea if you’re planning to stay there for a few months or if something needs to be replaced. You might as well enjoy these millennial features too! Give us a call for a housing consultation today at 702-750-7599.
This blog was written by Kurt Grosse. Kurt is a 25-year Top-Producing Las Vegas Realtor and Former Nevada Building Engineer (PE, CE). He uses his real estate and building knowledge to protect buyers and sellers every day. His clients call him “The Protector” for a reason.
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