Real estate experts say Millennials will overtake Generation X as the largest generational group of homeowners in the New Year. For those trying to sell a home in St. Louis, the key may be in understanding the Millennial mindset as it relates to housing and lifestyle. According to a piece by Yahoo Homes, owning is now less expensive than renting in many places in the country. A new survey by Zillow showed homeowners pay an average of 15 percent of their incomes toward housing compared to renters who allocate more than 30 percent. In some parts of the country, renters are even paying more than half of their income for rent. In St. Louis, Millennials who have found good jobs are highly motivated to buy a home in St. Louis. Also, first-time homebuyers may be extra motivated by new programs that allow them to put just percent down o n a home purchase. Older homeowners can make some improvements and changes to their house so it appeals to the younger set in their 20s and 30s.
Making Your Home Family Friendly
While the buzz year in recent years has been “universal design” for older home buyers planning to age in place, the key to selling to the largest group of homebuyers is having a home that’s family friendly. Some universal design elements may actually appeal to a younger family since it’s all about making things safer, convenient and easier to access. Other things to consider would be staging a loft or multi-purpose space as a playroom or game room that would appeal to a family. Even if young people don’t have children yet, they may be buying a home to start a family.
Keeping It Casual But Upscale
Although there are some exceptions, most Millennials are the same as Generation X homebuyers in that they prefer casual spaces and high-tech features. If you have an eat-in kitchen area, make it look livable. On the other hand, a formal dining or formal living room can be staged as an office or a study room. St. Louis homeowners are telecommuting or using home offices more than ever before.
Putting money where it matters
If you plan to renovate your St. Louis home before selling it, re-consider a less expensive strategy. Your Realtor may be able to offer buyers a decorating allowance that they can use to customize the home to their own tastes. As the seller, you may end up saving money in the long run since a high-end kitchen renovation can be expensive. Millennial buyers are used to having a lot of options, which means they may be turned off by your choice for granite instead of recycled glass countertops or dark wood floors instead of a light oak.
With the help of an experienced Realtor in St. Louis who has worked with all kinds of people, you can sell a home in St. Louis with less stress. At Waters & Associates Realty, we can help you market your home so it appeals to a wide range of buyers. For more information about buying or selling a starter or step-up home, please contact us.