Wednesday, February 06, 2019 / by Holly Northup
Considering selling your home in 2018? Even with the low inventory of homes on the market, there are still things you can do to help your home stand out from the rest! Here are a couple of tips to give your home the edge in 2018:
Market to Millennials
Millennials are taking over the real estate market in 2018 as they are predicted to make up around 43 percent of home buyers taking out a mortgage. As it is essential to know your audience and market to them, this information is crucial.
What does the Millennial generation want? First off, they’re choosing to settle in the suburbs – with 57 percent of home buyers aged 36 and under buying homes in the suburbs in 2016 and just 15 percent of that same age group buying in the city. However, they still want amenities – like cafes, grocery stores, restaurants, etc. - to be within walking distance. So, if your home is in the suburbs and near local amenities – you’re in business. What about the home itself? It looks like smaller homes are more popular as buyers don’t want to outlive their means. They've also realized they don't need to exceed their space requirements. But, you should still play up your open floor plan - as it doesn't appear like that trend will ever go out of style. Green features – storm windows, insulated water heaters, solar panels, etc. - are also very popular with the Millennial generation. If you implement these features, be sure to highlight how much money you saved after they've been added.
But, don’t be so focused on one generation that you forget about the other. Or in other words, don’t forget about Baby Boomers. By 2060, the number of Americans over the age of 65 will double to 98 million. And, according to AARP, these individuals want to stay home as they grow older. What does this mean? Your home may be an attractive option for this generation, too. Renovate to incorporate universal design features, which appeal to home buyers regardless of age or disability.
Overall, it is crucial to determine which generation your home will appeal to. For example, a one-story home with a master suite in a quiet neighborhood may appeal more to the older generation, while a smaller home near local amenities will appeal more to Millennials. Decide who you want to target and focus your marketing plan from there!
Add Smart Home Features
Smart home features are becoming the norm in many homes in 2018. However, for these to appeal to home buyers, it is important the system is compatible with the major players – Amazon Echo, Google Home or Apple HomePod.
Utilize New Market Technology
Marketing strategies change as new technologies emerge. While video tours were once a great option, they have now been replaced by drone tours, which are much more effective at property marketing than traditional photos. What makes drone tours better? They provide a sweeping aerial view of the property – which can highlight a beautiful yard or woods nearby much better than a photograph or simple video. They can also highlight the neighborhood and surrounding areas of the property.
Get a Pre-Inspection
Potential maintenance problems are a turn off to buyers. Why? They don’t want to move into a home that needs a slew of repairs. To ease potential buyers and make your home more appealing, consider getting a pre-inspection. This report can either show that your home is in great condition or shed light on repairs you may fix before you put your home on the market. While this will put the buyers at ease, it likely won’t prevent them from wanting their own inspection.
Marketing to your target audience, utilizing new technologies and preparing your home for sale can give your home an edge over the others on the market.
Do you have any questions about selling this year? Give our team a call. We would be honored to help you!