Millennials: The Next Generation of Condo Buyers

Attention:  Now is the time to sell.  The Coal Harbour real estate market has never been hotter.  If you have been looking for the right time to put your home on the market that time has come.  However, before turning that for sale sign into a sold sign, it is important to know your target audience.

Right now, over 76% of all first time home buyers are millennials.  Here are some of the features that this cohort is looking for in a condo and how you can get your home millennial ready.

Move in Ready

The average millennial home buyer is far different than the typical home buyer of the past.  Millennial home buyers are not interested in fixer-uppers or having to repaint the kitchen or other potential upgrades.  Rather, this group wants a move-in ready home.

If you want to attract potential millennial home buyers, we recommend having your home in tip-top shape and move-in ready.  Not only will this be appealing to a larger number of customers, a move in ready home should fetch a higher asking price.

Modern is a Must

Millennials are also looking for modern, state of the art homes, not typical, traditional styled homes.  This means an open concept floor plan and modern bathrooms.  The kitchen and the bathroom are the two most important rooms for potential millennial buyers, so make sure to pay attention to these two rooms.

Here’s the deal:

If you have been thinking about a renovation, we suggest that you spend your money in either the kitchen or the bathroom, as renovations in either of these two areas will greatly increase and attract buyers as well as affect your bottom line.

The Importance of Online

Although open houses are an effective tool when it comes to selling your home, many millennials locate and identify potential homes online.  According to the National Association of Realtors, over 90% of homebuyers begin their search online.  This statistic shows the importance of having an effective online profile that highlights the aspects of your home.

Your online home profile and photos should have the following criteria:

• Photos should be of professional quality.
• Photos should be bright and not altered in any way.
• Photos should be eye-catching to generate interest and a second look.
• Your online profile should have a 2-3-minute video of your home and showcase each room.

Location

Location is another important aspect that can be a deciding factor for potential millennial home buyers.  Luckily, Coal Harbour is one of the most coveted neighbourhoods in all of Vancouver and is very appealing to potential home buyers.

We are hardworking, professional real estate agents who specialize in the Coal Harbour condo market.  We would love to help you sell your home and give you recommendations on how you can make your condo most appealing for the hottest buyers- the millennial crowd.  We look forward to working with you soon.