The majority of homebuyers in today’s marketplace are a demographic known as “millennials,” an age-group ranging from people in their twenties to mid-thirties. What do millennials want in a home? These young buyers tend to like newer houses built within the last few years if available, but that doesn’t mean they don’t have an interest in older homes. Mostly, millennials are looking for functionality. They know that the infrastructure and appliances of a new house will be up to date. However, the majority of homes in San Diego’s Metro Neighborhoods, such as North Park or South Park are older homes. They range anywhere from the early 1900’s -1950’s. Here we will give you a few tips on how to sell a house to young homebuyers.
The key to selling your home to millennials is ensuring your house is functional and has no major unaddressed issues. There are a few things that you as the homeowner can do that will open up your home to sell to not just millennials, but all buyers in general.
1 – Get A Pre-Inspection
One of the great things about San Diego is that the weather. It prolongs the integrity of houses better than places with more extreme climates. This is not to say that houses in San Diego do not have issues. This is far from the truth and will show up during an inspection. Your success in selling your home for a great price depends on the findings of the buyer’s home inspection.
When a potential home buyer is interested in your house, they will have a home inspector do a thorough inspection. Their inspector’s job is to find any issues that exist with your house. A good thing to do is to beat them to the punchline is to have a pre-inspection done before you put your house on the market. This is so even if you think that you already know what issues your home might have. Chances are, you may have overlooked something that a home inspector will catch. Also, a pre-inspection will give you a physical/tangible list of safety and/or functionality issues.
With that being said, know that even if you have had a pre-inspection, once under contract, a buyer will want to have their own inspection done. The buyer wants to know that there are no major things going on with the home. Millennials are typically first-time home buyers, so any major issues with a home will likely scare them into looking elsewhere.
2 – Fix Functionality Issues
With your pre-inspection completed, you are now are fully aware what safety and/or function issues your home has. The next step will be to address some of these items on the list. Hopefully, you are working with an experienced local Listing Agent who sells a lot of older homes and knows how to negotiate repairs. They will be able to help you prioritize the list, so you know what to start with and what does not need to be addressed at this time.
Think repair, not replace. You don’t necessarily have to entirely throw away an old heating/air-conditioning system, but servicing it to good working order will be crucial. The same is true for the roof and plumbing/electrical systems. You don’t want a potential buyer to walk away after discovering that it will cost thousands of dollars to replace certain items. Your Realtor should have a list of vendors that he or she can refer. Servicing and/or repair some of these items will save you thousands of dollars in the long run. Don’t go at this alone. Your Realtor will know what is worth repairing and what will bring you a higher dollar amount when you sell your home.
3 – Touch-ups
Kitchens and bathrooms are what usually sells a house. Some touch ups will be very simple, while others will be more expensive. Knowing which ones are worth the investment is important. From something simple as painting the front door or countertops, to replacing the cabinets or appliances, an experienced Realtor can help you spruce up your home while remaining in your budget.
4 – Does Your House Have a Home Office
Working from home is on the rise these days. Having a home office is not just a Millennial preference, but a general workplace trend. Having one is a plus that will attract more buyers. You don’t necessarily have to give up a bedroom to create an office. Even if you don’t currently have an office, your Real Estate Agent should know a few good stagers that are experienced with creating a home workspace in any room. This way you don’t have to trade a bedroom for an office. It doesn’t have to be elaborate, just functional. Take Leonardo Da Vinci’s word for it – “Simplicity is the ultimate sophistication.”
In North Park, South Park and many of our metro neighborhoods in San Diego, we see homes where the garage has been converted to home offices. Many of our buyers tend to fall in love with these properties because of this feature alone. They are not too worried about not being able to park the car in the garage. Since San Diego’s weather is usually very nice, parking the car in the driveway is fine.
It’s hard to beat the charm of an older home. Combine that with modern functionality, and you’ll be sure your house is ready for all buyers including the millennials.
If you are thinking about selling your home in North Park, South Park or any of the San Diego Metro area, please contact the McT Real Estate Group. We are the local experts in these neighborhoods and experts in selling older homes.