Millennials make up the largest driving force in the real estate market today. Generally speaking, millennials were born between 1981 and 1994/96. Therefore, they are currently between 25 – 40 years old. Also known as “Generation Y”, this group is sometimes broken down even further. Gen Y.1 = 25-29 years old (around 31 million people in the U.S.). Gen Y.2 = 29-39 (around 42 million people in the U.S.).
A recent Harris Poll surveyed more than 2,000 U.S. adults to find out what percentage of buyers and sellers sought upgraded homes. Needless to say, as the generation that grew up with Instagram and Pinterest, more than one-third of the millennial generation sought out upgraded homes compared to other generations.
Upgrade the home before selling
A unanimous finding from this survey was that 89% of respondents who have sold their homes in the past three years said that they made upgrades to their properties before selling. Of course, not all upgrades are created equally. It is for this reason that sellers should consult with their real estate agent for tips and suggestions to get their property prepared to list for sale. Certain items such as light, neutral interior colors can go a long ways in showcasing the home in the best light.
This survey underscores the importance of making upgrades to a home prior to listing it for sale. As we have discussed in previous articles. the majority of home buyers do not want to purchase a property only to embark on a remodeling project. Furthermore, most home buyers do not have the necessary vision required to be able to see through home renovations and what a finished product will ultimately look like. If sellers truly want to receive top dollar for their homes, it is imperative that they spend the time and money to prepare it to list for sale.
Other interesting findings from the survey include: Generation Z (26%) and millennials (26%) are more likely than generation X (14%) and baby boomers (3%) to say they’re selling or planning to sell because of the desire for amenities (pool, large backyard, etc.). In addition, 24% of respondents said that they are planning to purchase a home within the next 12 months. With the inventory of homes for sale slowly improving, we expect the real estate market to normalize some with prices appreciating more at their historical pace. Of course, inflationary pressures will also impact this.
Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. At Live South Florida Realty, Inc., we have been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!