This is adapted from a blog post written by Amy Harris.
Most of the the properties I list for sale are owned by “Baby Boomers.” Their homes are being purchased by the next generation of buyers flooding into the housing market — known as the “Millenials.” The more familiar we are with the Millenials’ wants and needs, the better we can cater to them in the sales process.
Traditional dining room in a traditional house. (Amy Harris).
First- what exactly is a “Millenial?” The term is loosely defined as the generation that came into adulthood about the year 2000 (born between 1980-2000). There are varying dates, but these seem to be most common. Much of the press has characterized them as apathetic, over indulged or over rewarded. But that is not what I witness in my profession. The Millenials pouring into our urban/suburban towns largely hail from a city lifestyle in neighborhoods they helped to renew (ex – Williamsburg, Brooklyn; Jersey City; Astoria, Queens) and they are looking for the same urban feel in a town’s cultural amenities as well as its residents. They like good restaurants, live music, art and a diverse population. Because they are making terrific profits on their current apartments, they are financially viable buyers and incredibly desirable to mortgage folks.
Traditional dining room with updated decor. (Houzz).
In most cases both members of the Millenial household work and many will commute to NYC on a daily basis. This is a key lifestyle component to understand because it directly affects a home’s potential resale value for 2 key reasons. The first is location – the closer a home is to the train station the higher the Millenial will value it. This is primarily because they want to maintain as much of their current commuting style as possible, which entails walking to the subway. The second reason – they want homes that have already been updated with a modern feel. In the Millenial household both members are likely to be working and commuting, leaving little time for overseeing home renovations. Those sellers that update their homes are selling in less time and at higher prices.
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Amy Harris is a leading real estate agent at one of the top producing offices of Keller Williams nationwide. Specializing in markets along the Midtown Direct train line with a special emphasis on South Orange and Maplewood, she offers her clients true concierge service – from the start through completion of every real estate transaction she takes on. Harris donates a significant portion of the revenue she earns from each transaction to “Give Back Homes” a foundation that helps to build homes for families in need and is a Board of Trustee of The South Orange Maplewood Community Coalition on Race.
