The generation born between
the early 80s and just after the turn of the century (aka Millennials) have been slower to take the first steps toward home ownership
than previous generations. That’s likely one of the byproducts of the cultural
and economic shifts which have combined to make real estate less affordable
(and proportionately less appealing). While there is no denying that lately it’s
been a difficult environment for many Millennials to jump into the real estate market
in New Orleans, there are still plenty of young people who would like to buy a
home.
But what makes New Orleans real estate attractive to these younger prospects
can be a lot different than what has traditionally drawn previous generations
of buyers. And with fewer motivated prospects in this younger generation, if
you will be selling your own New Orleans property
anytime soon, you should have your antennae up for how to include them in with your
other potential buyers.
It’s no secret that
Millennials devote a disproportionate amount of their time in the online world.
In 2013, the number of hours Millennials spent on the Internet increased by 25%
to nearly 25 hours per week. In short, homes with poor wireless and mobile connections will be a difficult sell to
millennial buyers. If your current connection is slow, research other providers
which will be available for a new buyer. Just the fact that such options are
available can be enough to remove what could potentially block a sale.
Millennial buyers (well, most
buyers, actually) don’t like cluttered homes—especially those littered with
outdated furniture: it’s just too much of a leap to picture how they could make
their own lifestyle fit into such a space. According to real estate website Homegain, sellers who invest just $500
in home staging can be expected to
reap an average 343% on that investment.
Millennials work from home in
greater numbers than ever before—so presenting one of your rooms as a home office can create an appealing
environment. Even if a room is currently being used for other purposes, having
a wireless device working in a corner will usually be enough of a cue to point
out its home office potential. If no dedicated room is available, staging a
corner in the kitchen as a mobile docking/work station can also do the trick.
Millennials aren’t just
refraining from purchasing homes—they’re also avoiding car purchases in the
same numbers. The percentage of 16- to 24-year-olds with driver’s licenses has
been dropping since 1997 (it’s now under 70% for the first time since the early
60’s). Walkability is the term describing
how easy or difficult it is to walk to work, public transportation, stores,
parks and other facilities. If this factor is a real estate plus for your home,
create a bullet point list of approximate times or distance to local features
that are closest to your property. Five or six should be enough (even if some
are just a pond or small New Orleans market!)
There is a convincing amount
of evidence indicating Millennials are simply delaying real estate purchases—rather
than planning to skip home ownership altogether. As the economy slowly improves,
we expect greater numbers of younger buyers to enter New Orleans’s real estate market.
For now, if you will be listing your property in town this spring or summer, it’s important to keep all potential
client pools in mind. I’m here to help cover all the bases—call me today if you
want get going with a marketing plan designed to sell!
Terez Harris NOLA Real Estate Group
(504)297-2619
Harris.Terez@gmail.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers licensed in the state of Louisiana.
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