What generation has surpassed baby boomers in shear numbers, millennials. They are now well into their careers and they are searching for their first homes. According to a report from Realtor.com, millennials will be doing the most home buying, predicted to reach 50% of all homes sold. The thing is, they decided for the most part not buy small and work their way up like the boomers did. They have lived in boomer basements or rented until they are ready take the home ownership leap. They have saved their money and are now ready to buy their dream home as their first home purchase and they are searching in Beverly Hills.
To be a smart Beverly Hills seller, you need to understand who your buyer is probably going to be. What mattered in the past is not what is important now:
Location, Location, Location
Commute times matter to today’s younger buyers. It’s an “all-about-me” generation. Not only does owning in Beverly Hills add prestige, it saves time during daily commutes. Not only that, but after work there are many attractive places for any millennial to relax in that can be reached on foot; beautiful parks, gourmet restaurants, fabulous shopping opportunities, and upscale fitness centers. And forget the freeways, you can get almost anywhere in Los Angeles starting in Beverly Hills on surface streets that are much quicker that using that any of those 6-lane plus freeways.
Be Smart About It
Most Beverly Hills homes are updated to accept the latest technology that any millennial buyer has on their must-have list. Smart homes with smart appliances, smart security systems, and smart door locks are expected to come as standard features in the homes in this town. And millennials want it all set up before they buy. They don’t want to invest the time it would take to have it done. So if you are thinking about selling, smarten up… your home that is!
What’s Out There to Buy?
That’s the best news for Beverly Hills sellers. Demand is outstripping what is currently is coming on the market. The shortage of available housing means there will be more buyers competing for yours. And for heaven’s sake, make sure your home is able to be found, and highlighted, online. That’s where millennials will begin their search. Virtual tours are a must so make sure your choice of realtor includes someone that understands that side of home marketing.
Entertainment Friendly
Millennials are for the most part, social animals. Parties and get-togethers with co-workers and friends are the order of the day. Houses with outdoor amenities like outdoor kitchens and bars, a pool or a spa, or a well-appointed patio or deck are another plus to many millennials. Also consider adding an outdoor theater “room” with an outdoor projector.
Millennials also expect their new home to be not only kid-friendly, but also pet-friendly with invisible fencing and wash stations. Their pets also require a little bit of smart technology. Millennials want to be able to keep an eye on their pets with surveillance cameras when they aren’t at home and possibly open a door into the backyard with their smart phones.
Millennial buyers will pretty much know all about your home before they ever set foot in it. Amenities that talk their language will set your home up to attract these somewhat picky first-time buyers.