Smart Features That Millennials Want In Their Homes
You’re selling your house and wonder what you can do to attract more buyers. Have you thought about all the Millennials that want to buy homes? Millennials are the kids that were born with a cell phone in their mouths, they’ve always had internet and social media is their version of the telephone.
With 87 Million young people that want homes could equal a lot of home buyers that might want YOUR home. The fastest way to attract those buyers is with a few key smart features in your home. They don’t cost that much money but they sound really good to a Millennial and can make your home “The Best”.
In the Las Vegas Valley, most millennials rent rooms, apartments, or share rental houses with others. That’s a lot of potential home buyers who get raises, start their own businesses, and have parents and grandparents to ask for down payment monies.
How Can Your House Catch The Attention Of The Millennial Homebuyers?
Have the features Millennials want. This generation wants to buy homes- after all, it’s the American Dream. These young home buyers are reluctant because the large down payment needed and many have student loan debt. Real estate has been a great investment for their parents and grandparents and with interest rates below 4%- Wow! Now is the time to ask relatives for down-payment help or partnerships.
What We Do For Millennial Home Buyers
Nevada has two great programs that many Millennials can take advantage of. The Home Is Possible and the Home At Last Programs are currently what’s available which are down payment assistance programs. Programs always change so call us to check on current availability if you or a family member are looking for a program. We advertise them frequently.
There are loan programs designed for graduating college students with jobs, where the loan qualification guidelines are different- accounting for their future raises. The State of Nevada frequently has “State Money” programs to help people get into a first house. State Money is tough to know when it’s starting and then the program ends abruptly when funds are depleted. If you are interested in State Money, let us know and we can keep you informed.
What a Home Seller Can Do
To encourage millennials to step up with an offer on your house, they need to see the value for their money. Once you are priced right- in a reasonable “first or second-time homebuyer” price range, keep in mind that most people buy a home based on emotion.
One of the best ways to attract a millennial is to offer smart technology features in your home. That is a great way to fascinate, engage, and convince younger buyers that your home fits them best. Many people are unable to imagine possibilities so put it in front of them.
Technology For Millennials:
- Smart, high fidelity sound- Music is a crucial element in a millennial’s life. Wireless Bluetooth Speakers- if you have a wired speaker in the ceiling, consider changing it to wire-less. With music on everyone’s phone, there’s a “coolness” element to having music playing in whatever room they’re in. Amazon Alexa system’s Dots and Google’s Home Assistant devices can just be on a table or counter and the “cool” element of your home goes up.
- Smart Thermostats- Smart thermostats are programmable but also allow the temperature to be changed as they are driving home on their phones. In Las Vegas, that means big savings on their power and gas bills. Easy to change out. Today’s technology senses whether a person is home or away and will also self- adjust the temperatures. Besides, turning the temperature up or down while still lying in bed is very attractive.
- Smart Smoke Detectors- Did you know that today’s smoke detectors can tell the difference between smoke and bacon frying? If you’ve ever had a shower’s steam set off a smoke detector, you get it. Modern smoke detectors also monitor carbon dioxide and air quality in your home. In case of an emergency, an alert is sent to the homeowner’s phone or tablet. The new smoke detectors are $35-$50 each.
- Video Doorbells- Answering the door from your phone is a great thing – especially when you are not at home. The doorbells start at $99 and can be invaluable- especially when your home is for sale. Not only will these doorbells attract buyers, but they will also let you know when your home is being shown. You’ll see people coming and going for a showing and you’ll know how long they stay inside. You’ll also know many other things too…
- Smart Doors and Locks- This is the day of garage door openers, electronic entry, push-button cars, passcodes, and what? A metal door key? Being able to use a keypad code without a phone or giving a friend a one-time use code is very attractive. Smart door handles at Home Depot range from $49 for a basic keypad lock to $271 for keypad and fingerprint access. I notice younger people smile when they see keypads at the front door. Note- if you’re going to get a new doorknob, try to find one that covers the existing footprint so you can possibly avoid painting the front door.
- Cameras- adding cameras looks good however, most people figure that they don’t stay. If you intend to leave your security system, put it in the listing. When a security system is leased and you need to pass on the lease, if someone has high qualifying ratios, the lease will count against them.
If your home is not for sale yet, consider doing these things when something breaks or if you would use these features.
Need More Help? Contact me today, e-mail me at Kurt@HomesForSale.Vegas or filling out the form in the footer.
I’m excited to help you make a great sale.
Voice-Controlled Smart Appliances
Alexa, Google Home, and Siri are ushering in a new and advanced era of smart-home technology. There are so many possibilities for your home these days. Smart plugs, for example, start around $10 these days and dots for children are full-service entertainment and learning devices.
Smart plugs enable you to say: “Alexa, turn on the lights.” Add smart light bulbs that can be controlled via voice assistants, as well as other appliances such as the plugs in the kitchen, door locks, and security cameras. Suddenly, smart homes have become more attainable and cost-effective. In many cases, the technology will pay for itself.
FACTS ON MILLENNIALS AND HOMEBUYING
- U.S. millennials total 66 million individuals and 24 million independent households
- The median age for first-time homebuyers has remained virtually unchanged for the past 40 years: In 2015 it was 31 years old, compared with 30.6 in 1970-74
- Two-thirds of millennials haven’t reached that homebuying age of 31, and 22% are under 25 years old
- Millennials are renting for a median of six years before buying, compared with a median of five years for renters in 1980
- Millennials are expected to form 20 million new households by 2025
- The median income for a millennial older than 25 is $39,220
Give us a call for a housing consultation today at 702-750-7599.
This blog was written by Kurt Grosse. Kurt is a 24+ year Top-Producing Las Vegas Realtor and Retired Engineer (P.E., C.E.). He uses his real estate and building knowledge to protect buyers and sellers every day. His clients call him “The Protector.”
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