What are the challenges of selling to Gen X and Millennial market? You probably never thought of it this way. Gen X and Millennials are ready to buy. Many are first-time buyers, the hesitation of many Gen X and Millennials to make an offer is finding a “good house.”
What are they looking for?
When you are ready to sell, you need to know what a “good” product consists of. A “good” house for the current market typically is one that speaks value, little work or repairs need to be made, and it needs to presents well to the buyer’s tastes. That’s almost impossible for most home sellers to pull off! Understand your house needs to have value and desirability and stand out as the good house.
Many seasoned agents believe if a house is priced at less than $250,000 there is no need for staging. They could not be more wrong. I always wonder why you would not prepare a house that is going to be listed so it is presented in the best, desirable light to buyers. Staging is a process of preparing a house for sale. preparing the product to be desirable to a targeted market.
It’s like anything you purchase, if the packaged is torn, damaged, dirty are you going to pay top price for it? By preparing your house for selling you are protecting the equity that you have invested. Many Realtors will tell their clients “declutter and depersonalize.” First, for many, what does that mean? The tough thing for a seller is how do you depersonalize when you cannot objectively look at your house through a buyer’s eyes? Understanding what a Gen X or Millennial perceives as a “good house” is the key to getting offers and selling quickly.
Depersonalize and De-Cluttering
Depersonalizing means removing collections, art, colors that speak only to you. If you keep these taste specific items you begin to limit your market. When preparing a home that you have lived in for a few years, it becomes increasingly difficult to be objective. The decluttering and depersonalizing process becomes overwhelming and frustrating.
De-cluttering means removing unnecessary items without making the rooms feel too sterile. A little overwhelming and hard for some to visual. Having a professional help you with the process will assist in prioritizing, outlining things that can improve the packaging tailored to your specific house to increase its value. Adding modern touches, and emphasizing the features that Gen X and Millennial buyers feel are important.
Keep in mind when it is your home until you decide to put it on the market. Then it becomes a product that is competing with all the others on the shelf (read MLS). Transform your product with staging into the “Good” house that is perceived to be the one of value and is desirable. You want buyers to feel “good” about their purchase to go forward with home ownership.