Important takeaways from this new report:
Millennial buyers aged 25 to 33 years (the younger millennials) and buyers aged 34 to 43 years (the older millennials) make up the largest share of home buyers at 38%.
Generation X buyers were the most likely to purchase a multi-generational home at 19% and were most likely to purchase a home for a job relocation or move.
Why are these points so important?
In preparing to sell your home, I am often asked what updates or remodeling should we consider doing now, in preparation for selling in a few years?
The information here spells it out:
Update for younger buyers!
Add in an ADU/cottage on your property if you can.
Updating for younger buyers is essential. Typically, they lead busy lives between commuting, kids, activities and life in general.
When they consider moving, I have found that their desire to purchase a home that is “move-in ready” and UPDATED has become their top priorities.
They do not have the time or wherewithal to buy a dated home, interview, hire and manage a construction project (bathrooms, kitchen, repairs, etc.).
They would rather pay more for a home that is prepared for their style choices.
For sellers, preparing your home for sale with today’s conveniences (smart homes), updated paint, flooring, and lighting, along with remodeled baths and kitchen can very much show a ROI (return on investment) when coming to market.
ADU – Attached Dwelling Unit/Cottage
California has recently loosened the red tape and process to getting more ADU’s on properties. This is one thing that the state has done very well.
Contractors and vendors have begun focusing on how to deliver these pre-made units to your home directly. The red tape for approvals for licensed contractors and the demand for additional space like this has pivoted many builders to deliver a quality product in less time than before.
I suggest that you do your research and get references from your friends and neighbors with what they have chosen.
Want more info on what updates would be more important in your home sale? Please call and I’ll pop by for a quick punch list of things you can consider, too.
