The new generation of buyers are shaking up the real estate market. The 2018 report by the National Association of Realtors (NAR) shows that millennials are the fastest growing demographic in purchasing homes. They know exactly what they want and how they want it. They have a younger taste and style, want move-in ready condition homes. Which is why it is even more important to stage homes. Home staging is a critical necessity to attract millennial buyers and here’s why:
Millennials, also known as Gen Y, are the leading group with a population of 92 million, which will be the largest population to purchase real estate. The generation known as the baby boomers stayed at one job and settled down in one home and maybe moved once. Nowadays, millennials are switching jobs more often, which mean they are constantly on the move. Most of them job hop in order to receive a higher salary, a job that is more relevant to their interests or to completely change their whole environment due to a relationship or friends.
Younger millennials are more likely to purchase homes through realtors, with the highest share of any generation at 92%. Millennial buyers expect their agent to help them find exactly what they want and to arrive with knowledge of the area. 89% of Millennials will agree to use a real estate agent however, they are harder to please compared to other generations. This is because they know exactly what they are looking for. Realtors who work alongside professional home stagers will be able to effectively market to millennials because home stagers fully understand the design needs that millennials are seeking. Home stagers know what paint colors are in trend and which furniture styles are important to appeal to the millennial generation of buyers.
Gen Y have been known as the first generation that was initially introduced to the high-tech world before adulthood. Therefore, technology has become an important part of their home buying process. The NAR states that 94% of Millennial home buyers start by looking at online listings. This means that it is extremely important to make sure that online photos stand out. Pre-photography staging is a critical part of this presentation. A photo is only as good as what goes into the camera. High-quality photos and even video presentations can be crucial when they are considering a listing.
Before, home buyers just wanted a home of their own instead of having to pay rent, even if the home was imperfect. Millennials are the complete opposite. Millennials want a home that is without imperfections and without the headache of repairs and upgrades. They want their ideal home and it is up to home stagers to help them envision it. They expect their home to be move in ready so that they don’t have to go through the hassle of paying any extra fees. Any upgrades that need to be done should be completed because millennials are looking to have everything already updated. Modern décor and art alongside with innovative designs is high in demand for these Gen-Y buyers.
There are also the baby boomers whose children have moved out and are looking to downsize when finding their new home. They are also not looking for any homes that needs any updates or upgrades and want to easily settle in. There is a slight competition between baby boomers and millennials for similar types of homes that are cost effective and needs the least amount of work.
Home staging is important when marketing to the millennial generation of home buyers because it will help evoke emotional connections which is exactly what millennials are looking for.
Millennials have changed the expectation level of home buyers and how real estate is being sold. Staging has become an integral part of a successful marketing strategy for any realtor. As a home seller or Realtor consider teaming up with a home staging company like BA Staging & Interiors, which understands the tastes and needs of millennials.
Contact BA Staging & Interiors at 203.807.4040 or info@BAStagingInteriors.com