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Millennial Home Buyer Must Haves

May 7, 2019/0 Comments/in Blog /by Jessica Lake

Millennial Home Buyer Must Haves

How to Negotiate the Best Price on a Home (With Your Realtor)

April 30, 2019/0 Comments/in Blog /by Jessica Lake

Millennial Home Buyer Must Haves

May 7, 2019/0 Comments/in Blog /by Jessica Lake

Millennial Home Buyer Must Haves

How to Negotiate the Best Price on a Home (With Your Realtor)

April 30, 2019/0 Comments/in Blog /by Jessica Lake

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Millennial Home Buyer Must Haves

May 7, 2019/0 Comments/in Blog /by Jessica Lake

Many millennials are now entering the real estate market and have different needs than the generations before them. Here are some home buyer must-haves that may surprise you about this generation.

Location, Location, Location

Some things remain the same across all generations; the importance of location. Research has shown that millennials generally want to live close to work and things to do. This is a huge deciding factor for them when choosing a home.

You would think that urban areas would accommodate this request more than the suburbs, but this may not be 100% true. Those between the ages of 25-34 are actually less likely to live in urban areas. This illustrates that an urban lifestyle may not always be the perfect fit for this generation.

Technology

Automation is the way of the future. It allows for millennials to free up more time to do the things they want to do. When it comes to house hunting, they prefer almost everything to be automated.

Millennial buyers are interested in smart homes with the most advanced technology. This generation is the most digitally engaged, therefore, they want wireless thermostats, smart security systems, wireless speakers, Wi-Fi cooking ranges, smart locks and eco-friendly automated light and shade controls.

Low Maintenance

In the past, Gen-Xers were looking for fixer uppers. HGTV was leading the charge with encouraging home buyers to buy a house and fix it up. With their busy lifestyles most millennials are now choosing to go against that norm. They want something that is move-in ready and something that doesn’t require a lot of maintenance. They generally would rather spend their time with friends or traveling than work on their home.

Social Media Presence

Not surprisingly, millennials do a fair amount of their shopping online and house hunting is no different. They’re more likely to browse the web than visit homes they want to buy. They can see everything they need right from their comforts of the couch. If you want to sell your house to a millennial, it may help to have a dominant social media presence in order to get their attention. If you think just a few photos will fly, you’re mistaken. They need to see every room of the house.

Quality of Life

Millennials are slowly changing the housing market. Many desire some different criteria than past generations. Their priorities, to the way they shop, are different now more than ever. True value for them lies in the quality of life. They don’t want to give up their lifestyle to have their dream home.

If you’re interested in selling your property to this generation, get a realtor that can post your house on social media accounts, help you make your house move-in ready with what is on trend for millennials, and make sure it is in the ideal location for food and social activities.

How to Negotiate the Best Price on a Home (With Your Realtor)

April 30, 2019/0 Comments/in Blog /by Jessica Lake

It takes a keen understanding of the home buying process to be good at negotiating. Be sure you have it down before you make any offers on homes. Especially, with the market heating up for Summer. Or better yet, rely on your real estate agent to do the negotiating for you, but you should always be part of the process. Realtors are professionals in the housing market and have the best tools for you to use when looking for a new home. Here are some tools and information the best negotiators use:

CMAs – Comparable Market Analysis

Once you’ve found a home you want to buy, the first step in negotiation is to assess the fair value. CMAs show what similar properties in the area have sold for. Your real state agent will have access to CMAs and can share them with you.

Generally, CMAs list houses in a particular location that are currently on the market, have sales pending, have expired from the market, or have sold. It is the “sold” properties you need to look at because the list price and the offer aren’t necessarily the best indicators of what the house will sell for. There can be a big discrepancy between those two figures.

The CMA often gives you general information about the houses being compared: number of bedrooms and baths, square footage, the listing price and the sold price. Make sure you focus on houses similar to the one you’ve selected – both in description and location. The more recent the data, the better.

Condition

Once you have the CMA, drive by all of the properties listed in the sold column. Condition has a lot to do with the ultimate selling prices of a house. Does the home in which you’re interested shine above or fall below those sold? Make a realistic comparison of condition and discuss with your realtor, then adjust your thinking up or down according to what you see.

Extra Amenities

Does the house you’ve chosen have more or fewer amenities than comparable homes? Although amenities won’t affect the value as much as location or overall condition, they can be a factor. Be wary, though. An outdoor hot tub, for example, may have been a major motivating factor in your choice of a house, but it won’t add much to the value of the property when you resell.

Motivation

A good negotiator gathers as much information as possible on the house and the sellers. The owner’s reason for selling is at the top of the list. Does he or she have to sell? Want to sell? Just throwing in on the market at a high price to see if it’ll move? If your agent representing you in the transaction is a buyer’s agent, they can try to secure this information for you. If you’re working with an agent representing the seller, they typically can’t disclose this information without the seller’s consent.

Preparation

Great negotiators always prepare themselves. The most important factor is your frame of mind. Never let emotions override common sense during negotiations. Set a realistic limit and stick to it. If the price isn’t to your liking or is outside your budget, you must always be willing to walk away. In addition to your emotional frame of mind, your finances should be in order. An offer carries more weight if there are no dangling financial problems and if you’re pre-approved for a mortgage.

Realism

Make a realistic offer. Nothing offends a seller more than a low-ball offer on a house that is fairly priced. Often, negotiations will stop, rarely to be revived again.

Call us today to get pre-qualified so you are prepared to negotiate on a home!