In today’s real estate market, one generation stands apart in their desire to move into a renovated home: millennials. It’s unsurprising that more than one-third of the generation who grew up with Instagram and Pinterest are more likely to seek out an upgraded home compared to other generations. Here at Corken + Company we value our clients and want to always stay informed on market trends.
The desire to upgrade one’s home before selling, or to move into an upgraded home is not unique to millennials. According to the survey, some 89% of respondents who have sold their homes in the past three years said that they made upgrades to their properties before selling.
One of the main challenges that millennial sellers face is funding renovation projects. We recently wrote a blog about flipping a home. Our team shares some tips on ways to budget well and the best ways to create amazing upgrades.
Other interesting takeaways are that Gen Zers (26%) and millennials (26%) are more likely than Gen Xers (14%) and boomers (3%) to say they’re selling or planning to sell. Much of this is because of the desire for amenities (pool, large backyard, etc.). Also, almost one quarter (24%) of respondents say they will be looking to purchase a home within the next 12 months.
Looking to sell your home this year?
Here are the must-do updates that buyers are looking for:
- Updated interior or exterior paint (34%)
- Bathroom Upgrades (32%)
- Carpet cleaning or installation of new carpets (31%)
- Landscaping (30%)
- Kitchen upgrades (freshly painted cabinets, new cabinets, new countert0ps, etc) (30%)
- Refinished wood floors (23%)
- Updated lighting fixtures (22%)
- New appliances (new stove, refrigerator, washer/dryer, etc) (20%)
- Updated HVAC, plumbing or electrical (19%)
Reach out to our team at Corken + Company and we can help you with finding the perfect buyers, plus our agents can give great tips on home upgrades.