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.
This data is according to a recently released survey of more than 2,000 U.S. adults, which was commissioned by Coldwell Banker Real Estate LLC and conducted by The Harris Poll.
However, 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.
“I wasn’t surprised to see that 89% of homeowners are making renovations before they sell,” says Rose Sklar, agent, Coldwell Banker Realty. “However, in my experience, and this survey backs that up, they often make the wrong updates like choosing unpopular paint colors–all because they update before speaking with a real estate agent.”
Of course, the other challenge that millennial sellers face is funding renovation projects. There are, however, some home improvement programs that are available to sellers, including the RealVitalize program that Coldwell Banker launched in 2019. RealVitalize provides sellers with home improvement resources before or during the listing period with no up-front costs or interest charges.
RealVitalize can also cover sellers’ moving expenses, which is vital because, according to the survey, aside from funding a move, the process of actually moving your possessions is one of the most stressful aspects of selling a home. Among respondents who sold a home in the last three years, nearly two-thirds (61%) say, when getting their home ready for sale, moving their personal belongings is stressful.
Other interesting takeaways from the survey include: 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 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, according to the survey:
Source: Coldwell Banker Real Estate LLC
To view the survey and for a full breakdown of Coldwell Banker’s methodology, click here.