When selling your Springfield, MO home, it’s important to gain a better understanding of today’s primary buyers. According to a recent piece by themortgagereports.com, the generation that currently owns the most homes is members of Generation X in the 35 to 54 age category. Now that the Great Recession is only a distant memory and chapter in history books, it’s time to move on. For many Gen X home buyers, moving on means finding a larger home that requires some sweat equity or work. In Springfield, MO, Gen Y or Millennials as well as Gen X create tremendous demand for larger starter homes that are “projects.” When selling your Springfield MO real estate, consider key ways to attract buyers.
Offering allowances for improvements
Instead of spending several thousand dollars on new flooring, consider selling your home with allowances specifically for home improvement projects. Experts point out that Millennials buy real estate costing about $217,000 and more than 1,800 square feet. Just because you sell your Springfield home “as is” or with a few major flaws, doesn’t mean it will deter certain buyers. Your Realtor knows how to create a selling point out of homes in need of modern flooring, appliances, countertops or other décor features. Most Millennials expect to have a higher salary in the future, but appreciate cash allowances for improvement projects. They also want to choose their own colors and styles.
Creating an eclectic and minimalist look
Members of Generation X are known for creativity, free-thinking and telecommuting. They spend an average of $261,000 on homes. If you own a home with more than 2,100 square feet, you are more likely to attract a Generation X buyer. Create an eclectic design, using bold colors and removing excess furniture and clutter. Because they are the “sandwich generation,” Generation X buyers love in-law suites, second master bedrooms and finished basements for adult children moving back home.
Selling a suburban home in Springfield isn’t as difficult when you know your prime buyers. Younger buyers are often priced out of the urban areas because of baby boomer competition. Eighty-five percent of Millennials bought in the suburbs in 2015 while 72 percent of Gen X gravitated to the suburbs. Other tips include using a Realtor who creates online virtual tours of your home and knows how to educate Gen Y buyers.