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Old 03-21-2017, 10:19 AM
 
Location: Salem, OR
13,743 posts, read 31,562,927 times
Reputation: 12105

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Quote:
Originally Posted by Geo-Aggie View Post
As a Millennial who recently bought a house, let me tell you what I was really concerned about:
  1. House will not require expensive repairs next month.
  2. House doesn't immediately require extensive plumping or electrical updates.
  3. House is in a solid neighborhood with good schools where I can walk to restaurants, shops, and parks.
  4. House is on the lower-end of price per square foot for the zip-code.
  5. Neighbors don't seem sketchy.
This has been my experience with my millennial clients, although they do prefer cosmetics done too if at all possible. What it really comes down to for them, in my experience, is cash flow. They have limited cash flow because of student loans. They have money to pay the mortgage, but not quite enough to save for large repairs or remodels so they really need something as turn-key as possible.

So, OP I agree with your agents that cosmetics are important to appeal to Millenials, but not because they lack vision. It is strictly a cash flow issue as they claw their way out from under student debt.
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Old 03-21-2017, 10:21 AM
 
4,784 posts, read 4,667,418 times
Reputation: 5521
I am a "millenial." I went with one of the cheapest options. It needed updating. I will make money when I sell it. So yes, I was looking for a deal and I wanted to be in a particular area. I don't really have to deal with student loans or being unemployed so yeah...

The thing is---if I hate your updates, I won't buy it. I'm not going to pay premium for something I don't like anyway and feel like I'd have to get rid of---I'd just buy the cheaper option and put in what I like.

What I would do if I were you? I'd see what sold around me lately and let that determine where I want to be when I sell my property. If I see that properties are selling without really updating anything, then on the market it would go. If I saw some updating impacted the sales price greatly, I'd see what's doing well and consider those updates. And I cannot imagine you live in an area where only millenials are buying housing???

Is this another annoying "millenial" post I am responding to?
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Old 03-21-2017, 11:03 AM
 
3,106 posts, read 2,731,557 times
Reputation: 4411
My nephew and his wife are millenials over 30. Their first house was a generic new construction. They finished the basement and added backsplash and after 4 years, had their dream/forever home built. Second house was chosen due to location (best school district - 2 kids) and they got to pick all finishes and pretty much everything about the house. But location, location, location was the #1 thing.
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Old 03-21-2017, 11:12 AM
 
3,318 posts, read 7,255,247 times
Reputation: 4095
There is a big push on the Lending side to market to Millennials - which means, basically, jam everything into an app so they can stare at their phone and pretend they understand the transaction when that is absolutely impossible. Think Rocket Mortgage. My company rolled out a "Fast App" that I have zero intention of ever using for application purposes, because this is the kind of thing, in conjunction with easing guidelines and lower down payments, that absolutely will play a part in a bubble.

If I sound a little "get off my lawn" to you, than I am talking about you. Put your widdle phone down, look people in the eye, engage and ask questions. I force my younger and first-time borrowers to meet in person and hand-sign every page, I don't even let them do e-docs, much less burn through the process on a phone.

As far as amenities, in Portland they need to be near the cool part of town, with access via walking/bikes/transit over cars, and they're not into Rehabbing houses.
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Old 03-21-2017, 11:20 AM
 
Location: Cary, NC
31,604 posts, read 55,320,924 times
Reputation: 30155
"Millennials" will go down in history as one of the most stereotyped, shallowly stereotyped, demographics ever.

Sell property on its merits and value, and the millennial money will flow when the merits meet the perceived market value.
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Old 03-21-2017, 11:27 AM
 
Location: Columbia, SC
8,848 posts, read 17,443,646 times
Reputation: 6202
Quote:
Originally Posted by reneeh63 View Post
I thought all Millennials were unemployed with huge student loans and living with their parents? So yeah, why market to them if they have no money to spend. So, believe what you will, but marketers go where the money is.
Millennial buyers were approximately 50% of the market last year.
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Old 03-21-2017, 12:14 PM
 
Location: Raleigh
6,977 posts, read 5,191,475 times
Reputation: 9406
OP's realtor does describe my fiance.

OP doesn't describe me, we actually want the opposite in a house (although we agree on neighborhood.)
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Old 03-21-2017, 12:31 PM
 
Location: Back in the Mitten. Formerly NC
3,819 posts, read 4,873,134 times
Reputation: 5242
Some timelines consider me a millennial (I do not).
My first house was a foreclosure that didn't have any flooring (concrete slab), had peeling wallpaper in some rooms, and desperately needed paint. I made it mine and I loved my house.
While searching this time around, clean and livable was my priority. I do not have the time to deal with a renovation or even minor things at this time. I was prepared to do paint and carpet if necessary. Luckily I was able to avoid it all. Some things are not my style in my new house, and I have some wallpaper borders to remove, but I can live in it and do it very slowly.
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Old 03-21-2017, 12:41 PM
 
459 posts, read 272,849 times
Reputation: 842
Quote:
Originally Posted by MikeJaquish View Post
"Millennials" will go down in history as one of the most stereotyped, shallowly stereotyped, demographics ever.

Sell property on its merits and value, and the millennial money will flow when the merits meet the perceived market value.
I agree with this. Whether the buyer is a millennial, Gen X, Z or whichever, the price point must match the market conditions for the location. When that is set correctly, serious buyers will show up.
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Old 03-21-2017, 12:51 PM
 
4,498 posts, read 2,767,476 times
Reputation: 6554
I live in LA where most milennials will never be able to afford buying and the market is so hot that it basically makes no sense putting money into a home to sell it. No matter how outdated or run down your home is here there will be a bidding war on it
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