How to Sell an Older Home to Younger Buyers

Selling an older home can be tricky, especially if you’re in a growing area that’s rife with new construction. While it may be easy to assume that an aging home should be marketed to middle-aged buyers, especially since past statistics have suggested that millennials are opting to rent instead of buy, new census data paints a different story.

In short, homeownership among young adults is on the rise; therefore, if you’re looking to sell an older home, it’s important to make sure it’s marketed in a way that will appeal to a range of demographics, particularly millennials who may be looking to buy for the first time.

While working with an experienced Realtor to develop an effective strategy is clearly a huge piece of the puzzle, when marketing an older home, it’s important to have an understanding of which features will have the most appeal to young couples and families.

HOME INSPECTION: If you’ve struggled to maintain your home, obtaining a reputable home inspection prior to listing is a worthwhile venture since it will help determine if there’s anything wrong. Part of the allure of a new home is the peace of mind that comes with knowing you’ll most likely have years before anything will need to be replaced (i.e. roof, furnace, air conditioning, etc.). If you’re trying to sell an older home, an inspection will help provide the same piece of mind to potential buyers.

RENOVATION PLAN: Oftentimes, young buyers may not realize that simple updates or renovations can make such a big difference, especially if the interior of your home is relatively dated. While you may not have the money or desire to replace those pea green tiles in your kitchen, it may help to pay for a few simple drawings that will offer some options for future changes so that buyers can see the home’s potential.

PROVIDE LOAN INFORMATION: If your home is 20 or 30 years old, chances are good that most buyers will want to make some kitchen or bath changes. While may house hunters may already be pre-approved for a loan, others may be interested to learn about popular renovation mortgage programs, such as an FHA 203(k), which allows buyers to wrap renovation costs into their mortgage. Although it’s important to get your Realtor’s opinion, you can always provide loan information with your marketing materials to show interested buyers that renovations are an option.

LIGHTEN UP: Aside from having smaller windows and closed-off rooms, many older homes were constructed with darker materials, so removing heavy window treatments and trimming any shrubs blocking the flow of light is important. Consider removing any dark, heavy furniture and minimize the clutter.

HIGHLIGHT NEIGHBORHOOD AMENITIES: Even though many younger buyers may not have children, chances are good that they will still consider your home’s location. Highlight all of the great things in your area and make sure your marketing mentions attributes such as public transportation, shopping, recreational activities, and schools.
OPT FOR NEUTRAL COLORS: Paint is one thing that will go a long way, especially if you’re operating on a budget.

Younger buyers generally prefer “Pottery Barn colors,” so consider freshening things up with soft earth tones which offer a great deal of flexibility. If your home still has wallpaper, this step may be even more important.

In the end, along with the current market in your area, marketing an older home to younger buyers is all about strategy. While the above tips may offer some assistance, it’s still important to work with an experienced Realtor who can help you develop a strategy to find the right buyer. If you’d like to learn more or want to discuss what options are available to you, please feel free to call me.

Pam Evans | Hello Pam Evans Realty | www.HelloPamEvans.com | 678-778-6551