Real Estate Information Archive

Blog

Displaying blog entries 1-3 of 3

Selling to Millennial Homebuyers

by Desi Sowers

Generation Y, better known as millennials are buying homes. In fact, per the National Association of Realtors’ 2017 study of generational housing trends, millennials (those born between 1980-2000) make up the largest portion of the buyer market at 34%. That being said, when selling your home, it would be wise to think about the wants and needs of millennials as potential buyers.  Here are 7 must-haves for selling a home to millennials:

  • Updated kitchens and baths –  young homebuyers have been saving for a down payment and budgeted for mortgage payments, but they want move-in ready homes.  Updating kitchens and baths are expensive, so unless they are specifically looking for a fixer upper, they are going to want these rooms in particular to already be updated.
  • Location, location, location - millennials are not only facing higher gas prices, but they are more environmentally conscious.  They are looking for homes in areas that have easy access to public transportation and a good walk score.
  • Great Rooms – there was a time when a formal dining room was on every buyer’s wish list. But this generation of buyers prefers a great room with combined kitchen and living space.  And because of how younger homeowners entertain, they prefer an open floor plan for easier flow throughout the house.
  • Home office – millennials make up a huge portion of our work force. Working from home has risen in popularity by 80% over the past ten years.  So, having a home office is definitely a must for most young buyers.  Even if you have a room staged as a bedroom, it would be prudent for your agent to point out that it could be used as a home office.
  • Low maintenance – young buyers want low maintenance homes.  Things like wood floors and granite countertops appeal to them because they are both attractive and easy to take care of.  Smaller yards are their preference as well. They want to spend their free time relaxing or traveling, not doing yardwork and cleaning.
  • Technology – this generation life without the internet and cell phones.  Good service is vital to them.  Many millennials don’t even use a landline.  You may not be able to control the strength of cell service at your home, but you can be sure that young buyers will be asking about it.
  • Energy efficiency – With a growing interest in protecting the environment, younger buyers look to buy "green homes".  While energy efficiency is not the top reason to purchase a house, it can certainly be an advantage when dealing with millennial buyers.

If you are a millennial looking to buy a home in the New River Valley, let Desi Sowers help you find the perfect home to suit your needs and desires.  Call her today at (540) 320-1328!

http://www.desisowers.com/Blog/Welcome-to-the-New-River-Valley

http://www.desisowers.com/Blog/Help-for-First-Time-Homebuyers

http://www.desisowers.com/Blog/To-Renovate-or-Not-to-Renovate-Should-You-Fix-Up-Your-Home-or-Sell-it-As-Is

A college town can be a great place to purchase an investment property.  There are numerous positive attributes to living in a college town that can make owning a property there a profitable endeavor. But, as with everything, there are pros and cons.

Pros:

Lots of potential tenants:  A college town has a large population of renters.  Each semester new students are arriving and need to find a place to call home.  You should have no problem keeping your property continuously rented.

Stable rent:  Since the demand for rentals is so high in a college town, it helps to keep rental prices  in the area strong, even when other parts of the housing market aren’t doing so well. Also, consider that it is often the parents of students, or the university itself that pay for off campus housing, so you may be able to charge higher rental prices.

Fewer vacancies: Again, the high demand for rentals in a college town pays off.  There are always new students and faculty members looking for places to live and fewer vacancies mean more competition and ultimately may allow you to get higher rental prices.

The area sells itself:  You don’t have to spend any time “selling” the area. It sells itself with the many attractive amenities that draw people to college towns.

 

Cons:

Tenant turnover:  With a large population of renters, comes frequent turnover.  Most tenants in a college town will be short term. They will live there until they finish school or get a new job and then they move on.  Most of these tenants will not want to sign long leases.  You must be prepared to accept a one year lease and understand that turnover will happen often.

Difficulty in finding tenants during “off season”: Fewer students attend college during the summer, so you may find yourself with a vacancy during the summer months. One way to avoid that is to have tenants sign a 12-month lease verses a 9 month (school year) or month to month lease. 

Excessive Wear & Tear:  College living is hard on property. Young adult students don’t always have a lot of respect for their living space.  Immaturity, alcohol use and parents footing the bill can all contribute to this lack of concern for your property.  Property damage is common and repairs often exceed the amount collected in a security deposit.  This is something to consider when renting to college students.

Time and energy: This is not a passive investment. You will need to be a hands-on property owner. Between the turnover, potential property damage and other issues that might come up (tenants being too loud, renters breaking leases), you will need to be actively involved in the rental process at all times.  If you are not up to that task, owning an investment property in a college town may not be for you.

http://www.desisowers.com/Blog/The-Perks-of-Retiring-in-a-College-Town

http://www.desisowers.com/Blog/Dont-Wait-Buy-Your-Home-in-2017

http://www.desisowers.com/Blog/Buying-Remains-36-Cheaper-than-Renting

Desi brings with her a keen eye for the details of buying or selling a New River Valley home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future – Desi Sowers will help make the most of your New River Valley real estate experience. Give her a call today, 540-320-1328, and discover the difference she can make during your family's move.

Torn Between Two Houses?

by Desi Sowers, REALTOR, ABR, GRI

As you find yourself heavily immersed in the house-hunting mode, you may encounter a situation in which you're torn between two houses. Perhaps you and your spouse each have a favorite, or perhaps you both like two houses equally - or think you do.

Making a final decision and determining which house to make an offer on shouldn't be taken lightly. The decision should be made rationally and not guided by emotion.

Of course, you may not have the luxury of taking your time on deciding which house you'd like to pursue. You may be in a market in which homes in your price range get snatched up as quickly as they go on the market, perhaps even attracting multiple offers.

But in some situations, you may find yourself torn between two houses. Sometimes the easiest thing to do is take pen to paper and outline your family's needs, your budget, and the pros and cons of each house.

Some things you'll want to compare include:

 

  • The neighborhoods. If the two final contenders are in different neighborhoods, evaluate the pros and cons. If you have kids and being close to a park is important, you'll want to consider that. How close are shopping, restaurants, church, and other services? Are the streets maintained? Do homeowners landscape and maintain their homes nicely? How long will your commute to work be?

     

  • The schools. If you have school-aged children, you definitely want to consider the reputation of the neighborhood schools. You can usually find general district information and state standardized test results online. But once you're this deep in the process, you'll want to visit the schools and receive the information first-hand from school officials. You should also talk to teachers and parents.

     

  • Crime. Go to the local police or sheriff department and ask about crime in your specific neighborhood. You might find theft or vandalism to be more prevalent in one area than another.

     

  • The houses compared to others in the neighborhood. While it may boost your self-esteem to have the biggest house on the block, it's typically a better idea to stay away from purchasing the neighborhood monster. When it comes time to sell you'll find that the lower value of your neighbors' homes will shrink your home's value.

     

  • Appreciation. If the two homes you're eyeing are in different parts of town or different neighborhoods, ask your REALTOR® to retrieve sales of homes in those neighborhoods over the past few years. If one neighborhood shows an annual average 8 percent increase and another is skyrocketing at 15 percent, you may have your decision made.

     

  • The sellers' situations. If you don't know already, ask your Realtor how long each home has been on the market. Usually the longer a house has been listed, the better chance the seller will accept an offer lower than asking price. Conversely, if the house has been on the market for just a couple days, the sellers will probably wait for a better offer if you offer less than the listed price. Your real estate agent might also be able to dig up additional information about the sellers, like why they're selling. If it's a job-related move or a divorce, the sellers likely want to move as quickly as possible, meaning you have a better shot at them accepting a lower price.

     

  • The houses themselves. If you haven't already, you should make a list of the amenities and attributes you want your house to have. If you want that first-floor home office, a large, open back yard for the kids, or a gourmet kitchen, be sure to include that on your list. Then, rate how each house measures up to each need on your list.

     

  • Drawbacks. Likewise, make a list of the cons associated with each house and determine how much of a negative impact each will have.

    As you carefully weigh all the factors, it might become clear that one house is more enticing than the other. Or, you may find the houses are still equally appealing. If that is the case, be sure you look at the homes more than once. You may notice something you didn't the first time around - something that could sway you one way or the other.


    Written by Michele Dawson

  • Displaying blog entries 1-3 of 3

    Syndication

    Categories

    Archives

    Each Office Independently Owned and Operated