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Renovation generation: Trends and needs of todays consumers
Even in this strong sellers market, there are home sellers that could be losing on a profit if their homes do not meet the needs or desires of buyers. Meeting
those needs means making sure the home is updated, appealing and functional. Home features and interior design are part of home trends that evolve with time and
differ by location, lifestyle, and demographics. As your agent, it is important that I understand your needs, and to educate you on what the best return on
investment is in both the home buying and selling process.
To pinpoint the latest trends and further understand the needs and challenges for home buyers and sellers today, Coldwell Banker commissioned a survey of over
2,000 U.S. adults, conducted by The Harris Poll. The survey found that Americans of all generations understand the importance of making home upgrades to add value
to their homes. In fact, 89% of those who have sold their homes in the past three years reported that they made upgrades before selling. However, of those who
renovated their homes before selling, over a quarter of them were not sure how to get the best return on investment.
The survey also found that over one-third of so-called golden millennial homeowners, ages 35 to 40, are more likely to want to move to an upgraded home
compared to other generations, especially compared to boomers. 91% of these golden millennials are also the ones making updates to their homes before selling.
However, 40% of them shared that even after making updates to their homes, they still needed additional repairs after the inspection.
Todays renovation generation of home sellers and buyers have differing desires and expectations when selling and buying a home, but they clearly agree renovation
is important. Certainly, the popularity of designer influencers and home renovation television shows has played a role in the expectations of home buyers and
sellers today, but the pandemic has also had a significant impact on their priorities and what they are looking for in a home.
While kitchen and bathroom upgrades were among top of the list for both home buyers and sellers, there are some disconnects between must do and must have items.
Other top priority improvements for home buyers included updated HVAC, plumbing and electrical and new appliances. For home sellers, some of their top must do
updates included updating interior or exterior paint (34%), carpet cleaning or installation (31%) and landscaping (30%). Among those who sold a home in the
past three years, the ability to afford the necessary updates to their homes was also a challenge for Gen Zers (34%) and millennials (31%), compared to Gen Xers
(14%) and boomers (4%). And among those golden millennials who sold a home in the last three years, nearly half said having a network of home renovation
professionals who they felt confident could help them improve their home value was an important factor in choosing a real estate agent.
The fact is that consumers value the expertise of real estate professionals and their access to programs that help meet their individual needs. Programs like
RealVitalize offered through Coldwell Banker can provide home sellers with home improvement resources prior to or during the home listing period with no
up front costs or interest charges, while having the support and guidance of their trusted real estate expert. It is a solution to connecting the gap between
home sellers and buyers, especially in a tight inventory market.
The question, what does your dream home look like? can generate a variety of unique and interesting responses. It takes the talent of matchmaking and
professional expertise that a real estate agent possesses to bring that answer to life for their clients while offering the tools and information that they
need to secure the best return on their investment.
If you are thinking of buying or selling a home then I would welcome the opportunity to sit down with you and discuss all of this.
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