Good Time to Sell as Millennials Create Demand for Starter Homes

If you are living in a starter home watching home improvement shows, you are likely dreaming of a step-up home with modern porcelain tile floors, quartz countertops and an overall luxurious living space. Spring and summer are good times to sell a home, but the fact that so many millennials want to own is creating even more demand. A recent article by Consumer Affairs revealed that homeowners did better than renters during the recession. If you held your home through the Great Recession, you likely came out ahead with greater net worth than that of renters. Researchers at Washington University at St. Louis reported renters had to deal with higher rents that prevented them from investing. Having dealt with the high cost of rent, many people in their 20s and 30s are looking for starter homes, while others are ready to become move-up buyers.

Giving your home a designer look

While touring new construction homes for your next home, you can get ideas for ways to improve your home to sell. Most young buyers wish they could buy a new construction home, but often can’t afford one. If you own an entry-level home, you can make inexpensive improvements so you don’t over-improve to the point that potential buyers can’t afford your house. Some ideas include replacing white countertops with laminate counters in designs that resemble granite, changing out old ceramic tile with new modern colors. Also, change out old gold door knobs with stainless steel or brushed nickel levers.

Making it move-in ready

According to a piece by Consumer Affairs on millennials embracing homeownership, most millennials plan to stay in the home they buy for at least 10 years. Because many young people have friends or family burned by foreclosures and shorts sales in bad condition, it’s important to make the repairs and improvements before listing your home for sale. Also, many millennials became accustomed to the renter’s lifestyle, which includes property management. The key is to make a home move-in ready without going over budget.

While it’s a great time to sell, it’s also nice to have a backup plan. At Move-Up America, we offer a guaranteed lease program that helps you reach your goal of buying a new construction home while renting out your current home. You receive guaranteed lease payments for two years. With the program, an accredited property manager leases your home at no charge to you. For more information about our move-up program that helps facilitate the sale of your home at substantially reduced commission rates, please contact us.

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