The smaller the home, the more attractive it is to today’s hottest home buyers, Generation Y. GenY (born after 1976) buyers are entering the market at all time highs. A dear friend of mine, Travis Robertson, spoke at a conference I emceed recently.
One of the shocking research facts he shared with us all was the perception GenYer have for why their Baby Boomer parents divorced at the highest rate in history. The number one reason GenYers cite is “size of home.” They felt the sprawling McMansions with their separate bonus rooms, office spaces, basements, etc. brought separation to the family; thus, GenY buyers value the small square footage even more today. It’s almost as if they see it as a way of preserving their marriages.
Obviously, if you’re a seller and have a 1000 square foot or less home to sell, you could be ripe for this market demographic. If you can figure out how to get two bathrooms in this small size, you’re even more at an advantage. Remember, smaller homes command a great price per square foot, also. If you’re going to step into the small home realm as a seller, make sure you make your home as attractive as possible with great landscaping, stainless appliances and modern interior touches.