Younger buyers are a driving force in real estate. As prices fluctuate, it can be more difficult to attract this generation into home buying, and a sign of a quality investor is knowing where to buy in order to sell the fastest.
If an investor purchases a home in a poor location, younger buyers might be less inclined to be interested. Several factors attract this segment toward a specific home, including price, location and new construction. Getting the biggest return on investment means hitting on most of these points, and having the best information - from property data and real estate records - available.
Best cities for attracting younger buyers
Location is a big selling point for everyone, but especially for younger or first-time home buyers. Investing in real estate can be made easier by choosing the right properties, and knowing which demographic to appeal to.
In fact, picking a college town is an ideal strategy for making money fast, either through creating rental properties or selling to a younger generation, according to Fox Business. Important factors to consider are the type and size of the university and how many live on campus for each school. Many students or recent graduates are looking to upgrade their living situations away from the dorms, and a new house could be ideal.
Home to three universities, Buffalo, New York, is a perfect place to invest in real estate. The average listing price of a home in the area is $148,957, according to Trulia. Another upstate New York town that has great appeal is Rochester. Like Buffalo, there is a university there with a large student body, Fox Business noted.
These two college towns in New York are great places to start investing in real estate. Finding the perfect location and property comes down to having the most knowledge - something that can be acquired via mortgage records and real estate property records from Courthouse Retrieval System.
The best city for attracting younger buyers is Baltimore, according to Fox Business. Thanks in part to the large number of colleges, including Johns Hopkins University, the University of Maryland and Loyola University, more college-aged people are looking to buy than in most parts of the country.
The average listing price for a home near Baltimore is $212,033, Trulia noted. More people means more interest, and the city offers a lot of potential for real estate investors.
What homes attract a younger demographic
Younger buyers tend to desire new construction, due to the relatively easy maintenance and lack of problems that often plague older homes. Fixer-uppers won't cut it, according to RealtyPin. In order to sell a home like this, the price has to be drastically low, which won't help an investor.
Simplicity sells, and modern amenities. Therefore, investors should avoid buying older properties when targeting this generation. New homes shouldn't be built with too-much carpet, ornate decorations or popcorn ceilings, RealtyPin noted. These are all major negatives for a younger crowd, and that will make these types of homes harder to sell in a college town.
Instead, hardwood floors and sleek appliances draw buyers in, along with a simple and neutral color scheme. With this strategy, an investor can be selling in no time.