A lack of existing housing inventory continues to fuel a strong seller’s market in Southern California. But recent market studies reveal that conflicting inter-generational market forces are also at play that exacerbate the issue and keep would-be buyers and sellers from their goals. In short, Millennials don’t want grandma’s fixer-upper and Baby Boomers are leaving money on the table if they aren’t taking the preferences of younger buyers into consideration before hanging a “For sale” sign.
Avenue3 Realty is a residential real estate brokerage and remodeling firm that launched this summer with offices in San Diego and Orange County. The firm offers an innovative renovate-then-sell approach, working with sellers to refresh, update and improve older homes before placing them on the market in order to meet the changing preferences and requirements of today’s homebuyers, which increasingly are Millennials.
“Baby Boomers are retiring and ready to downsize. Millennials are looking to settle down and buy their first homes,” said Angelina Sciarrino, CEO, owner and associate broker for Avenue3. “However, we’re seeing a major disconnect between the older homes that seniors are prepared to sell and those that younger buyers want to buy. By working closely with our sellers on strategies that includes making any necessary improvements for them at no up-front cost, we are able to better match supply with demand, creating a win-win for everyone.”
Nationwide Mortgages recently released an infographic entitled “How Millennials Are Changing the Housing Market,” which reported the following facts:
- Millennials are now the largest group of homebuyers, accounting for 34 percent of the total market and 66 of first-time buyers.
- For this generation of buyers, a move-in-ready property is a top priority. Student loan debt, stagnating wages and busy careers prevent these buyers from investing time and money to renovate fixer-uppers.
- “Must-have” features: luxury kitchens, fully updated baths, new appliances, green/energy-efficient features and smart home technology.
Avenue3 Realty utilizes an innovative, three-step approach to home-selling that helps sellers find the best path to maximum profit on the sale of their home. The firm combines the services of veteran real estate listing agents with licensed building contractors to boost a home’s value so it sells faster and at a higher price, all without any out-of-pocket cost to the homeowner, as long as the home has sufficient equity.
“The median-aged home in San Diego or Orange County was built in the mid-1970s,” said Gina Scafani, Avenue3’s CFO, owner and broker. “Many of the sellers we work with have lived in their homes for decades, so it’s very common for us to see design features that were highly-coveted 15 or 20 years ago, but are now turn-offs to potential buyers or used as justification for low-ball offers. We stay up-to-date on the latest interior trends and know what buyers are looking for in a particular price point or neighborhood. We make sure our clients’ properties stand out from the crowd, so they sell quickly and at the best possible price.”
To get a free home evaluation and learn more about how Avenue3 Realty can help you find the path to maximum profit from the sale of your home, call (844) 714-2833.
About Avenue3 Realty
Avenue3 Realty is a full-service, Southern California-based residential real estate brokerage and home improvement contractor with offices in Rancho Santa Margarita (Orange County) and Carlsbad (San Diego County). More information is available at www.avenue3realty.com.