In marketing no matter the field it is so important to know who are your target markets. In Real Estate you must understand what he/she are looking for, how they are searching for their dream home, and lastly you must know your customers characteristics!
The past 5 years in Real Estate has been challenging and deterring. Baby boomers are retiring and down sizing, but they do make up a high percentage as home sellers. Now with that said, whose buying?
Allow me to introduce you to Gen X ( mid 30s- 40 yrs. old) and Gen Y (20's- 30 yrs. old). According to a recent survey that was conducted by Better Homes and Garden Real Estate the housing market has not discouraged these two generations from wanting to purchase a home. This very same survey found that 75 percent of Gen X and Y respondents believe owning a home is a sign of success; 69 percent said the recent housing downturn made them more knowledgeable about homeownership than their parents were at their age!
"We have discovered the American Dream still involves home ownership and white picket fences for Americans, ages 18 to 35. Three-fourths of those surveyed (75 percent) believe that owning their own home is a key sign of success. In addition, 71 percent believe that homeownership is something that should be earned and is not simply a privilege."
With all that said we now know they mean business, so lets talk business !!! Here are the facts in todays technological times Gen Y's are tech savvy and always on the go, and so when it comes to buying a home, they have different expectations and wants when compared to older buyers in the market.
Nine in ten home buyers used the internet to search for their future home.
This is why it is of no shock to hear 85% of home buyers find photographs useful, 83% found detailed property information useful and 61% found virtual tours very useful. It’s well-documented that Gen X-ers and Gen Y-ers start their home search online. Real estate listings sites, mortgage calculators and valuation tools such as Zillow’s Zestimate® home value are typically places a buyer starts.Generation X buyers are currently driving the property market, they are the highest percentage of buyers in most of the regions throughout the country. The ages are between 36 and 49 years old.
The life style of most Gen Y they are not married nor with children so their needs are different. They are more conscious of the environment and seek alternative methods such as going green! What does that mean... Homes with energy-saving eco features such as solar panels and gas appliances are high on the list of essentials for today’s younger buyers, who are looking to reduce their carbon footprint, while saving on utility costs.
To sum it all up gen X and Y are here stay so you must take them seriously. Target them with great photography and don't over bare them with abundance of information yet, enough to keep them educated and in the know. If it hasn't been said already they are tech savvy and whether you are selling your home on your own or an agent trying to better understand what your dealing with use the internet!!! Get creative Gen Y will definitely be out there looking.
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