There was a wonderful article written recently by Bernice Ross titled “Gen X, Gen Y Buyers Rule Market” that identifies this huge demographic, second only to the Baby Boomers (at least for now). The article briefly discusses where these generations are relative to entering the housing market and how they engage in their unique forms of communication.
Due to the decline in valuation of home prices, the glut of REO inventory, and historically low mortgage rates, this is the perfect set of circumstances for this young group of savvy buyers to jump in and get their piece of the American Dream. And, it seems they are starting to do just that! The real estate cycle of homeownership does not move forward until first time buyers get into the market. Real estate inventory starts to be absorbed once the first time buyer purchases their first home, generally an entry-level property. At this point, the former owner can move up and so goes the cycle’s forward momentum. This is why it’s important for Gen X &Y consumers to engage in homeownership… and this Baby Boomer, for one, is thankful they are.
For professionals in the real estate business, it would be prudent to deploy a strategy to help Gen X & Y consumers today. However, if you think traditional sales and marketing approaches will work to attract them, you will be disappointed in your results. Generations X & Y consumers communicate, respond and engage quite differently through the use of technology and online social networking. If you are not using these new methods of communication, don’t despair. However, it would be wise to retool your approach and start communicating with Gen X & Y buyers. They’re out there in huge numbers and they’re looking for you to help them buy their first home!
Scott Gill
Senior Vice President
Scott.Gill@rwnc.net
There are many areas of life where tradition has its place. For instance, this weekend I joined my nephew’s fiancé for the fitting of her traditional red dress to wear in honor of her Chinese heritage at their upcoming wedding reception. Another example… traditional turkey, stuffing, mashed potatoes, yams and pumpkin pie on Thanksgiving. Where “traditional” does not seem fitting these days is in the area of marketing your real estate business. The days of relying on advertising your listings through newspaper or magazine ads, or running a costly ad in the local Yellow Pages just to make sure someone can find you are gone! Really, how often do you refer to the newspaper or the Yellow Pages to find anything these days? I actually groan when the Yellow Page book is dropped on my doorstep. Ugh… that’s actually 