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First Time Home Buyers — Gen Y

June 29, 2011

 

Loan Officer Keri Hoots

From Loan Officer Keri Hoots

As you get older, your buyers are getting younger, and that is especially true with first time homebuyers. Data from the Profile of Home Buyers and Sellers shows the typical age of first-time buyers is now 30, down from 32 in 2006.

The average first time buyer falls into Generation Y, and they have grown up with a very different experience: they’ve never known a world without a computer or the internet; they’ve never gone to the library for research because they’ve had Google. They don’t know what the Cold War was or remember the space shuttle disasters. They are tech-savvy, and accustomed to obtaining information quickly.

•    90% have a personal computer.
•    45% have Internet on their mobile devices.
•    4 out of the top 5 daily activities of Generation Y involve the use of technology.
•    More log onto Facebook daily than watch TV.

Urban HomesFrom a real estate standpoint they are different from their older counterparts. They typically want a home that’s smaller, closer to urban areas, and have a greater desire to be close to entertainment.

So, how do you market to this elusive generation that gathers and processes information so quickly?
Know that even though these buyers have unprecedented availability to information, they may not always know what to do with the information they’ve gathered. That is especially likely when it comes to the complexities of buying a home.
•    Adapt your communications to this technology-loving group. Expand your familiarity with texting and paperless options.
•    Consider offering a mobile-friendly website that is clear and easy to navigate.
•    Be authentic in your branding and in your business. Generation Y buyers have grown up on television and media overload – they are quick to ignore advertising they feel is insincere.
•    Know their preferences regarding lifestyle so you can better target neighborhoods and properties, remembering that each is an individual and may be the exception to the Generation Y rule.

Sources: L2 Think Tank, National Association of Realtors, wannanetwork.com, adage.com

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