Born between 1981 and 1999, members of Generation Y are poised to make a big impact on the country’s real estate market. Researchers and demographic analysts see important distinctions between this up-and coming generation and their baby boomer parents.
Rather than the suburban ranch of their parents, many members of Generation Y prefer urban lifestyles, with homes that give them wide open spaces, lots of light, wireless access, and green building features, according to experts at a recent Urban Land Institute meeting. Demographers also suggest that, given their tendencies to delay marriage and childbirth, some members of Generation Y may delay other commitments like homeownership, as well.
As always, I would rather inquire and do some of my own research as well. What I wanted to find out first hand was what the views of buyers were of buyers who are in their mid-20s on and experiences with homeownership. What’s important to them in a living environment, how do they live now, and where would they like to be in 20 years, from a homeownership perspective?
One “20 Something,” Amanda N., stated, “I bought my first home when I was 22 and the most important thing to me at the time was money. Getting in on a good deal, with a good first time buyer program was what made me make the move so quickly. I started looking for a home, with the hope of moving within the year, but due to a great broker we got financed and in a home in a month.
The thing you have to remember about the general GenY population is that they have a thing for instant gratification. You need to act, if they are looking get the ball rolling quickly. A majority of people who fall into that GenY category are quick to make decisions – so it is important to be able to act upon that impulse buying – even if it is in relation to something so large as home and property.”
Another member of “Gen Y,” Erica F., commented, “Not only because I am a “20 something” myself, but I have noticed that across the board, my generation has become much wiser about their finances and tend to view a large purchase such as a home, with very careful consideration.” She goes on to say, “Gen Y is an extremely tech savvy group and so are we.”
Furthermore it seems that Gen Y can be reached at all times via email, text, Skype, Facebook, Twitter, etc. and they have found that really works. “In today’s age with all of the technology that is available to us, we have really worked with it to increase the flow of communication and make all data transparent to the consumer,” according to Erica F.
All in all, it seems that this group of individuals knows what they want, they have the finances to achieve many of their goals, at least short-term in nature, and they are tech savvy.
If you are looking to become the newest member of the “Home Ownership” club, and are a member of Gen Y, X, or even a Boomer, please check out my website for a FREE First Time Home Buyer Book written by Gary Keller of Keller Williams. My gift to local first time home buyers in the Greater Athens area!
