Millennial homebuyers seek diversity, walkability and smaller homes | Pound Ridge NY Homes
The millennial generation (Gen Y) was responsible for about one-third of residential real estate transactions in 2013. In his session at Agent Reboot, real estate coach and trainer Travis Robertson shared how Gen Y is already reshaping the real estate buying and purchasing process.
Much has been written about the differences between baby boomers and Gen Y, but we are just beginning to see how these differences are playing out in real estate. Like it or not, with the median age of Realtors at 57 and the median age of first-time buyers at 31, both generations must learn to adapt to each other.
Robertson outlined some rather surprising facts about what to expect when you work with Gen Y, as well as how you can best serve them. 1. Let Gen X buy the McMansions“Keeping up with the Joneses” was a way of life for many boomers. As a result, more than 50 percent of Gen Y kids come from divorced homes.
The causes that Gen Y most often cites for their parents’ divorces are communication and money problems. Many believe that these problems stemmed directly from having big houses. While Gen X is buying up the McMansions (big houses on smaller lots), Gen Y wants something quite different.
They watched their parents struggle to make their house payments and the arguments that ensued. This was exacerbated by the fact that the big houses also meant there were plenty of places you could go to avoid having to communicate with other family members.
The upshot of this is that Gen Yers want smaller houses on smaller lots. This puts less financial strain on them and it also forces the family to interact more with each other.
- See more at: http://www.inman.com/2014/02/20/millennial-homebuyers-seek-diversity-walkability-and-smaller-homes-but-that-doesnt-necessarily-mean-urban-living/?utm_source=20140220&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.jXGgrNmd.dpuf
Much has been written about the differences between baby boomers and Gen Y, but we are just beginning to see how these differences are playing out in real estate. Like it or not, with the median age of Realtors at 57 and the median age of first-time buyers at 31, both generations must learn to adapt to each other.
Robertson outlined some rather surprising facts about what to expect when you work with Gen Y, as well as how you can best serve them. 1. Let Gen X buy the McMansions“Keeping up with the Joneses” was a way of life for many boomers. As a result, more than 50 percent of Gen Y kids come from divorced homes.
The causes that Gen Y most often cites for their parents’ divorces are communication and money problems. Many believe that these problems stemmed directly from having big houses. While Gen X is buying up the McMansions (big houses on smaller lots), Gen Y wants something quite different.
They watched their parents struggle to make their house payments and the arguments that ensued. This was exacerbated by the fact that the big houses also meant there were plenty of places you could go to avoid having to communicate with other family members.
The upshot of this is that Gen Yers want smaller houses on smaller lots. This puts less financial strain on them and it also forces the family to interact more with each other.
- See more at: http://www.inman.com/2014/02/20/millennial-homebuyers-seek-diversity-walkability-and-smaller-homes-but-that-doesnt-necessarily-mean-urban-living/?utm_source=20140220&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.jXGgrNmd.dpuf
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