A New Generation For Real Estate

A New Generation For Real Estate

The next generation of adults are finally entering the real world. Being the largest cohort since the baby boomers, Generation Y brings to the table a completely different perspective and expectation of how things should be done.

These young adult were born between 1977 and 1994 and currently range from 20 to 37 years old. With a current population of 71 million this is a huge opportunity in the real estate market, most of this generation is finally beginning to consider purchasing their first home. Therefore it is crucial to understand their way of thinking so that we may adapt to new and changing times.

Gen Y kids are known to be very technologically wise, highly sophisticated, innovative thinkers and are in a sense immune to traditional marketing and sales pitches (because they were exposed to all of it growing up). Here are some characteristics that they find important; *note this does not pertain to all Gen Y adults

1)      Being Green – At the turn of the century there was all this talk about whether climate change was fictional or not, well 14 years later it’s no longer a question. Generation Y was raised to believe that they are the solution and that it is their responsibility to take care of the planet. Most of this generation is actually willing to pay to be more “green”

2)      Bicycling – This trend has grown year after year, based on a survey from Citylab.com from 2000 to 2009 bicycle commuting rates increased on average 70 percent. Most generation Y adults actually prefer riding their bike over driving, and when purchasing a home access to bike trails and their walk score actually play a huge role.
3)      Technology – Gen Y kids grew up using technology for everything, it simply comes second nature for them and is their preferred way of communicating. Whether it be texting, email, Facebook or even tweeting many of them are actually foreign to the concept of meeting face to face. With everyone owning a cell phone capable of accessing all these forms of communicating meeting in person is simply outdated for this generation.
4)      Time off – Traditionally adults would go to school, graduate, get a good job and settle down at 23 or 24. However this isn’t really how generation Y plans to do things. While going to school and getting a job is still important, many of them don’t even consider settling down until their late 20’s to early 30’s. After graduation most of them want to take time to see the world and experience new things. Therefore buying a house right out of college simply does not make sense.

It’s a new era of real estate, don’t be the last one to realize this.


Ryan M. Nguyen
 is a Broker Associate at Keller Williams. He is a part of Carr Peck & Associates which has been recognized locally and nationally as an expert in real estate. Driven by his passion for real estate he strives to show the world what his generation brings to the table. For more information feel free to contact him or call 303.828.8720

     
Photo provided by Google, Sources Socialmarketing.org, Anthony Reid and myself (Gen Y kid)


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Dated: September 2nd 2014
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