When I went to this years Norcal CRS quarterly meeting in Napa, I was fortunate to hear Travis Robertson, a well know Gen Y'er talk. His presentation, "The Millennial Revolution...How
To Prepare Your Business for a New Generation", was similar to the one he gave at the last national CRS Sell-a-bration in Phoenix in January. The link is from a similar one he gave in Atlanta is lengthy but worth a few minutes viewing.
We as Realtors need to consider this in selling homes today. Just a couple of facts I took away, single woman Gen Y'ers are the fastest growing segment of home buyers in this group and you should run out and buy 3 iPads. Yes 3, the cheapest one loaded up with games for the kids, one for the potential buyer/s loaded up with all the bells and whistles (MLS info, Google Maps/places/etc., Walk Score and on and on) they have come to use daily and expect those they deal with to use, and one for your personal use. No, he nor I own Apple, but his talk sure made me think. Hope this info and post does the same for you.
Seniors, young adults will influence U.S. housing markets
A new report by NAR in collaboration with several other housing-related agencies shows that aging baby boomers and their echo boomer children will significantly impact trends in the nation’s housing market over the next 20 years. In the report, researchers analyze key demographic trends and their likely influence on housing and homeownership in the U.S.
Over the next two decades, the aging baby boomer generation will swell the nation’s senior population by 30 million. That demographic shift will likely help increase the supply of housing, since people over age 65 typically release much more housing than they absorb.
The echo boom generation; also called the Millennium Boomer, Gen Y or Generation; includes nearly 65 million people born between 1981 and 1995. NAR’s analysis illustrates the potential impact of economic and housing policy on this generation’s demand for housing as they come of age.
“Housing, jobs and the economy are inextricably connected,” said Yun. “A strong recovery with favorable housing market conditions would encourage substantial growth in echo boomer households, which would help absorb the current vacant inventory and stabilize conditions for residential construction. Under a reasonable ‘middle’ recovery scenario, approximately 12 million new households will be formed over the next decade, requiring construction of up to 15 million new housing units.”
NAR President Moe Veissi noted that current market trends favor would-be homeowners of all ages. “As the supply of rental housing continues to fall, rents are increasing,” said Veissi, broker-owner of Veissi & Associates Inc., in Miami. “At the same time, affordability for homeowners is at a record high. For buyers who qualify and are ready to assume the responsibilities of owning a home, opportunity is knocking.”
from C.A.R. Newsline