The Next Wave of New Buyers on the Horizon

By
Real Estate Broker/Owner with Pete Veres, CRS RE/MAX Elite - Elite Asset Management Team

The Next Wave of New Buyers

It is amazing to see how many agents are resistant to change. They continue to say, the market will be back to the way it was, just give it some time.

Most of us have realized that there has been a huge shift in who is buying what  type of homes. I know in the Albuquerque area Market most of our sales are in the $130,000-$250,000 price range. High end sales are almost non- existent.

As we get into the end of another year we need to start planning our business for 2010. We also need realize that if we don't go with the flow you will be hanging out high and dry on a sand bar gasping fro air or a few sales.

We are starting to see is major shift in buyers due to many reasons, too numerous to discuss. Thank God for the $8000.00 Tax Credit because that has really helped our market  get a jump start. It would be great to see this tax credit extended as I believe it will tie into a new wave of buyers know as the Millennials.

The Millennials are members of Generation Y and are between the ages of 14 to 29.  This group of buyers comprise of just over 70 million potential buyers. The oldest part of this group is now nearing and in the First Time home buyers category. Also note that the Millennials are the children of the Baby Boomers. The will be another huge opportunity for business as Baby Boomers will start to downsize soon as their millennials move out .

A few important facts we need to know about this new group. As we all know we have to change with the times which also means to change the way we do business. I am amazed when we are doing a deal and I tell the other agent I will email them a PDF of the purchase agreement and they say we only use a fax. You will need to get on board with technology especially with a group like this.

So back to the Millennials.  This will be next hot new group of consumers but will also be very different from their parents the .  These guys will not have very large nest eggs, they are living in uncertain economic times and they tend to have different lifestyles to help them work within these economic times. They tend to prefer smaller homes near recreation, restaurants and friends. They are also not very interested in long commutes to the office. They also like energy efficient green type homes.

You will need to keep in mind with this group, they need information As Soon as possible. They like information on the fly, at hand immediately. Get the point? We use text messaging  for our listing and noticed an interesting  trend. Only the smaller, better priced homes received all the text activity from the younger buyers. The point here is these guys are connected 24/7 to their Blackberries and so on so they expect the information now. They also like data, insight and education about the buying process.

I hope this helps you in planning for the future and one great bit of advice when working with some Millennials, don't ever tell them I'll send you a fax! :)

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Posted by

Albuquerque Realtor Pete Veres CRS - Certified Residential Specialist ( Agent of the Highest Degree) continues to be one of the Top 5 RE/MAX Teams in New Mexico - The Elite Asset Management Team, Specializing in Sandia Heights, Far Ne Heights, Rio Rancho, Paradise Hills, Ventana Ranch, Corrales, Los Ranchos, and Placitas. Providing Exceptional Customer Service, Professionalism and Integrity...Period. Serving the Greater Albuquerque Real Estate Market. 

Sellers: contact us for your FREE Market Analysis and Sales and Marketing plan for the sale of your home.

Buyers: Call us to Schedule your Free Buyers Consultation or request your Greater Albuquerque Resource Guide by emailing me.

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Comments (2)

Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

I love that Buyer Acquire added SMS texting to my plan. As you say, some clients really want the immediacy of the texting function

Oct 05, 2009 05:26 AM
Larry Gray
Real Estate Consultant - Lakeland, FL

I am changing the way I do business and communicate today.  Most younger buyers want their communication by email and in most cases perfer text messages, short, sweet and to the point.  AND, as you said, they want it NOW.

Oct 05, 2009 05:38 AM