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! :)
Albuquerque Balloon Festival