I consider it very important to take the required courses to remain a Fishers Realtor of choice. Recently I took a class on Multi-Generational Marketing that I thought was very interesting. I need to pay attention to the age of my buyer because what they value may differ depending on how they grew up.
There are basically five generations as follows:
- G.I. Generation (1901-1924) and they represent about 5% of the market
- Silent Generation (1925-1945) representing 20% of the market
- Baby Boomers (1946-1964) representing 45% of the market
- Generation X (1965-1981) at 20% of the market
- Generation Y (1982-2000) 10% or so of the market
A great way to look at this is to think about how Kennedy died. The first three would say gunshot in Dallas, the Generation X may say a plane crash near Martha's Vineyard and the Y Generation would say of old age and in 2009!
The Veterans (GI) are often selling their homes and moving into assisted living or nursing homes. They may not have family and need me to be do many things for them. For example, I helped an elderly lady secure people to clean out her house to be ready to sell. They often have accumulated a lot of stuff!
The Silent Generation values hard work, family, tradition and discipline. The are often the group that is looking at reverse mortgages, they may want to stay in their home awhile longer but do not have the money for the necessary repairs to keep their home liveable. To be eligible for a reverse mortgage, you need to be 62 years old or older; the older you are the more of your equity you can free up to either repair your current home or use for medicine, etc. There are no restrictions on the use of the money.
The Baby Boomers are perhaps the busiest. They often have parents in a generation above and children in a generation below! There are approximately 78 million Boomers and they are often the richest generation. They are concerned about retirement and healthcare issues. When they look at a home, they often want open floor plans, master on main, and an office space. Often they are looking for a room they can convert if an elderly parent needs to live with them.
The Generation X people typically will stay in their homes a shorter amount of time than previous generations. They are not tied to a job as earlier generations were and often will switch for greater job satisfaction. They like to have entertainment spaces. They are very well informed and fairly tech savvy; with 81% using the internet to find their homes. But they still need Realtors® to look at the history, resale values and potential zoning issues.
Generation Y are the fastest growing Generation. They are just entering the work force and because of the $8,000 buyer's credit; are also taking the home buying population by storm. Generation Y is plugged in 24/7 with I-Phones, Blackberrys, and other devices. They typically will prioritize family over work. They want a house that is move in ready, no painting, no fixer upper, no huge time commitment to make the house their own.
Understanding the various generations helps me to zero in on what type of community and Fishers home will work best for the buyer and their lifestyle. It helps me know what kind of information to give them about finances to make the most sense for what they want to accomplish. It isn't about just finding someone a house, it is about finding them a home...and there IS a difference.