We love labels in this country, and people born between 1979 to the mid-1990s are known as Generation Y … or the Millennial Generation … or Generation Next … or Echo Boomers. As a Realtor, however, you might soon refer to the group as the Generation That Saves the Housing Market.
A recent Western Union Payment Money Mindset Index survey found that 47 percent of the Generation Y demographic plans to buy a home in the next five years or less, compared to 29 percent of the overall population. Narrowing the timeframe a little more, 10 percent of Gen-Yers said they expect to purchase a home in the next 12 months.
Are you ready? If not, there are some things to keep in mind when dealing with the demographic. If you’re not comfortable with the high-tech devices being used for searching, researching and communication, it’s time to get familiar because Gen Y consumers want easy access and extensive information on the product they’re researching. In real estate, this means being thorough with your listings, which should be accompanied by multiple photos or videos. If this type of service isn’t provided, a Gen Y consumer likely won’t bother to search deeper and won’t return to your site.
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