Six Living Generations as it Relates to Real Estate

Reblogger Barbara Todaro
Services for Real Estate Pros with RE/MAX Executive Realty 104763
https://activerain.com/droplet/5m4r

This is a post with information that every real estate agent must be mindful of... how you handle each category could make or break your relationship with your potential client.

Original content by Pat Starnes-Front Gate Realty Broker 11085

Gathered around the dinner table, my family started a lively discussion about the names of each generation. I'm a proud Baby Boomer, and my son is a Millenial (although he would argue he's a Gen X) and the kids around the table tried to decide where they fit in, whether it was Millenial (Gen Y), Gen Z, or Generation Alpha.

So, as I began studying for my SRES Designation (Seniors Real Estate Specialist), I was fascinated to review the dates of birth and characteristics of each generation, and how these groups relate to buying or selling real estate.


 

The GI Generation, also known as the Greatest Generation, were those born between 1901-1924. These were the teenagers during the Great Depression and they served during WWII. Their numbers are dwindling as this age group is over the age of 95. They now represent less than 1% of the US population.

The Silent Generation are those born between 1925-1945. They are cautious, prudent, don't question authority, hardworking, and prefer face-to-face interaction and good old fashioned handshakes. My mom fits perfectly in this category. Think of those raised during a time of war and economic depression. This group makes up 7.6% of the population.Family House in Field

Baby Boomers (1946-1964) include my childhood friends, classmates, my siblings (except Baby Sister) and me. We are independent, ambitious, hard working,  dislike rules, and represent 21.9% of the population. 

Gen X'ers (1965-1976) were the first latch-key kids (supposedly). By this time, both parents usually worked outside the home. Gen X'ers are self-reliant, independent, skeptical, and communicate primarily by email and text. This category represents 15.2% of the population.

Millenials, also known as Generation Y, are those born between 1977-1984, and represent 24.2% of the population. Millenials are now the largest in number of all the generations, surpassing Baby Boomers. Millenials are skilled multi-taskers, empathetic toward elders, sensitive to multi-culturalism, yet have a short attention span. 

Generation Z (1995-2010) are the 10-25 year olds who are tech savvy, impatient, introverted, and communicate via Snap Chat, Messenger, and other social media apps.They represent over 20% of the population.

Finally, Generation Alpha are those children born in or after 2011. They are independent, self-reliant, most likely an only child of older parents, and represent almost 10% of our population.


 

The over 50 population consists of the Silent Generation, Baby Boomers, as well as part of  Generation X. This group represents a significant percentage of the country's personal wealth and home equity. Not all Baby Boomers want to downsize, but may move two or three times while transitioning through life stages. Most elders prefer to keep their independence as long as possible and don't want to move in with their children. A very small percentage (less than 5%) move into nursing homes, while most seniors retain active lifestyles and independent living. There are options for all and not everyone fits into the same mold. 

People Generations Bar Graph

 

Also worthy to note is that Baby Boomers, Gen X'ers, and Millenials may be actively involved in the decision making process for their elders. I'm currently going through this scenario with a loved one and know many others who are reaching this stage. Skilled real estate practioners should communicate effectively with each client in the manner the client prefers. While the Silent Generation prefers face to face meetings and phone calls, Generation X and Y prefer text and/or email.

 

The modules for the Seniors Real Estate Specialist Designation (SRES) has been interesting as well as educational. If you have any questions or comments, feel free to contact me through the links provided or call 601-278-4513.

First Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Second Image courtesy of Sira Anamwong at FreeDigitalPhotos.net

 

 

Written and Published by Pat Starnes REALTOR

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Pat specializes in Residential and New Home Sales 

Primary Service Area:

Brandon, Pearl, Ridgeland, Flowood, Madison and the Ross Barnett Reservoir area

 Pat Starnes, Broker Associate

Front Gate Real Estate, 6700 Old Canton Rd., Suite C

Ridgeland, MS 39157

601-991-2900 - Office

601-278-4513 - Cell

 

Recent Blog Posts by Pat Starnes:

 

Greenfield Station in Brandon MS Continues to Grow

Six Easy Tips to Save Money on Your Home Inspection

Should You Consult a Realtor When Buying New Construction?

Homes for Sale in Scottish Hills ~ Brandon MS 39047

Homes for Sale in Hidden Hills Subdivision, Brandon, MS 39047

Homes for Sale in Castlewoods Subdivision, Brandon, MS 39047

Gardens of Manship Neighborhood Information - Brandon, MS 39047

 

Are you looking to buy or sell a home in the Brandon MS market? Call me!

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Rainmaker
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Eva B. Liland Century 21 Doug Anderson
Century 21 Doug Anderson - Lancaster, CA
Glad to be of Service 661-714-1643

Thank your claryfying each generation Barbara Todaro by re-blogging. Now I have a better understanding to those buyers and sellers who prefers to text.

Jan 24, 2020 05:46 AM #1
Rainmaker
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Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

thanks for reposting & sharing this blog Barbara!  It really is important for all doing real estate to understand.

Jan 24, 2020 05:55 AM #2
Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

thanks, Eva and Ginny....

Jan 24, 2020 05:56 AM #3
Rainmaker
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Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Communication begins with Understanding...

Jan 24, 2020 06:28 AM #4
Rainmaker
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Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Barbara. This is a great choice for a re-blog and a beautiful post too.

Jan 24, 2020 06:48 AM #5
Rainmaker
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Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

I'm off to compliment Pat - nice that you re-blogged her post.

Jan 24, 2020 07:24 AM #6
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

I recently took a course about the various demographics and their characteristics. It's important to keep up with this - thanks for sharing Pat's post.  D

Jan 24, 2020 08:47 AM #7
Rainmaker
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Will Hamm
Hamm Homes - Aurora, CO
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Hello Barbara,  Thanks for the reblog on this one, I missed it first time around.  

Jan 24, 2020 09:44 AM #8
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
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Barbara each age group is different, especially the first two and last two.

Jan 24, 2020 01:03 PM #9
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Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
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Hi Barbara:

Thanks for sharing this - I didn't see Pat's post and I think the discussion of the generations is most helpful when you consider real estate needs, communication, the use of technology and more. Obviously there are exceptions and one must be careful to not generalize.

Jeff

Jan 24, 2020 05:17 PM #10
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