Much has been written about the needs and demands of Millennial homebuyers but the next generation is now getting into the market
Much has been written about the needs and demands of Millennial homebuyers but the next generation is now getting into the market.
Generation Z were born after 1995, but even in their early 20s, this cohort is already considering homeownership.
This is a sizeable group of people too, around 21% of the US population according to data from Zillow and although many will graduate college and live with their parents or rent, there are plenty of Gen Zs looking for the homeownership piece of the American Dream.
“This subset of buyers, born between 1995 and 2010, is used to on-demand information, and even at a very young age, over half (57%) of Gen Z renters are considering buying. Gen Z is starting to graduate college and are sure to start making their mark on the housing market in the upcoming years,” says real estate agent and coach Dana Bull.
Real estate agent and coach Dana Bull says that Millennials continue to drive the housing market and are bypassing starter homes due to low supply, and upsizing straight away into larger homes with higher price tags.
Online is crucial for real estate agents
Marketing properties and their services online is a no-brainer for real estate agents as Millennials (and Gen Z) expect to be able to find all the information they require.
Read more: How to become a real estate agent with no experience
Professional images of properties are vital – 58% of Millennials say it influences their buying decision – and although three quarters of this group hire a Realtor, a quarter find them online.
It’s not all about new technology though. Bull says that 41% of Millennials rely on staging when looking for their new home.
