Real Estate Tips: Get to Know Generation Y

Back in April, we posted a blog titled, “Younger Generation Predicted to Turn Real Estate Market Around”. We focused primarily on the young families and adults that made up Generation X (32-45 year olds). New research is also putting a lot of emphasis on Generation Y (15-32 year olds). The statistics suggest they will be a strong driving force for the next ten years!


Why is this group different from their older peers? The group is about equal to the baby boomer generation, about 77.4 million individuals. By sheer size alone, they are a significant percentage of the buying market. They make up over 25% of home buying age. They tend to be highly educated; more than 60 percent of them go to college. As more of this generation joins the work force there is going to be a “massive increase in housing demands”, according to University of Southern California Lusk Center for Real Estate.

Below is a list of what you need to know about this group in order to market to them:

Importance of Technology

This generation has always had access to computers. They are very comfortable with new and innovative technology and use it to the best of its abilities. This means they are doing research on real estate! Whether it’s pricing what they want or finding out how the market is doing. You need to know what they already do. Social Media and web surfing are daily habits on their end, they expect answers fast. They want to know that turning to you as an expert that you are listening to their questions and answering them. Embrace technology to locate generation Y buyers and keep connected.

Understanding their Schedules and Priorities

This generation is also very cautious. They have grown up in a time of uncertain markets. They are savvy buyers. They are highly educated, and research most major purchases. They are having trouble getting jobs or are afraid of cutbacks at their jobs. This comes into play with their spending habits. However, this does not discourage spending, it just creates priorities. Generation Y is already purchasing property younger than the generation before them. The average first home purchase is 26 years old (Generation X is 28). Understand what has shaped their thinking and appeal to it, don’t fight it.

Lifestyle is Key

These individuals are strongly influenced by their lifestyle. They like urban living where they can walk and ride bicycles to get where they want to go. Generation Y is getting married and having kids later. They view real estate as short-lived investment before their next stage. Most important features are convenience to where they want to go, shopping, restaurants, and amenities. Most of this generation also prefers low-hassle or maintenance free living. This means they don’t want a large yard to mow on their own. Entertaining and open spaces to accommodate guest is high on their want list. Also, useable outdoor living space highly appears to their outdoor nature. Find out what your buyers want and market it highlighting these key features.

If you have any questions or would like to talk to a real estate professional, contact SI Real Estate at 813.631.5144 or yourhome@sirealestateinvestments.com. We know how to set up for the next wave of clients. Also, if you are looking to join a real estate firm that is changing with the market, contact us for current agent positions.

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Real Estate Trends: Homebuyers Make Lifestyle Priority

The real estate saying, “location, location, location” might not hold as much weight to this generations buyers. According to Realty Times, lifestyle options including health, safety, and nearby activities may be a leading factor in home buying selection.

A recent survey conducted by Better Homes and Gardens Real Estate LLC and the Meredith Corporation reveal that homebuyers prefer these traits in their community:

1. Ease of commuting by car: 38%

2. Access to health and safety services: 34%

3. Family-friendly neighborhood: 33%

4. Availability of retail stores: 32%

5. Access to cultural activities: 21%

6. Public transportation access: 19%

7. Nightlife and restaurant access: 18%

8. Golf-friendly area–access to golf courses: 6%

If the community a buyer is currently living in doesn’t meet these desires, 1 in 5 homeowners have moved or would like to move to better fit their lifestyle. This data lets you as a seller know how to market your property to the way home buyers think and what they want. Showcase your home and describe how closely it meets the listed criteria.

If you are looking to sell or enjoy getting more real estate tips and trends to help you understand the current market, contact SI Real Estate at 813.631.5144 or email us at Yourhome@sirealestateinvestmetnts.com.

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Younger Generation Predicted to Turn Real Estate Market around

Since the slump in the real estate market started everyone has wondered where and when relief would be found. There is a new group of people that are drawing confidence in the housing recovery.

A new study was released in March by the National Association of Home Builders states that, “Generation X –young families and adults ages 31 to 45 – are likely to lead the home buying recovery as it gets underway”. Gen X as they are referred to makes up 32% of the home-buying age population. They are not the largest group (Baby boomers make up 41%) but they are the most mobile. They are fully engrossed in careers and need to expand to accommodate larger families. When surveying 10,000 potential buyers in 27 metro areas, between 85-89% said now is a good time to buy!

What does this Generation of home buyers want?

More space! Most are growing in careers and families and want a bigger home than they currently live. In addition to space inside they want more space on their property. Although amenities seem like a hot button item, 46% said they would prefer a home in a larger lot versus 21% looking for a neighborhood in walking distance to everything. Finally 70% stated they would be willing to spend an additional $5,000 for a green home. Another very important feature that helps makes the sale to this individuals-design. They are willing to pay a premium for things such a modern architecture and dark wood cabinets.

Strategy Changes for Selling to Generation X

This younger generation of real estate purchasers is not the same as the generation before them. They have grown up in a world of skepticism and work independently to see what they want and what they should pay for it. They are willing to do research and utilize technology to get answers. What do you need to concentrate on when selling a property to this group?

Most important difference between a younger generation of buyers versus their older peers is technology. Technology is very important to these innovative individuals. Often referred to as the “MySpace generation”, the term is widely misleading. They may spend time on social networking and entertainment but they also turn to the virtual world for information. They are inundated but they absorb exactly what they need and are prepared when making a purchase decision. As a seller or real estate agent, remember to utilize the virtual tools that draw this generation in and respond quickly before they move on to the next prospect.

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Real Estate Statistics Greater Tampa Bay

June 2010 real estate statistics compiled by the Greater Tampa Association of Realtors are in... The news is positive for our local real estate market in Tampa, FL. The number of properties that sold in June 2010 was at a phenomenal level of 2,069 – the best month for sales since December of 2006, the very peak of our market.

The statistics provided by the Greater Tampa Association of Realtors also showed the current inventory is at a multi-year low of only 13,514 homes, which translates to 6.5 months of inventory remaining.

One of the factors influencing this was the number of home buyers who wished to purchase homes in time to earn the First-Time Home Buyers Tax Credit and the Move-Up/Repeat Home Buyers Tax Credit. These federal stimulus plans had an amazingly positive effect on the real estate market in Tampa, Florida. Other areas across the nation have witnessed similar encouraging trends.

So, what does this mean to those who wish to buy or sell right now? Now remains the time to buy or sell! The market is active. Buyers are buying, sellers are selling, and investors are investing in real estate -- property inventory is moving on all fronts.

Realtors at SI Real Estate are engaged in an dynamic real estate market and transactions are being made. Many times properties are receiving multiple offers on them, especially if priced correctly. Whether you are someone who wishes to purchase a home, or sell your real estate, now is the time! Don’t get left behind!!!

Call us today @ 813.631.5144, or e-mail us at YourHome@SIRealEstateInvestments.com to find out how you too can make the best of this real estate market.

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