Industry News

Gen X, Gen Y buyers rule market

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

(This is Part 1 of a two-part series. See Part 2.) The NAR Profile of Home Buyers and Sellers for 2008 reveals some important secrets Realtors can't afford to ignore. Here's the inside scoop. 1. Gen X and Gen Y Rule the Buyer Market If you're working with buyers, you can no longer ignore the fact that 60 percent of today's buyers were born after 1964 (i.e. are members of Gen X and Gen Y). In fact, 54 percent of first-time buyers are in the 25-to-34 age group. For Gen X and Gen Y, the primary motivations for buying was their desire to own a home, a job-related relocation or move, the desire for a larger home, or a change in their family situation. Opportunity: As 75 percent of all first-time buyers are currently renting an apartment, consider marketing to tenants in high-end rentals. For buyers ages 18-24, 62 percent used social networking sites several times per week. That number drops to only 33 percent for buyers ages 25 to 44. To earn the right to do business with th...