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Over the past decade, Las Vegas real estate has witnessed an impressive appreciation rate of 244.86 percent. However, this surge in property values has posed affordability challenges for many millennials and Gen Z buyers, making homeownership an elusive dream across the valley.
With student loans and the rising cost of living, affordability is a top concern for both generations. Understanding how to provide essential support to these buyers has become increasingly important, especially in the face of inflationary pressures.
To better serve Gen Z and millennial homebuyers, I narrow down neighborhoods, identify the most-wanted features by each generation and analyze market competition. Agents can help buyers fill the gap between their wish lists and reality, so let’s break down that process.
What are these generations looking for?
If you do not find Gen Z staying with family, they are most likely in the market for a practical, modern home. They’re not on the hunt for extravagant luxury; instead, they want homes that are both functional and contemporary, all while being mindful of their budget constraints.
Millennials view homebuying as a financial adventure. Emotions do not sway them; it’s all about profitability and ROI. Give them a spreadsheet, and they’ll show you their dream home in numbers.
Location and lifestyle are also hot topics with these generations. They want an urban lifestyle, walkability and convenience. But it’s not just about the home itself; it’s about community and social impact.
These generations want neighborhoods that support local businesses, have a strong sense of community and come with luxury amenities like pools, fitness centers and clubhouses.
How to better serve these generations
With millennials being the largest generation group in the U.S., it’s vital to know how to connect with them. My top two tips are to embrace technology and be transparent.
Millennials and Gen Z heavily rely on mobile devices, so having a mobile-friendly website with virtual property tours and online marketing is essential. Being open and honest about all aspects of the home-buying process, from costs to potential issues, builds trust with these younger generations.
Leverage social media by engaging with industry experts, real estate influencers and organizations across various major platforms. They often share up-to-date information, trends and insights relevant to your field.
Communication preferences matter — be responsive and adaptable, offering text, email or phone communication. Provide education and guidance for first-time buyers and emphasize local neighborhood knowledge. Experiment with new approaches to see how they resonate with younger buyers while always staying updated on trends and seeking feedback for continuous improvement.
In the ever-evolving landscape of real estate, adapting to the unique needs of Gen Z and millennial homebuyers is not just a strategy for success; it’s a necessity. As Las Vegas continues to see property values rise, the dream of homeownership can seem distant for many in these generations.
Embracing technology, transparency and social engagement are key steps in serving these buyers effectively. In a world where change is the only constant, staying updated on their evolving desires and expectations will help these generations achieve their homeownership dreams and goals.
Mariel Pamintuan-Esguerra is a Realtor with The Mariel Esguerra at huntington & ellis, A Real Estate Agency. She is ranked in the top 1 percent of Realtors in the greater Las Vegas area. Connect with Mariel on Linkedin.