Generation Y has long been regarded as the “I want it all, and I want it now” generation by its elders. For the most part they have done nothing short of proving these stereotypes predominately true. Maybe it’s because they watched their parents continue to trade up for the next best. Maybe it’s because they became accustomed to granite counter tops and hardwood floors. Whatever the reason for the labels, Generation Y is now snapping out of it and learning that waiting can be your best friend.
While the stereotypes ring true for the most part, there are Gen Y home buyers out there that are learning the hard lessons about mortgages and lending. It’s causing them to pull back on their “the sky is the limit” attitude. How can they not? They got burned just like everyone else did when the market crashed.
A cyberhomes.com article paints the perfect picture:
“When Kealoha Yoshioka was 27 and buying his first home – a fully renovated condo in Campbell, Calif. – he was dazzled by the extras: the dual bathroom sinks, the crown molding, the granite counter tops.”
“Now, three years after his first home buying experience, the shine is off the extras, and he’s upside down in his mortgage. The allowance his wife and his accountant mother-in-law put him on for his Xbox games is all but gone, and the big expense is the couple’s 10-month-old puppy, Shiba. Yoshioka still wants all the bells and whistles in his next home – and he wants that new home to come soon, as the couple considers starting a family. But for the first time in his life, Yoshioka is doing something new: waiting.”
The article does however shine a little light on the maturation of Generation Y, which is good for everyone involved in the home buying and building process.
“Today, DeBord sees a shift in the thought process of the Millennials he works with that’s affecting home buying trends. Like everyone else since the economic slowdown, Millennials assume they’ll own their first home longer and don’t assume it will function as an ATM. Most importantly, they have to be careful about how much they borrow.”
“They’ve learned caution,” says Susan Seal, associate broker at Houlihan Lawrence in New York City. “They no longer let themselves fall in love with a home, but agonize about the potential rise and fall of the future market.”
Perhaps the Millennials will do it right and teach us Baby Boomers a good lesson. Making the biggest buying decision of your life using your brain instead of your ego will work out better for the buyer. Does this change the way we sell homes? Absolutely. This buyer will be armed with volumes of information (both accurate and not) from the web and will be less likely to make an impulse buy. Are you ready?
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Tags: Generation Y, Marketing, Real estate
