Posts Tagged ‘Generation Y’
How To Attract Young Renters
Posted by Sibet B Freides in Demographics, Real Estate Trends on April 18th, 2012
Millennials… the coveted demographic. Wikipedia says characteristics of the generation vary by region, depending on social and economic conditions. However, it is generally marked by an increased use and familiarity with communications, media, and digital technologies.
It is believed that they will save the housing market, be it buying or renting. Builders are looking to attract them, so here are a few ways to reel them in.
Sleek and Sophisticated Design
Clean, modern lines and open, resort-like spaces are a way to catch the eye of Gen Y. Large community rooms and shared amenities are appealing. This generation is looking to be calm yet inspired.
Reach Them Where They Hang Out
Social Media is a must, not just to attract new residents but to also retain current ones. It helps them feel like part of a community that they can connect with us just like they would with their friends and relatives. Just like the general Social Media philosophy, they are not posting ads and specials, rather updates on community events like restaurant openings and shows, with a sprinkling of new promotions.
Live-Work-Play Still Applies
The way a building is designed establishes its position in a community. The most important aspects are proximity to transit or walking to work, street-level retail and special deals for residents at local businesses.
Eco-Friendly
Although young renters may not be willing to pay extra rent for green features, they expect them as standard. It’s a new value system. Things like providing recycle bins and efficient appliances will go a long way in building for the Millennial Generation.
What Do Millennials Want in a New Home?
Posted by Sibet B Freides in Demographics on June 14th, 2011
Millennials buying homes now are different from the group that will be entering the market in the next 15 years. Also known as Generation Y or the Echo Boomers, this group numbers 80.8 million, according to the U.S. Census Bureau. The Bureau actually estimates that Millennials could number 92.9 million by 2025.- Clean, simple design that maximizes square footage
- Low-maintenance materials and minimal lawn care
- Open floor plans that “flex” for multiple uses
- Small but usable outdoor spaces
- Ample storageUp-to-date home technology (full broadband or wireless connectivity,charging stations for electric cars, etc.)
- Sustainable materials and energy-efficient systems and appliances
- Walking distance to mass transit, shopping, dining
- Fitness centers
- Entertainment rooms
- Nearby parks
- Walking and biking paths
Chronology of the Generations
Posted by Sibet B Freides in Demographics on May 19th, 2011
There have been many conflicting attempts to classify the generations of the western world. The chronology through the early part of the Baby Boomer generation has been widely accepted; however it is harder to define the newer generations. Do we attach them to population dynamics or sociological theories?
The following is a list of generations as we know them:
The G.I. Generation includes the veterans who fought in World War II. They were born from around 1901 to 1924, coming of age during the Great Depression.
The Silent Generation was born from 1925 to 1945 and includes those who were too young to join the service during World War II. Many had fathers who served in World War I.
The Baby Boom Generation is the generation from about 1946 to approximately 1964, a time that was marked by an increase in birth rates. The Boomers are a demographic that changed society. Many grew up in a time of affluence. One of the features of Boomers was that they tended to think of themselves as a special generation, very different from those that had come before them. In the 1960s,
as the relatively large numbers of young people became teenagers and young adults, they definitely brought about succinct change in society.
Generation X is the generation defined as those born after the baby boom ended, born in the 1960s and 70s. The term is also popularly used to describe counterculture in general.
Generation Y is also known as the Millennials, Generation Next, Net Generation, or Echo Boomers. This term typically describes the group born at the start year of 1982, and end years around the turn of the millennium. While getting a bad rap and being dubbed as “The Entitlement” children, Gen Y is really an astounding bunch.
Generation Z, also known as Generation I or the Internet Generation. They were recently dubbed Generation @ in the “Digital Natives” by Marc Prensky. This is the newest and current group of digital wonders were born no earlier than the 1990s and are truly changing are structures and systems as we know them.
What do you think? Which generation will most likely pull us out of our current economic situation? Where are we headed as a society – are things breaking down to allow better conditions to be built, or simply breaking down? We’d love to hear your thoughts in our comments section below, or on our Facebook page!
Five Ways to Ease Prospects’ Uncertainty
Posted by Sibet B Freides in Marketing, Real Estate Economics, Real Estate Sales, Real Estate Trends on March 28th, 2011
According to the NAHB, newly built, single-family home sales hit a record low in February, declining by 16.9 percent to be exact.
These numbers reflect the continued uncertainty of consumers in the overall economy, not just that housing recovery is hesitating. While the economy is the primary concern of most Americans right now, even qualified buyers are struggling with the challenges of new lending terms and conditions and low appraisal values on new construction.
Here are five ways you can ease prospect uncertainty about buying in this market:
Remind them that interest rates are going up. Because of the low cost of homes right now, there will not be a better time to buy. While they wait to decide, 1/8 of a percent continues to be added to the overall, long-term payment.
Show the comparison of renting versus owning: owning still has a tax advantage as well as all the benefits of making it their own, such as choosing the colors they like and renovating to personal taste.
Change your message. In the past 10 to 15 years we have made buying a home about an investment. Now it goes back to being about a home not a commodity. Interestingly that coincides with the Gen X and Y buyers who don’t care about investment as much as they care about it being “theirs” – about them and their taste.
Engage in conversation with your prospects, over social media and in person. Hear their concerns and address them accordingly. Today’s buyers want personal attention, not necessarily always solutions. They want to be heard.
Use Social Media and give away helpful information, whether they buy from you or not. Social Media marketing allows a forum where you can be the expert go-to person for all your buyers’ questions, worries, and needs.
At Idea Associates, we don’t just put your advertising message out there. We are partners and consultants to our clients reach their goals from start to finish. Let us help you ease YOUR prospects’ minds about buying from you today.
What Does Generation Y Want in Their Next Home?
Posted by Sibet B Freides in Demographics on March 11th, 2011
So what’s one of the top desires Generation Y homebuyers have for their next home? You can probably guess it, walkability.
This truth was recently reinforced at a NAHB conference in Orlando. Not only does Generation Y want to be able to walk to restaurants and retail locations, but they also would like to walk to work if at all possible.
What else do they want? Pretty much the opposite of the once Baby Boomer desired McMansion in the suburbs. This includes smaller rooms, tighter floor plans, no bathtubs, and smaller green spaces.
One thing that researchers are finding is that Gen Y wants an amenity-rich living experience. This includes pools, fitness centers, and party rooms for social gatherings. Such amenities are often found in urban apartment buildings, which may explain the recent burst in that market.
An interesting aspect to all of this is that some Boomers are starting to adopt the mindsets of Generation Y. Downgrading is becoming a popular theme in real estate right now. Maybe it’s because people cannot afford what they once could. It might also be that the recession has changed the way Americans view home ownership.
Where are you in that spectrum? What do you or your clients value in a home – a large, spacious suburban setting or a building showered with amenities and the convenience of Intown living? Why? Share your thoughts below, or tell us on Facebook or Twitter!
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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