The Millenials - 80 million strong - GET READY!
According to Wells Fargo, there are 51.5 million potential first time home bueyrs born between 1979 and 1991. This is approximately 6 + million more than the baby boomers of 1977.
This generation is more technology driven, (it seems ridiculous to have to mention this, but I still see some realtors who barely can navigate Outlook), more diverse, and according to a Pew research study, more trusting of institutions. They are basically more optimistic.
According to Wells Fargo, more than 70% of those surveyed, still want to own a home, and they optimistically view the more stringent credit requirements as a positive for having the ability to stay in their homes.
What should we as realtors do to prepare for the Millenials?
- Get with the tech program
- Spruce up your look - you don't have to dress like they do, but get rid of the motif sweaters, and ill-fitting suits and hire a stylist to give recommendations. Or just pick up Bazaar for girls and GQ for guys.
- Think green - they are looking for energy efficient homes - know the science as it relates to real estate