Generation Z Home Buyers
Move over Millennials, the up and coming Generation Z (born after 1995) is starting to enter the Home Buying Market! This group has some unique buying habits and expectations:
- Technology Savvy – have grown up on technology, so Smart Homes will be especially attractive, or at least those with upgraded wiring so it can be added.
- Financially Aware - will sacrifice almost anything, access to a park, shorter commute or other amenities, to save money.
- Space is important – Very few have had to share a room and most grew up in bigger houses.
- Willing to Invest – are more entrepreneurial, have entered the workforce early, have access to family money, such as inheritance or a loan, or will use savings or RRSPs.
- Fixer-Upper – are more willing to buy a lower cost home that needs work in order to be able to purchase a home sooner.
- Think Green – are acutely aware of environmental, political, and socio-economic problems and tend to be more socially and environmentally responsible.
- Online Presence – are more likely to shop online using their phones, so mobile friendly websites and social media is crucial.
- Better Service – are used to being catered to and having access to instant information.
- American Dream – are more optimistic about owning a home in the near future as part of the American dream, more like the older generations.
- Influence - are more likely to use a Real Estate professional than their predecessors, value opinions from family and friends and be open to listening to a list of pros and cons.
THIS ENTRY WAS POSTED ON February 19th, 2019 BY Mike Gustus | POSTED IN General