Understanding the Next Generation of Home Buyer and Meeting Their Needs, sounds like a tall order right? According to Realtor.com 72% of Gen Z would rather purchase a home than rent. Are you selling to Gen Z and will your home meet their needs?
I represent Main Line PA sellers AND buyers who are looking to grow wealth and invest in their future in real estate. While the demographics for most Main Line sellers are a few generations away from Gen Z, I wanted to offer some insights according to the experts about the next generation of buyers. According to George Ratiu, Manager of Economic Research for realtor.com, Nearly three-quarters of those surveyed preferring to buy versus renting long-term, the housing industry should be prepared for millions of Gen Z buyers to bring a new wave of demand along a similar stage-of-life timeline as the millennial generation before them. Those are a lot of future buyers and if you are considering selling in the next ten years, you should take note of what these buyers value. According to NAR some of the things this generation is looking for is the capability to make a home their own. From customizations to style and personality, your home might fit the bill, if it represents a blank canvas for Gen Z to create from.
While it might sound silly to some of my audience to think about these customizations, this generation does understand that there is better long term stability in buying a home and there is protection from rising rents and inflation when you have a fixed rate mortgage for 30 years.
Another key difference in first time home buyers is their optimism! According to realtor.com, most first-time buyers surveyed are looking to purchase a home in 2022. “First-time home buyers retain their optimism despite a challenging housing market in the past year. Hoping to achieve their goal of homeownership and provide a comfortable space for their families, young buyers are setting out to learn what they can about the market and setting their list of priorities for their home purchase.”
This is great news for sellers of prior generations if you are looking to sell your home. I have had incredible deals for first time home buyers, two in the month of April alone and I can tell you that properties are getting above ask and for great terms. If you would like to count yourself among my happily sold clients, please reach out and see my home selling seminar below.
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