By Hugo Torres
Who would have thought that the kids (like me) who wore Doc Martens, listened to Stone Temple Pilots and helped the flannel industry roar back would be slowly be positioning themselves to account for the majority of Real Estate transactions in the years to come?
According to data recently released by the National Association of REALTORS (click here) Gen Y (Born between 1980 – 1995) and Gen X (1965 – 1979) in combination take part in 41% of all home sales and 61% of home purchases. That’s a lot of houses being sold and it overshadows movement by Baby Boomers in recent years.
What I am finding particularly interesting and what I see as the biggest on-going change to the Real Estate from now on is the increasing speed by which today’s consumer accesses and processes market information. As technology savvy and responsible as I have trained myself to be in my many years as a REALTOR I am finding that modern customers have countless ways to gather data before I do.
All data is not created equal though and this is another challenge of today’s real estate customer. Whereas the classic adages of Real Estate haven’t really changed, I (and many of my colleagues) are noticing that customers are packed with bits of information that often turns out to be out of context, half true or heavily biased.
It is then our task to give insights and education on the realities of the local trends and how we can best achieve their goals. I got to say that I’ve become quite adept on this because common sense can really serve be a universal meeting place for rational minds.
Or, I could always put on some old STP CDs on the way to showings and talk about the old days. You can’t even go wrong with some good ol’ fashioned grunge!