The newest kids about to move onto the block—members of Generation Z—are expected to have a major impact on the real estate industry in the decade to come. Born between 1996 and 2010, these young potential homebuyers account for roughly 25 percent of the population, greater than either Millennials or Baby Boomers, and as such should be taken seriously by professionals in the field.
According to realestateexpress.com, an online school for real estate and broker licensing education, a panel entitled “Gen Z Consumers” was assembled at a recent REALTORS Conference and Expo to share the following key characteristics of their generation:
- Members of this generation really values owning a home: 97 percent of Gen Zers believe they will achieve what they perceive as the ultimate life goal of buying a first home between the ages of 26 to 30.
- Half the members of this young generation will use their phones for research before purchasing.
- When it comes time to buying a home, 81 percent say they plan to use a real estate professional.
- Under-employment and second-hand witnesses to the great recession has bred frugality in this generation, leading them to opt for affordable, functional homes.
- While most say they prefer the suburbs to cities, only 17 percent want to live where they grew up.
- Where can real estate agents and marketers find Gen Zers? In the digital world, of course, on Snapchat, Twitter, Tumblr and Instagram.
Realestateexpress.com advises agents and others in the industry to keep this generation’s preferences and needs in mind, stay up to speed on technology, and hang with them as they move from starter homes to family homes and vacation homes.