News & Media
NEW YORK – Real estate professionals must adapt their approach to each generation of client in order to remain competitive in today’s real estate markets.
Surprisingly, Gen Z buyers and baby boomers often share similar priorities, including limited budgets that require them to prioritize affordability and space that meets their current needs. These generations are not looking for large mansions, but they are seeking homes in walkable communities with activities and services close by.
Gen Z buyers are looking for homes that are sustainable, energy efficient and accommodate remote work, as well as ones with electric charging stations and accommodations for future technology advancements. Baby boomers are also looking for energy efficient homes, but ones that are low maintenance, ADA compliant with wheelchair access and accommodations and availability to live-in care if needed. Real-estate professionals also need to help baby boomers and Gen Z buyers and sellers understand the mortgage lending process, credit scores, closing costs and more.
Gen X and millennials are juggling families and work. Some millennials don’t have children and some Gen Xers are nearing retirement. For both generations, homes near good schools are important for families, as well as open floor plans, energy efficient features and community spaces. For Gen X, one bedroom may become an office when older children leave.
Real estate professionals can successfully navigate different generations by first understanding the budget for a home, what flexibility they have, what their current and future needs are, how important walkability or public transportation or outdoor nature trails are, and what school districts are important to them? Determine if they are looking for a forever home or plan to look for a larger or smaller home in the next five to 10 years.
Source: Inman (11/09/24) Ross, Bernice
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