Generation Y is an age group of more than 80 million members who will eventually fuel the housing industry. However, since the recent recession put most plans to purchase a home on hold, the influence that Millennials will soon wield over the housing industry is currently being pent up and stored away until they can confidently step into the market.
So who is driving the slow recovery of the U.S. housing market then?
It’s Generation X.
Often called the Forgotten Generation, those aged roughly between 35 and 45 years old are currently the largest percentage of recent home buyers and sellers, and are leading the way in the housing recovery.
While most Baby Boomers are waiting patiently before purchasing their next house, their Generation Y children are living at home with them, or renting cheap apartments and trying save their money without spending too much at bars and restaurants…or spending all of it by going back to college.
Either way, they’re in no hurry.
In the meantime, Generation X is out to buy a house. The world doesn’t stop turning because the economy is in the doldrums, and those who can afford to do so are moving into a second home, or purchasing an investment property for the future.
The time is now for Generation X.
- Generation X is currently driving the housing industry, as they are the largest group of recent home buyers and sellers – 31% and 30%, respectively.
Look who’s all caught up!
- 96% of Gen X used the internet at some point during their search, which is about the same as their younger and notoriously tech-savvy counterparts, Gen Y.
- 46% of Gen X looked online for properties as their first step in the process. This is more than Gen Y.
- Furthermore, 47% of Gen X eventually found their home on the internet.
- In terms of what they value in a web site, 86% of Gen X valued photos, 82% valued detailed information on a listing, and 46% valued a virtual video tour.
Finally, take a look at the characteristics of those who looked online for their home.
- 71% were married, which is unsurprising. However, 14% were single females.
We use this information to better market to Generation X where they look for homes, since they are the ones in the driver’s seat right now. We make sure you are online, have quality photographs/videos of your listings, and have all the right information to successfully sell your home to the buying audience!
Make it a great day!