Millennium Boomers, Gen Y or Generation Y; whatever you call them are the next big buyers of homes and more in the U.S.

By
Real Estate Agent with Coldwell Banker Brokers of the Valley, Yountville Napa Valley

When I went to this years Norcal CRS quarterly meeting in Napa, I was fortunate to hear Travis Robertson, a well know Gen Y'er talk. His presentation, "The Millennial Revolution...How 
To Prepare Your Business for a New Generation"
, was similar to the one he gave at the last national CRS Sell-a-bration in Phoenix in January. The link is from a similar one he gave in Atlanta is lengthy but worth a few minutes viewing.

We as Realtors need to consider this in selling homes today. Just a couple of facts I took away, single woman Gen Y'ers are the fastest growing segment of home buyers in this group and you should run out and buy 3 iPads. Yes 3, the cheapest one loaded up with games for the kids, one for the potential buyer/s loaded up with all the bells and whistles (MLS info, Google Maps/places/etc., Walk Score and on and on) they have come to use daily and expect those they deal with to use, and one for your personal use. No, he nor I own Apple, but his talk sure made me think. Hope this info and post does the same for you.

Seniors, young adults will influence U.S. housing markets


A new report by NAR in collaboration with several other housing-related agencies shows that aging baby boomers and their echo boomer children will significantly impact trends in the nation’s housing market over the next 20 years. In the report, researchers analyze key demographic trends and their likely influence on housing and homeownership in the U.S.

Over the next two decades, the aging baby boomer generation will swell the nation’s senior population by 30 million. That demographic shift will likely help increase the supply of housing, since people over age 65 typically release much more housing than they absorb.

The echo boom generation; also called the Millennium Boomer, Gen Y or Generation; includes nearly 65 million people born between 1981 and 1995. NAR’s analysis illustrates the potential impact of economic and housing policy on this generation’s demand for housing as they come of age.

“Housing, jobs and the economy are inextricably connected,” said Yun. “A strong recovery with favorable housing market conditions would encourage substantial growth in echo boomer households, which would help absorb the current vacant inventory and stabilize conditions for residential construction. Under a reasonable ‘middle’ recovery scenario, approximately 12 million new households will be formed over the next decade, requiring construction of up to 15 million new housing units.”

NAR President Moe Veissi noted that current market trends favor would-be homeowners of all ages. “As the supply of rental housing continues to fall, rents are increasing,” said Veissi, broker-owner of Veissi & Associates Inc., in Miami. “At the same time, affordability for homeowners is at a record high. For buyers who qualify and are ready to assume the responsibilities of owning a home, opportunity is knocking.”

from C.A.R. Newsline

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My website & blog: www.NapaValleyAddress.com

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Rainmaker
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Bud & Beth McKinney
Cary/Raleigh/Apex NC - The Team That Cares, RE/MAX United
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When you throw out numbers like 30 million, it really catches your attention. Who is going to be there to take care of all us old folks!

March 21, 2012 12:12 PM
Rainmaker
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Curtis Van Carter
Napa Valley's Broker Extraordinaire in Yountville
Coldwell Banker Brokers of the Valley, Yountville Napa Valley

Hi

Unfortunately, me tooooooooooooo. o = to how old we are, cheers cvc

March 21, 2012 12:30 PM
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John McCormack
AlbuquerqueHomes.com
Albuquerque Homes Realty * www.AlbuquerqueHomes.com

Curtis - I had not thought of the nearly 65 million people born between 1981 and 1995 as generation Y.  In fact now that I think about it I am actually (yes me older than dirt John) working with many generation Y first time home buyers.  Some are on their second homes.  Wow... 1981 -1995 seems like only yesterday.... Yep I'm old :)

March 21, 2012 01:31 PM
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Toni Weidman
23 Years Selling Homes in New Port Richey, FL
Re/Max Sunset Realty

That's really fascinating information, Curtis, thank you for putting that together for us. Since I will be getting on in years, I wonder who will be doing all that :)

March 21, 2012 02:26 PM
Rainmaker
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Curtis Van Carter
Napa Valley's Broker Extraordinaire in Yountville
Coldwell Banker Brokers of the Valley, Yountville Napa Valley

John, Toni

See my reply above your comment. Maybe I need a few more ooooooooooooo, cheers cvc

 

 

March 22, 2012 11:33 AM
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Rainmaker
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Curtis Van Carter

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