5 Generations of Home Buyers
When Selling Your Home - Different Generations Are Looking For Different Things
Gen X, Y, Z oh My!
We have 5 generations of buyers in today's Wilmington real estate market. Knowing your property, your neighborhood, and your micro-market is imperative in knowing which generation you are targeting. You must consider who would want to live in your neighborhood, and how to attract that buyer. A Professional REALTOR® will have the tools & data needed for target marketing the 5 Generations of Buyers.
Micro-Market / Macro-Market
The micro-market in Real Estate is simply knowing the competition in your area. The homes like yours, within 1-2 miles and priced close to your home. The Macro-Market is what the larger market driver. For example, the news may report "U.S. Housing up 3.2%" or "In the Carolina Beach" area, the median list price is $325,000" or "Home Values are Rising in Wrightsville Beach!".
This Macro-Market may, or may not mean anything to your market, in fact, it may be the complete opposite where you live. Some of our 5 generations do listen to the Macro-Market information, in fact daily, maybe hourly. The smart-phones they are tethered to may ding them one outlook at 7 am, and then another at 4 pm.
The Micro-Market does have an impact on your home. Knowing the homes close by that would not carry the same market value due to what we refer to as EXTERNALITIES. They may have more value or less value than your home.
This could be different School Districts which add or detract from value; Updating, and upgrades; Homes that are in neighborhoods near Wilmington, where they all look basically alike versus custom homes; Is there or is there not an active Home Owner Associations, Tax Millages, and much more.
The Generations of Today
- Gen Z, iGen or Centennials - Born after 1996
- Millenials or Gen Y: Born 1977 to 1995
- Generation X: Born 1965 to 1976
- The Baby Boomers: Born 1946 to 1964
- Traditionalists or The Silent Generation: Born 1945 and before
How To Decide Who To Market To
Knowing who would buy your home, is a great tool when marketing your home. If you have chosen a REALTOR® then you have probably discussed the target market for your home. Your REALTOR® will know who is looking in your neighborhood and how to attract that buyer. Think of which generation is most likely to buy your home and why:
- Gen Z, iGen or Centennials & The Millenials, Gen Y
- The older, the Millenials or Gen Y, will be looking for nightlife, technology centers & parks. Easy access to mass transit, or interstates. Uber & food delivery. Some may still be taking college classes, toward advanced degrees. May share a home with roommates, use a small yard and begin to nest a bit by now.
- The younger of the two, the Gen Z will want to be near College campuses, nightlife, and access to Uber. Many just turned 21 and thankfully do not want to risk driving drunk. Walking to clubs, Uber availability, and transit. Condos with little to no yard work required.
- Generation X
- Kids have graduated college & moved on. They may be downsizing or moving up in amenities. Golf courses, tennis courts, amenities that they can enjoy with their new found freedom.
- Baby Boomers & The Traditionalists
- Downsizing. Want to be near doctors and hospitals. Like walking trails, community recreation centers, and low maintenance homes. They don't mind older homes, but they like their space & privacy. They don't want houses right on top of each other, won't use a recycling bin & will typically hire our the heavy yard work. Close to their children, grandchildren and family is important now.
Your REALTOR® knows that to reach a certain generation takes specific marketing approaches. Marketing materials and platforms that will reach specific generations vary in today's market.
Let's face it, Gen Z, iGen, Millenials & Gen Y's do not pick up a newspaper from their driveway. They read or listen to their news on their smart-phones, tablets, smart t.v;s or a voice recognition device like "Alexa". Mailing things to them would be a waste of time and money.
They may still drive their compact cars to view an open house, but they don't want you to hand them stacks of paper. Use a tablet that will scroll or a smart t.v. to showcase the amenities of the home. Generation X is right on the line. Some of us X'ers prefer technology and will use both.
Often a smart-phone calendar will accompany a day planner, just for "back-up". We will visit an open house, and pick up brochures. Mailouts that come to us, must have a purpose, ie: a team schedule, notepad, and be magnetic. Our appliances still are able to hold a magnet, unlike the Gen Z, and Gen Y's appliances. Baby Boomers & Traditionalists really need the "touch & feel" approach to marketing.
If your home fits the needs of this generations, using fliers, open houses & print ads are effective. They still subscribe to the newspaper in the driveway, and typically use cell phones that just receive & make phone calls. Using text push marketing would not work for this generation. Email may be utilized by them to stay in touch with family, but they will delete most, if not all, emails that appear to be marketing.
Competitive Marketing For a Quick Sale
Knowing your home and who would be a buyer from the 5 Generations of Buyers for your home is imperative. Today's market is aggressive. A professional REALTOR® will save you time and money. Remember, listing your home for sale is much more than putting a sign in the yard today.
Technology and target marketing is necessary for a quick, worry-free sale.