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REALTOR® Emeritus |  |  | | ||
|  Fifteen Benefits of Working with a Buyer’s Representative Advanced tip Understanding Agency Broker tip Contract Terms for Buyer’s Representatives Qualifying the Buyer Advanced tip How Well Do You Listen? Advanced tip Who Are Today’s Buyers? Advanced tip Advanced: Psychographics —Understanding Buyer Motivation Prospecting for Buyers Working with Internet-Empowered Buyers Servicing the Buyer Advanced tips Closing the Deal Advanced tip Due Diligence and Disclosure Advanced tip Staying Safe While Showing Homes Broker tip When to Call It Quits Quiz: Buyer’s Representation Bright Ideas: Working With Buyers Code of Ethics: Working with Buyers More Resources: Working with Buyers Vendor Resources: Working with Buyers | WHO ARE TODAY’S BUYERS? (Part 2) Millennium Generation. Sometimes called Generation Y, these are the children of the Baby Boomers, born in the late 1980s and early 1990s. They are potential buyers who haven’t yet come of age. Although quantitative research on their future consumer behavior is sparse, their sheer numbers—more than 70 million—point to growth in the housing industry. Homebuying behavior: Given that many of them are growing up in homes their parents own, there’s reason to believe they will value homeownership. They will be the key first-time buyer market after 2010 and the key trade-up market after 2020. For the Advanced Salesperson Promotional Ideas the Millennium Generation Relates To
Seniors. Individuals over the age of 65 currently head about 21 million households. By 2010, that number will increase to more than 25 million. Homebuying behavior: Studies show that seniors have the desire and the financial ability to remain homeowners, but their preferences differ from the traditional single-family housing. They want housing that’s easy to maintain and near recreational areas. Many would like to retrofit their current homes so they can "age in place." Immigrants. High immigration levels in the last two decades have made the housing marketplace more diverse. Although white non-Hispanics are still the majority group, their rate of increase will slow dramatically in the coming years. The population of Asian Pacific Islanders will grow the fastest, followed by Hispanics. Homebuying behavior: Immigration is offsetting any potential decline in the demand for starter homes. Once they establish financial security, immigrants are enthusiastic about homeownership. In fact, the homeownership rate for foreign-born naturalized citizens is comparable to that of native-born households. Research from the Joint Center for Housing Studies at Harvard University indicates that immigrants are more likely to purchase multifamily units than native-born buyers because their households often include extended family members. Much of the new demand for housing will come from the downsizing of existing immigrant households that no longer live multigenerationally. Be careful about targeting first-time immigrant and minority homebuyers with a heavy Gen-X message because many of them are older than their white counterparts. TIP: According to the U.S. Census Bureau, immigration is expected to account for one-fourth of U.S. population growth through 2010. The fastest growing immigrant group is Asians and Pacific Islanders. Ways to Reach the Immigrant Buyer:
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