Generational Differences in the Real Estate Market
When it comes to real estate in Kentucky, you may find yourself working with, for, and alongside of people from different counties, states, and, more importantly, generations. Understanding the differences in the real estate needs of the different generations - Baby Boomers, Gen-X, Millennials, Gen Z- will help you understand your clients, their thoughts, their actions, and how to be a better real estate agent for them. At HomeServices Real Estate Academy, we aim to equip you with the tools and resources you need to communicate and work successfully with all generations.
Baby Boomers in the Market
The Baby Boomer Generation consists of those who were born between 1946 and 1964. It is important to note that these individuals grew up in a time of prosperity after many large-scale world wars. They are incredibly active today in the real estate market, and many from this generation are retirees looking to down-size or move to be nearer to their families or different communities. Alternatively, some Baby Boomers are tending to not list their homes for sale and are generally looking to remodel and grow old in the same space they have always lived.
Gen-X in the Market
Generation X consists of individuals who were born between 1965 and 1979. Impressively, this generation has the highest level of education of any generation, and they have witnessed a lot of trying times such as the first Gulf War and gas shortage in the 1980s. Since 2010, we have seen many Generation X homebuyers moving from the city to the suburbs to buy larger homes for their families. Generation X homeowners are often known to be more interested in features a home offers than the neighborhood or community it is in.
Millennials in the Market
“Millennials” are individuals who were born between 1980 and 1994, and they grew up with internet and computers in most homes as well as a keen awareness of the 2008 financial crisis. While many struggled or watched their parents struggle because of the 2008 financial crisis, many of them are still struggling on their own to purchase homes-though a good number of Millenials are in the process of buying their first homes. Given the shortage of available houses being seen over the last couple of years, many Millennials cannot afford to buy. However, when there are affordable listings, millennials are eager, willing, and able to enter the housing market.
Gen-Z in the Market
Generation Z, sometimes known as “iGen,” consists of those born between 1995 and 2012. These are the newest people to enter the housing market, and a lot is being speculated about how they will change it. Many individuals in this generation have a strong desire to own a home before they are 35, but many of them also carry a heavy student loan debt. This generation has grown up entirely digital and are used to having information at their fingertips, so real estate agents will need to be prepared with transparency, communication, and a lot of information.
Contact Us
All individuals from across the generation gap bring a unique perspective to the real estate market. Our team at HomeServices Real Estate Academy has full faith in you to become a dynamic and successful real estate agent who can work with people of all ages and backgrounds. We are accredited by the Kentucky Real Estate Commission (KREC) and the Kentucky Commission on Proprietary Education (KCPE) and we are committed to providing you with the best education. Contact us today to talk to our team about your future! We proudly serve Lexington, Georgetown, Versailles, Paris, Nicholasville, Richmond, Harrodsburg, Frankfort, and Winchester, Kentucky.
