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February 18th, 2011 - "Today's youth aren't what they were when I was young".... It's a common refrain among older persons but is it actually true? Is there something inherently different about today's young people compared to earlier generations? Even more importantly, what does it have to do with real estate? Does it really matter if the youth of today lack ambition? Well, it does matter...quite a bit as it would turn out. According to industry experts, the average young person doesn't believe in the American Dream nor do they embrace the value systems held so dear by their parents and grandparents. They are not willing to spend a lifetime loyally working for one corporation only to be given a pink slip months before retirement. In fact, the entire concept of working for the same company for thirty or forty years is as foreign to them as that of an 8-track tape. It's simply not on their horizon. Jobs and employment needs are closely correlated with housing choices. Without permanent employment, young people are much less likely to see the purchase of a home as a permanent decision and much more likely to see it as a temporary function. Other important differences rapidly transpire; rather than viewing home ownership as a fundamental part of their personal identity, today's youth are more likely to see it in terms of "life stages" consisting of discreet and highly individualized situations. Home is not where the heart is but rather a location to sleep and store physical (as opposed to virtual) belongings at this time in life. So, how are real estate investors and agents supposed to reach out to the new wave of first-time homebuyers? By embracing these differences rather than attempting to persuade buyers on the merits of a bygone era. 1. The American Dream has turned into the American Nightmare in the minds of many young people today. They see parents and grandparents losing their homes, slaving away for decades at jobs which leave little time for personal enjoyment and essentially buckling under loads of debt. 2. Home is Not Where the Heart Is. According to the most recent Census data, less than 1 out of every 2 newborns are born to married parents. Female head-of-household homes are becoming an increasingly popular option. Women are now the primary decision-makers when it comes to purchasing property. 3. Home Sweet Home - Once upon a time the family home was passed down from generation to generation. People lived and died in the same town. They lived in close proximity to their relatives and remained close throughout life. Today, technology allows people to remain in contact and the average family moves ever five to seven years. Take-Away: Focus on the here and now. Emphasize convenience, local amenities and the lifestyle afforded today. . Check out more articles here:
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