If a REALTOR were to specialize in working with 1st Time home Buyers, who are their most likely Clients?
The answer to this might surprise you as much as it has me.
There are 2 distinctly different generations who make up this population of 1st time home buyers.
How could this be?
After all . . . The Y (Millenial) generation are predominately “Thirty Somethings” . . . and the Z Generations are “Twenty Somethings”.
Both of these groups are the 1st time home buyers of today.
These 2 generations have very different characteristics.
Those Millenials have been labeled “‘Delayed Adults” . . . “The Boomerang Generation”. They delayed “growing up into adulthood” by spending many years in college and accumulating massive amounts of debt (Student Loans and Consumer Debt) and had a habit of returning home to live with Mom and Dad instead of venturing out to settle into their own abodes. Many didn’t even have a “Real job” until their 30’s. Their whole lives revolved around the internet and these are ones who fell for the internet hook, line, and sinker . . . “If it’s on the internet, it must be true” was their battle cry. Now as they see age 40 as being not so distant from now, many of these have decided it’s time to “grow up” . . . and so they’ve decided to clean up their credit and save up enough money to be able to buy a house.
These Z Gens are nearly polar opposites from the Ys . . . They’ve witnessed their “Boomer Parents” and the Millenials fighting the debt war and financial woes leading to fear of not being able to enjoy retirement. These youngsters are amazingly cognizant of the value of resisting the temptation to accumulate debt, so they are far less interested in credit cards . . . in fact . . . They have start SAVING money at a very early age. These whippersnappers are diving into the work force straight out of high school and/or attending lower cost colleges to avoid student loan debt. They are cautious about the internet having seen the generations before them getting burned. They tend to prefer to deal directly with a human who is an expert when making large decisions . . . Imagine that . . .
So – Just for kicks, I found a couple of graphics on the internet (See below) that depict common traits.
So . . . Why all of this HOOPLA?
1st time home buyers are more plentiful than EVER because they derive from TWO generations both of which are interested in making sound financial choices coming from 2 wildly different perspectives.
Your home buying experience is always best served by engaging the services of a local REALTOR.
If you’re in Middle TN, Pareto Realty would be a great place to start (We speak the language of ALL generations).