Monthly Archive July 14, 2020

Buyer Profile: Emerging Qualities of the Gen Z Home Buyer

Gen Z is starting to enter the home buying market. People within Gen Z were born around 1995 – 2012, putting the older portion in their early twenties. These early twenty-year-olds will be entering the market for the first time. Here are some of their characteristics and what to look out for when selling to Generation Z.

The details of Gen Z:

Generation Z doesn’t have the same thoughts of the “American dream,” as the other generations. They generally have higher student debt, and this goes into their buying choices. This is one of the more risk-averse generations, as they have had lower rates of things like teen pregnancy and drug use. They also keep up with technology and are very attached to the digital world through cell phones and tablets and are typically better educated and culturally diverse.

Gen Z tends to expect to purchase their first home from 26 to 30, and their consumer habits will influence their home buying experience. These are points you will want to pay attention to as you are selling your home.

Social Media Use

Many use social media, such as Twitter, Snapchat, and Instagram. Gen Z responds better to advertisements on these platforms than other online or email ads.

Phone Use While Shopping

Gen Z tends to use their phones while out shopping to look for better prices as they’re in retail stores. They will be paying attention to other homes in their price range and will use their phones to do extensive research before they buy anything.

Money Savers

Gen Z tends to lean more towards saving than spending their hard-earned cash. They tend to self-identify as “deal seekers” and will do plenty of research to find what they see as a good deal. They will likely look for affordable housing options.

Gen Z is known as the “digital” or “net” generation, and most will even look into purchasing a home online. Since they are living in a time where most of their wants can be met very quickly, this impacts the way they are buying things, even a home.

It’s never a bad idea to ensure that you are staying up tode on technology and gaining information that can help you with this new home buying generation’s wants and needs as they look to buy their first houses.