Get ready for Echo Boomers to become major players in buying and selling real estate. Young adults born between 1982 and 1995 — “echoing” the Baby Boom generation — are already at the age for entering the real estate market. Echo Boomers are much different from the Baby Boomers, and present unique challenges and opportunities for REALTORS® ready to help get them into a home.
Echo Boomers have a different perception of the “American Dream” than their parents did. Owning a home is not necessarily at the top of their list.
Echo Boomers prefer graduate degrees, living in social areas (not suburbs) and freedom instead of homeownership. And as USA Today points out, only 20% of Echo Boomers rank owning a home as a priority. Still, while marriage rates among Echo Boomers might be lower, this is group may just define traditional roles their own unique way — Generation Y still values family and children.
With different attitudes about the American Dream and what makes a “good” life, REALTORS® can succeed with this group of young buyers by appealing specifically to what’s important to this demographic. Echo Boomers want to be near walk-able, diverse neighborhoods. Smaller houses that are closer to work are often desirable because Echo Boomers tend to prefer walking or biking commute instead of long drives on congested expressways. For more information, the Echo Boom Bomb has a list of some of the services Generation Y values.
Perhaps another reason Echo Boomers prefer urban areas is that they tend to stay in jobs for less than two years, so they need to live in a market where there is access to new career opportunities — career opportunities that, they happen to be looking for on social media, according to Mashable. Connect with Echo Boomers by embracing the tools they’re already using. This is a group that might never own a landline telephone, and might never work in the same place for more than a couple of years. To catch their eye you need to follow the trends and catch up with them on social media. For tips on using social media in real estate, check our REALTOR®s Guide so Social Media.
Remember, it’s not that Echo Boomers don’t want to own homes, it’s that they want to own THEIR homes, not their parents’. If homes have good social space like porches and dining areas in a family-friend and dynamic neighborhood, Echo Boomers will be able to picture themselves moving in.
Do you have experience working with the Echo Boom generation? What differences do they have with their parents? What do they have in common with the Baby Boomers?