Millennials And The Real Estate Market

“Millennial”: In case you aren’t familiar with what that term means, it is a person who became an adult around year 2000. These young adults are also referred to as “Generation Y”.

This generation is now reaching the age where buying a home is a top priority. In order for the real estate market to continue its recovery, builders, sellers and the Las Vegas real estate lawyer all need to shift their focus onto the millennial generation. To do that, it is believed the entire market will need to adjust the way it approaches home sales.

According to the founder of New Home Star, companies can respond to millennial buyers in one of two ways:

One response is to be flexible. Understand the varying needs of this younger generation and don’t be afraid to pitch to them where theyare likely to respond. These companies are adjusting their strategies with the changes in the market by presenting their product in ways millennials are sure to find it. Think about social media and smartphone apps such as Zillow. Companies who respond in this way tend to have successful sales.

The other response is to be inflexible. Continue to approach real estate sales by pounding the pavement and other traditional methods. Where there is a refusal to adjust to the social demand of Generation Y, sales will suffer.

As more of this generation reaches home buying age, the demand for responsive real estate marketing strategies grows. Unlike prior generations, first time millennial home buyers aren’t willing to drive around indefinitely to find an affordable home. Technology enables them to find what they desire in the areas they prefer. For a builder to be successful, internet marketing is a must,especially because millennials search there first for everything.

A major part of what is happening now is based upon the experience this generation has already had with the housing market. When the crash hit 10 years ago, these buyers, who were then children, watched their parents lose wealth and often their homes. They experienced a major shock with downsizing and financial duress. You can bet that these now first-time buyers will not be jumping at every housing opportunity if they fear making the same mistakes.

Approaching a first time millennial buyer doesn’t need to be a stressful event. A Las Vegas real estate lawyer can help you successfully understand and work with the Generation Y mindset. With over 30 years of experience, Marc Simon can handle virtually any real estate legal matter. For more information about this Las Vegas lawyer contact 702.451.7077 or