{"id":4368,"date":"2023-06-07T15:48:12","date_gmt":"2023-06-07T15:48:12","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2023\/06\/07\/how-to-best-serve-gen-z-and-millennial-homebuyers\/"},"modified":"2025-03-13T02:51:23","modified_gmt":"2025-03-13T02:51:23","slug":"how-to-best-serve-gen-z-and-millennial-homebuyers","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2023\/06\/07\/how-to-best-serve-gen-z-and-millennial-homebuyers\/","title":{"rendered":"How to best serve Gen Z and millennial homebuyers"},"content":{"rendered":"\n

Housing affordability is top of mind as mortgage rates and home prices continue to climb and inventory continues to shrink. These discussions are even more important in cities like Nashville, Austin and San Francisco. In those cities, prices are far higher than the national average.\u00a0<\/p>\n\n\n\n

Two groups laser-focused on buying a home \u2014 or trying to at least \u2014 include millennials and Gen Z<\/a>. These generational groups are commonly found in popular cities like those mentioned above. This puts them at a home-buying disadvantage despite their interest.\u00a0<\/p>\n\n\n\n

Let’s dig into these generational groups and some of the issues they face.<\/p>\n\n\n\n

Winning the lottery?<\/h2>\n\n\n\n

According to the report by Zillow<\/strong>, \u201c52% of Gen Zers and 57% of millennials who don’t currently own a home believe they’d need to win the lottery to afford one.\u201d <\/p>\n\n\n\n

Data from Altos Research<\/strong> shows that the median list price in Austin is $810,000. That price dips just slightly in Nashville, where the median list price of a home is $749,900. In San Francisco, that price jumps to $1.6 million.\u00a0<\/p>\n\n\n\n

According to the Zillow report, 25% of millennials and 20% of Gen Z respondents said that to purchase a home, they would have to move to a different city. Thanks to the rise in remote work, that move may be more possible than it would have been even just five years ago, but the sacrifices involved may outweigh the benefits of homeownership. Moving to afford a home could mean moving further away from family, friends, work or the benefits of living in a larger city like health care, walkability and entertainment. <\/p>\n\n\n\n

So it\u2019s no wonder that millennials and Gen Z feel left out of homeownership. But would they really need to win the lottery? <\/p>\n\n\n\n

As agents, when courting future millennial and Gen Z homebuyers, there are a few ways you can best serve this demographic \u2014 besides helping them to rig the Powerball. <\/p>\n\n\n\n

Educate them on downpayment assistance<\/h2>\n\n\n\n

Many consumers \u2014 not just millennials and Gen Z \u2014 still believe you need the full 20% downpayment to purchase a home. <\/p>\n\n\n\n

Add information to your website on \u2018debunking home-buying myths\u2019 or information specific to down payments. Guide your first-time millennial and Gen Z homebuyers<\/a> to those pages. <\/p>\n\n\n\n

If you have a growing social media presence, consider dedicating a few posts to this topic as well. Many first-time buyers are finding their agents and mortgage brokers online and on social media, today. Keeping vital information \u2014 like downpayment assistance programs and downpayment and mortgage information<\/a> in general \u2014 at the forefront will show buyers they can trust you. <\/p>\n\n\n\n

Use the right communication tactics<\/h2>\n\n\n\n

If you want to reach millennial and Gen Z homebuyers, then you need to meet them where they are at. Start texting! Texting is easy and quick communication that feels low pressure. It allows you to easily send listing links and you can always call your clients for those detailed conversations later in the process. <\/p>\n\n\n\n

Nurture your affiliate partner network <\/h2>\n\n\n\n

For a bit of behind-the-scenes work, remember to keep a strong partner network. Your millennial and Gen Z buyers will likely not yet have a mortgage lender or a home inspector lined up. If you have partners in the community that you trust, recommend them! As you know, referrals keep the business going. It is more than talking the talk online. When you set homebuyers up with a good team, you are walking the walk too. <\/p>\n\n\n\n

As real estate agents struggle to find sellers willing to give up their low mortgage rates, turning to first-time homebuyers may be the solution to the lack of business you\u2019ve experienced in the past few months. <\/p>\n\n\n\n

The homeownership dreams<\/a> of younger generations won\u2019t require a lottery win, just a great team of agents and real estate professionals who have their backs.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

The homeownership dreams won\u2019t require a lottery win, just a great team of agents and real estate professionals who have their backs.\u00a0<\/p>\n","protected":false},"author":39539,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[],"class_list":["post-4368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"\nHow to best serve Gen Z and millennial homebuyers - RealTrends - Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/preprod.realtrends.com\/blog\/2023\/06\/07\/how-to-best-serve-gen-z-and-millennial-homebuyers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to best serve Gen Z and millennial homebuyers\" \/>\n<meta property=\"og:description\" content=\"The homeownership dreams won\u2019t require a lottery win, just a great team of agents and real estate professionals who have their backs.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/preprod.realtrends.com\/blog\/2023\/06\/07\/how-to-best-serve-gen-z-and-millennial-homebuyers\/\" \/>\n<meta property=\"og:site_name\" content=\"RealTrends - 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