Millennials currently dominate real estate nowadays. But there’s a whole new audience that realtors should watch out for. Generation Z are already growing up fast and soon, they will rule real estate. This new batch home buyers are those who are born in mid 1900s to mid 2000s. It’s calculated that those who belong in this age range will be buying homes in the next decade.
Just like Baby Boomers and millennials, Generation Z has their own taste and style on how they’re going to buy properties. Curious on how these younglings will do it? Below are some of the wants and needs of the future home buyers.
They want to buy homes!
Generation Z are more optimistic than millennials. And they’re not afraid to make long term commitments. Real estate experts expect Generation Z to become a home buying generation, thanks to their fresh perspective and positivity.
They opt for hip suburban
Unlike their predecessor, Generation Z aims to live in cozier and more secured locations. Instead of choosing to stay in cities, Generation Z would want to live in mixed use developments that have both the charms of the suburban lifestyle and the opportunities of city life.
Hometown glory
It’s also expected for Generation Z to stay put to their hometowns. Most would want to stay in their provinces other than migrate to new locations. This is because developers, both commercial and residential, are targeting to improve decentralized areas.
Tech all the way
As expected, Generation Z is shaped by technology. They’re the first generation to be raised by technology after all. They will always start their search for properties online. With the tech revolution happening in real estate, expect that the whole home buying process will go completely online in the future.
Social media takeover
Generation Z are also social media savvy. These home buyers never knew a life without social media. It’s part of who they are. Instagram, Snapchat, and Youtube will continue to pick the interest of the young generation. Real estate innovators should create new ways on how they can reach and build a relationship to the highly connected generation.
Generation Z will truly make a huge impact on the industry. Investing on all things digital and being flexible at all times can create opportunities on real estate.