Gen Z’s preferences will greatly influence the housing market. One thing is for sure: this generation is already the most climate-conscious and wants to invest accordingly. A 2020 survey by First Insight, which specializes in this age group, found that 73 percent of Gen Zers are willing to pay more for sustainable products, from construction materials to eco-friendly home features.
How does the real estate market affect generational trends in homebuying and selling, and how can real estate agents, mortgage professionals and title agents best assist each demographic?
This blog series examines data from the National Association of REALTORS® (NAR) recent home buyers and sellers report through the lens of marketing research firms, to help industry professionals identify key strategies for courting customers from different generations. This blog, the final installment in the series, focuses on buying and selling trends for Gen Z, the youngest generation of home buyers and sellers. Click here for Part 1: The Silent Generation and Baby Boomers, or here for Part 2: Gen X & Millennials.
STRATEGY #1: Use Data to Create a Good First Impression
As the youngest generation, Gen Z (born 1999-2011) remained statistically irrelevant in most studies, making up just two percent of both buyers and sellers. However, NAR data indicates that homeownership will be an important rite of passage for this group and that their increased proclivity for technology and eco-friendly alternatives will greatly influence the real estate and home building industries in the coming years.