Turning the American Dream into Reality One Echo Boomer at a Time
By Keith Loria
A recent report by the National Association of Realtors® shows that younger homebuyers, falling into the 18-34 age bracket, now represent 31 percent of all home purchases.
“We know that although many young people may be delaying home purchases in today’s economic climate, most of them still aspire to homeownership,” said NAR President Moe Veissi, in a recent organizational release. “[We] are committed to ensuring that the dream of homeownership can become a reality for generations of Americans to come.”
This concern is felt throughout the real estate market as many echo boomers lack the finances and job security to make a home purchase right now.
Echo boomers also gravitate toward a more transient lifestyle, wanting to explore new places before settling down.
“Many echo boomers love to move around and don’t intend to stay in one area for long, so it’s not feasible for them to buy a home,” said Tim Smith, lead blogger for echoboombomb.com. “For those that do move around, not only are there the costs associated with insurance, interest and maintenance, but it’s not always feasible to sell a home quickly or even get what you paid for your home when you’re ready to move.”
The best advice for real estate agents working with an echo boomer client is to speak their language and understand their needs.
“Echo boomers are more likely to be drawn to urban infill locations, wanting to live in culturally and ethnically diverse neighborhoods,” said Gadi Kaufmann, Managing Director of Robert Charles Lesser & Co., a Maryland firm that focuses on real estate trends. “Echo boomers increasingly gravitate to more affordable second-tier and third-tier cities if they are well-provided with enough entertainment and recreational amenities.”
A savvy agent will also use the latest tablet and mobile applications to communicate with their echo boomer clients and showcase the homes they think they will be interested in, as most echo boomers are tied to these systems.
The good news is that echo boomers are more likely to be college educated than past generations and will eventually find jobs that are more career oriented. With the job market starting to show some signs of recovery, more echo boomers may be ready to settle down and buy a home.
“Many of these echo boomers receive financial assistance from their parents when purchasing property and that helps alleviate the worry about qualifying for a mortgage,” Smith said. “They are looking for starter homes they can afford, and if the deal is right, I see many jumping on board.”
For more tips on how to successfully work with echo boomers, contact our office today.
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