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Inside the Minds of Real Estate Millennials Anaheim Convention Center October 5, 2010

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Inside the Minds of Real Estate Millennials Anaheim Convention Center October 5, 2010. Joel Singer Executive Vice President CALIFORNIA ASSOCIATION OF REALTORS®. Who Are Millennials?. “Millennial” Profile. a.k.a. “Generation Y” or “Echo Boomers” “Peter Pan Generation”

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slide1

Inside the Minds of Real Estate Millennials Anaheim Convention Center October 5, 2010

Joel Singer

Executive Vice President

CALIFORNIA ASSOCIATION OF REALTORS®

millennial profile
“Millennial” Profile

a.k.a. “Generation Y” or “Echo Boomers”

“Peter Pan Generation”

Delayed transition into adulthood

Born circa 1980 and before 2000

Children of Baby Boomers

10% unemployed

Top priorities:

Being a good parent (52%)

Having a successful marriage (30%)

Helping others in need (21%)

Source: Pew Research Center, Wikipedia, compiled by C.A.R.

demographics 45 8 million people u s
Demographics - 45.8 Million People (U.S.) -

Source: Pew Research Center – Millennial: A Portrait of Generation Next (2010)

demographics 6 3 million people california
Demographics - 6.3 Million People (California) -

Source: California Department of Finance 2010

describing millennials
Describing Millennials

Confident

Tech savvy

75% have profile on social networking site

(compared to 50% of Gen X, and 30% of Baby Boomers)

88% text on cell phone

(compared to 77% of Gen X, and 51% of Baby Boomers)

Educated

15% of males have 4 years of college or more

(compared to 13% of Gen X, and 13% of Baby Boomers)

20% of females have 4 years of college or more

(compared to 15% of Gen X, and 11% of Baby Boomers)

Multi-taskers

Open minded

Source: Pew Research Center, compiled by C.A.R.

defining events
Defining Events

9/11

Economic Crises

Dot com bubble

Housing bubble

Great recession

Iraq War

Afghanistan War

The internet

Mobile technology

Social media

slide9
Age
  • Buyers & Sellers

Buyers

All buyers: 37

First time buyers: 30

Repeat buyers: 44

Sellers

All sellers: 41

First time sellers: 39

Repeat sellers: 43

percent of first time buyers sellers
Percent of First-Time Buyers & Sellers

Q. Was this your first home purchase/sale?

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Internet Use in Transaction

Source: C.A.R. 2005 Internet Versus Traditional Buyer Survey and C.A.R. 2006 California Home Seller Survey

how real estate clients use the internet top 3 activities
How Real Estate Clients Use the Internet- Top 3 Activities -
  • Buyers
  • Preview homes (74%)
  • Find agent (70%)
  • ID homes to view with agent (63%)
  • Millennial Buyers
  • Preview homes (74%)
  • Find agent (69%)
  • ID homes to view with agent (63%)
  • Sellers
  • Research comparable prices (81%)
  • Updates on neighborhood sales (51%)
  • Find agent (42%)
  • Millennial Sellers
  • Research comparable prices (67%)
  • Updates on neighborhood sales (46%)
  • Find agent (40%)
consumer attitude towards homeownership
Consumer Attitude Towards Homeownership

Desirability

67% believe buying a home is a safe investment (down 16% from 2003)

Renting vs. Owning

63% of renters would rather rent than buy

83% of renters believe owning requires financial sacrifice

54% of renters believe a home is a safe investment

Financing

54% believe it would be difficult to get a loan

Delinquency

19% know someone who has strategically defaulted

17% believe financial distress makes it acceptable to stop making mortgage payments

Source: Fannie Mae – National Housing Survey (September 2010)

over half of all transactions started on the internet
Over Half of All Transactions Started on the Internet

Q: What percentage of your real estate transactions in the past 12 months originated with an Internet contact?

portable computers more widely used laptop tablet or ipad
Portable Computers More Widely UsedLaptop, Tablet or iPad

Q: Do you use your laptop computer or tablet computer when you conduct residential real estate business in the field?

realtors going wireless
REALTORS® Going Wireless

Have a Smart Phone for

their residential real estate business

Q: Do you have a Smart phone (e.g. Blackberry/Treo, etc.) for your residential real estate business?

top ten mobile applications
Top Ten Mobile Applications

Q: Which mobile applications do you utilize on your smart phone?

social networking sites becoming more popular among agents
Social Networking Sites Becoming More Popular Among Agents

Q: Which social networking websites do you use in your real estate business?

realtors with smart phone responded more promptly to clients
REALTORS® With Smart Phone Responded More Promptly to Clients

Q: How often do you answer emails from clients?

Q: What is your average response time to e-mails from clients?

buyers advice to agents on how to improve service to clients
Buyers’ Advice to Agents on How to Improve Service to Clients
  • Negotiate more aggressively (56%)
  • Improve communication speed (31%)
  • Provide lender references (28%)
  • Improve knowledge of handling distressed property transactions (22%)
  • Provide quality real estate market data (17%)
buyers advice to agents on how to improve service to clients24
Buyers’ Advice to Agents on How to Improve Service to Clients
  • Find listings before clients do so (11%)
  • Improve quality of communications (11%)
  • Listen to clients’ needs better (10%)
  • Pre-qualify homes before showing them (9%)
  • Provide forecast information on interest rates (6%)

Thank You!

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