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Generation X and Y: The New Faces of Home Buyers

Generation X and Y: The New Faces of Home Buyers

     
June 6, 2014  |  Real Estate

Generation X and Y buyers are said to be great demographics as homebuyers. They have not been put off by the market downturn in real estate, at all.

Generation X and Y consider owning a home a significant indicator of success and perceive themselves as more knowledgeable about homeownership brought about by the housing crisis in the recent years than their parents were at their age. They are motivated, aggressive, and driven. Gen X-ers and Gen Y-ers are actually willing to have second jobs or even move in with their parents in order to afford to buy a home they can call their own.

The real estate market has been a tricky, shaky one the past 5 years or so. The impact is stronger for younger and less experienced home buyers, which comprised the majority of the pool of the Generations X and Y. But as the real estate market has recovered a great deal, there is no other time to buy than now. Even for first time homebuyers, the idea is not as daunting as it used to be just a few years ago.

Here are some helpful tips tailored for Gen X-ers and Gen Y-ers to jump into the American Dream of home ownership.

Cook up a five year plan

Reality bites. If you’re uncertain about your plans in the next five years, especially about the direction of your financial security, as much as it is tempting to get that dream home now, it’s better to wait it out and rent in the meantime until you sort things out and strategize your finances. Unlike the boom years, homes now don’t easily appreciate in value in a span of five years. This is a key factor that you must consider.

Take advantage of technology

Gen X-ers and Gen Y-ers jumpstart their home search online and a great website equipped with information, resources, and search tools is www.findalldenverhomelistings.com

Don’t underestimate the importance and the need for a Real Estate agent

The information found online, with all the technology and apps, makes many home buyers, especially the Gen X-ers and Gen Y-ers who are tech savvy think that they could do without an agent and tackle home buying on their own. Although this is not an impossible feat, the role of the agent is no longer confined to just finding listings for the home buyer. The agent is primarily in the picture to make the lives of homebuyers easier and allow them to enjoy the experience of getting their dream home. It’s all about the technicalities – presenting the offer, making it work to get accepted, getting through inspections and assessments, and finally getting the deal done in favor of the buyer. These are stressful for homebuyers who have to experience going through this rigorous process.

A real estate transaction can go 100 different ways. What makes a good agent? Someone who will work at the utmost advantage of the home buyer; confident and knowledgeable with the ins and outs of any local market. Experienced agents also have a strong network under their belt that can give an edge over the competition.

And lastly, know that a listing agent might not consider an unrepresented buyer, so having an agent or Realtor to work with you is already a plus.

Look for ways to add value to the home

These young generations of X-ers and Y-ers are so mobile and a great deal are adventurous too, that they should steer clear of buying the best homes in the best neighborhoods. Instead, look for ways to increase the value of the property. Part of the excitement (and the challenge) of home buying is dabbling in pieces of yourself into the property and transforming it into your own. Don’t be afraid to do some renovations or upgrades; don’t be too wary of outdated homes or those that show too well. These are places where you can maximize house remodeling.

Generations before could count on staying in their residence for many years and depend on the increase of their home’s value over time. After the market downturn, things have considerably changed. Today’s home value depends on the current condition and in many cases, on how much home upgrade or improvement has been made. Hence, should you sell your home sooner than expected, you know that you’re covered and will get a good deal out of your investment.

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About the author

The Blake Team is a full-service Real Estate team based in Aurora, Colorado specializing in working with Buyers & Sellers, foreclosures/HUD, short sales, and luxury properties. A team with years of experience and an impressive success rate that made it the No.18 real estate brokerage in the nation, as well as the No.1 Keller Williams agent in Colorado led by CEO & Founder Lisa Blake. The Blake Team is your No. 1 choice for getting your dream home!