People that are doom and gloomers that think the sky's following, everything's going wrong, the market's never gonna come back are dead wrong. For one specific reason. And I'm gonna tell you why:
First of all, interest rates are coming down, demand's coming back. There are all kinds of leading indicators that say our spring and summer markets are gonna be incredible. But let me give you just a piece of information, which was shared with me recently, which I thought was absolutely fantastic and got me excited about the upcoming surge of activity we're gonna see in the next 5-10 years. We're gonna have this incredible run that's gonna be starting very soon. And I want you to be a part of it.
It's all about generational population basics. When we look at the baby boomer generation, which when I started in real estate, everything was about the baby boomers because they were just calming through the pipeline, buying up houses and second houses and investment properties. Everything they touched, they bought. It was a really incredible run. And we had an incredible time with the baby boomer generation.
Now that generation's getting a little bit older and there's been some fear. Well, what happens if they're not out buying? They've arrived in their last house and they're done. They're not going out and doing anything else, and that's gonna cause a massive slowdown in the market.
Well, here's the reality:
The reality is we have a bigger generation that is right in front of us.
And that generation is the millennial generation. The millennial generation is 27ish to about 35ish right now. So when we look at that generation, it's the largest generation in history, bigger than the baby boom boomer generation.
Here's why that's exciting. That's the biggest generation in history, but they're a little bit lagging in how long they're taking to become an adult to get outta their parents' house and take the next step and buy a house. When I was growing up, a lot of other people we know bought houses earlier, okay? When I grew up, I left the house at 17, I bought a house at 19. Now, a lot of people didn't buy a house at 19, but a lot of people bought houses in their early twenties.
The new stat shows that the current generation leaves the house on average at the age of 26, and they buy their first home at the average age of 34.
Now, remember what I just said, the the millennial generation, is right in that zone. They're leaving their parents' house. And a lot of them, the older millennials you would call them, are buying their first houses. And maybe they're buying some rental properties too, but they are really starting to pick up steam. And it's gonna get bigger and bigger and bigger. And this wave is gonna start to hit us and it's already starting to hit the shores.
42% of the transactions done last year were done with a millennial buyer or seller on one side or the other. So this market is massive and you need to start to think about how am I positioned with millennials? What's my marketing look like? Does it appeal to a millennial generation, a younger generation? Or is it kind of old and stodgy? Is it boring? Is it not cutting edge? Am I keeping up with technology? Am I delivering digital presentations? Do I have great reviews and recommendations online? Can I do some things on email and text messaging that I'm not doing now? Is there some kind of tech that I should be applying to my business that would appeal to them? That may be offering services like virtual showing services, which millennials love. They don't even have to be there, FaceTime the house for them. So there's a lot of capabilities that we can tap into now that maybe we're missing the boat.
Maybe we're not appealing to enough people, enough of this millennial generation that we could, but I want you to reposition and think about what can I do to appeal to this market? Because there's so many of these buyers and sellers are gonna be hitting your shores in your markets very, very soon. And you should be excited about it. We're gonna be facing a super surge in real estate. Forget the doom and gloomers. This is gonna be the biggest surge of real estate activity we've ever seen in our lifetimes, including the baby boomer generation.
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