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Johnnie Creel & The Creel Group

865.694.5904 - 865.936.4116

Gen Y is Ready to Buy

Generation Y Home Buyers
Generation Y, often referred to as Millennials, have begun to set their sights on buying their first home. Who is this “Gen Y?” Researchers and commentators most commonly use birth years ranging from the early 1980s to the early 2000s to define this generation, and they represent more than 80 million Americans.

 

 

Here is some of the information we know about Gen Y, according to The Residential Specialist:

Despite an adolescence beleaguered with political, social and economic challenges, this demographic, which is larger than any other current generation, remains optimistic about America’s future. A Pew Research survey reports that 49 percent of Generation Y say the country’s best years lie ahead. And these 14- to 34-year-olds are certainly flexing their muscles to improve America’s economic recovery. Cam Marston, president of Generational Insights and author of Generational Selling Tactics, estimates their annual spending at nearly $1.5 trillion. According to the U.S. Bureau of Labor Statistics, Gen Y’s buying power is only going to increase, with millennials expected to represent more than 40 percent of the U.S. workforce by 2020 — which includes well-paid C-level positions.

The Residential Specialist continues by stating the importance of building relationships with Gen Y, through understanding the sales approaches that will “most likely generate a positive response.” Many Gen Y-ers need their real estate agent to be their guide through the process, focusing on what we as agents can do to leave a positive impact on the future of the millennial home buyer, unlike their Gen X and Baby Boomers predecessors, who were first concerned with accolades and broker metrics.

Since Gen Y grew up with the Internet, I know that this generation will likely turn to websites and mobile apps to seek out information on available homes, and that is a great place to begin. However, I also know that many of the internet sites and apps out there can be filled with inaccurate data. My team filters the data found on Zillow or Trulia against the past sales of the properties, the tax record information, and neighborhood comparable sales, which makes The Creel Group’s market analysis an invaluable tool to use alongside all the wonderful technology available to home buyers.

History may be history, but when it comes to knowing Knoxville neighborhoods, my team (The Creel Group) has the experience and resources to dig deeper and give the Gen Y buyer the facts you can only gain from years of real estate experience. I know that Gen Y buyers are the future both literally and economically, which is why my team is dedicated to staying up-to-date on technology. We know that buying your first home in Knoxville is a big and exciting step, and our goal is to make that purchase memorable in the best possible way. Four of my team members are your fellow millennials!

Gen Y, we hope that you have checked out the Homesnap and MagicPlan apps. Homesnap is a unique and fun tool to use when you first start flirting with the idea of buying a home. However, I will warn that the values given are derived from sources outside the Tax Records, and should be verified. It is still an interesting tool to give you an estimate of home values. MagicPlan is great, when you are out with us viewing your favorite homes. You can actually map the floorplan of each house, for use of furniture planning or even just a digital memory of each home.

Links that may interest the Gen Y Buyer:

Prequalification

West Knoxville Homes For Sale Under $200,000

Downtown Knoxville Properties for Sale and University of Tennessee Properties For Sale

Woodlands of Knoxville Homes For Sale

Fourth and Gill Homes For Sale

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