It seems everyone is trying to predict the future of real estate and the buyers and sellers of the future. This isn’t anything new. For years industry “insiders” have been breaking out their crystal balls and telling us what to expect.
I am not going to weigh in on the debate today. Been there done that. What I do want to point out is the changing demographics of the consumer today and tomorrow.
Standard & Poor’s held their annual Summit on Risk. This year’s theme was “Emerging Prosperity and Continuing Risks in 2011”. CNBC’s Maria Bartiromo was the keynote. Bartiromo was asked about the housing market’s recovery;
“Maria, with the echo-boom population now exceeding that of their parents, the baby boomers, what impact will this generation have on housing? Is it feasible to envision a housing boom again in the future?
“52% of the world’s population is under the age of 30. These people will be the consumers of the future. They are and will be consuming electronics such as mobile devices, cars, and homes. Look at companies like Home Depot that are exceeding expectations. This is directly related to consumption of foreclosed homes. There is no doubt the youth will be a driving force of housing in the future.”
This isn’t news. We have heard about “echo-boomers” for many years. What is interesting is 52% of the world is under 30.
In terms of real estate, what will these consumers want when they enter the market? What will they expect from a real estate company/agent? How will they gather information and make decisions?
If you answer these questions and position your company and marketing accordingly, you will be way ahead of the game.
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