Despite the seemingly endless challenges in meeting inventory demands, a recent survey indicated two groups of homeowners will soon populate the housing market with listings of their own: millennials and Gen Z. Coldwell Banker commissioned a survey with The Harris Poll among 2,000 U.S. adults and found that 35% of millennials and 44% of Gen Z are planning to sell their homes within the next 12 months.
Additional findings:
- Most (59%) of Gen Zers and millennials (65%) say they expect good real estate agents to use social media (e.g., Facebook, TikTok, Instagram) for marketing purposes
- Well over half (58%) of Gen Xers (age 42-57) and 60% of baby boomers (age 58-76) strongly or somewhat agree that they expect good real estate agents to use social media for marketing purposes.
- Nearly two thirds (61%) of all Americans would expect good real estate agents to use social media for marketing purposes.
- Nearly two thirds of millennials (65%), and nearly half of Americans overall (48%), would think more highly of a real estate agent if they had a strong professional social media presence.
The takeaway:
“With more than two in five Gen Z and over a third of millennial homeowners planning to sell their homes in the next 12 months, reaching these generations is key to unlocking inventory in 2022,” said Ryan Gorman, CEO of Coldwell Banker Real Estate LLC. “I am confident that our Coldwell Banker network is ready to meet these sellers where they are and, paired with our Seller Strategy and supporting Dream campaign, help make their dreams come true.”
“With so many Gen Zers and millennials dreaming of home, we’ve revamped our website during our Dream campaign with the CB Estimate, Move Meter and the Seller’s Assurance Program that will guarantee they’ve got the tools to sell their current home, David Marine, CMO of Coldwell Banker Real Estate LLC. “Paired with the help of our outstanding agents and their innovative social media marketing skills, we guarantee they’ll be in the best hands for this spring selling season to get the most for their home and make the move into their dream home.”
For more information, visit https://blog.coldwellbanker.com/genz-millennial-homebuyers/.
