Knowing your buyer is key to a successful property transaction. Every seller should expect their agent to have a deep understanding of the target market.
GenZ and Millennials—whether buying their first home or upgrading to a second—have become a significant force in today’s market. Contrary to common media narratives, a new survey shows these younger buyers are optimistic about homeownership: 60% believe owning a home is attainable. However, only 19% think it’s a good time to buy.
Many are waiting for market conditions to improve, particularly for mortgage rates to drop. Mortgage costs remain near 6.75%, while home values continue to climb. The National Association of Realtors reports the average existing home price at $435,300—a 32% increase over five years.
The fifth annual NextGen Homebuyer Report, published by FirstHome IQ and National MI, also highlights trust trends:
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Trust in banks has dropped from 61.5% to 40% in the past year.
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YouTube and ChatGPT are cited as the most trusted sources of information.
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Only 19.5% trust loan officers, while 40% will turn to a real estate agent first for guidance.
For sellers targeting younger buyers, this underscores the importance of hiring an agent with a strong social media presence. Your home must be marketed where GenZ and Millennials spend their time.
Younger buyers are also exploring creative solutions to high rates and prices:
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42%: Buying a fixer-upper
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21%: Co-buying with friends or family
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18.6%: Renting out part of their home
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47%: Moving to a lower-cost area
Financial capability matters. Only 26% of young buyers report significant financial stress, down from 33% in 2024. Most cite the cost of living and unexpected bills as concerns, and they want financial clarity to make confident decisions. This need for clarity often delays their purchasing choices.
If you want to reach younger buyers and position your home effectively, connect with an agent who understands the GenZ and Millennial market and knows how to showcase your property where it matters most.
