LAS VEGAS, November 13, 2007 – Realtors® learned how to stay on top of the shifting market and expand housing opportunities across cultures and generations during the “Multicultural/Multigenerational Marketing Forum: Your Best Bet for Success” session at the National Association of Realtors® 2007 REALTORS® Conference & Expo here today.
“Realtors® build communities, in part by expanding homeownership opportunities to individuals and families who seek the American dream,” said NAR President Pat V. Combs, of Grand Rapids, Mich., and vice president of Coldwell Banker-AJS-Schmidt. “As demographic and cultural patterns shift, Realtors® must constantly stay abreast of trends, issues, programs and services to best serve all their clients and customers.”
According to the 2007 NAR Profile of Home Buyers and Sellers, released today, home buyers in Generation X, born between 1965 and 1976, outnumber the baby boomer buyers, at 33 and 32 percent of the buyers’ market, respectively. More than 40 percent of buyers in Generation X are foreign-born; these people are more likely to be first-time buyers, and are more likely to purchase in an urban area. The study also found that baby boomers are more likely to be motivated to buy a home when relocating, while Generation X buyers are more likely to purchase a larger home for their growing families.
“There are many dimensions on which to assess today’s home buyers,” said Paul Bishop, NAR managing director of research and session presenter. “For example, first-time buyers are the leading edge of the home-buying market, and foreign-born buyers are driving gains in many housing markets. Evolving demographics determine who is in the market to buy a home.”
Presenter Adorna Carroll, owner/broker and vice-president of Realty3 Carroll & Agostini, said, “Consumer demands are shifting rapidly. Different generations and cultures require different marketing venues and information delivery mechanisms.”
Immediacy of response and technological savvy are essential for catering to these younger, more diverse buyers. The NAR profile shows that 84 percent of prospective home buyers and sellers are using the Web to view properties online, and 29 percent of recent buyers found the home they actually purchased on the Internet.
More and more Realtors® are taking advantage of this growing trend and catering to the needs of buyers and sellers of varying cultural backgrounds at the same time by providing interactive Web sites in different languages that provide virtual mapping technology, allow video-conferencing between client and agent, and advertise local restaurants and cultural events. Realtors® are also making the most of social networking sites like MySpace, Facebook and Craig’s List; and staying connected with instant messaging and cell-phone technologies.
“Shift happens, and it’s happening now,” said Carroll. “Realtors® need to retool, re-invent and capitalize on the opportunities that are emerging so that they can differentiate themselves from their competition and communicate the value of the services that they offer their clients.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of residential and commercial real estate industries.
