Trending First Time Home Buyers….WHO ARE THEY?


While the overall number of first-time homebuyers continues to decline, one segment of the population is bucking the trend. Young people ranging in age from their late teens to mid-30s, known as millennials, are the largest and fastest growing group of homebuyers, according to the National Association of REALTORS® (NAR). Instead of converted industrial spaces and hip coffee shops in city centers, these young people are opting instead for older single-family homes with manicured lawns and soccer leagues in the suburbs.

The median age of millennials, 30, is the driving force behind this trend. “This is typically the time in life where one settles down to marry and raise a family,” says Lawrence Yun, NAR’s chief economist. And these buyers are choosing the suburbs over the city, he adds, because of a shortage of condos in urban centers fitting their entry-level price range. “Affordability pressures make buying in the city extremely difficult for most young households,” he says. “Even if an urban setting is where they’d like to buy their first home, the need for more space at an affordable price is for the most part pushing their search further out.”

Source: Council of Residential Specialists

Michael Caruso is a long time member of the Council of Residential Specialists, designation CRS

mcaruso@surterreproperties.com

www.CarusoRealEstate.com

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Attention Boomers…Learn How to Communicate with Millennials


 

Millennials…it’s tough enough for me to spell it, let alone learn communicate with “them”!

But, here are some ideas on how to talk or communicate to those cry-baby, tech savvy Millennials.  Next time you encounter one of them and have to talk to one of them, try any of the following language antidotes to perhaps communicate more effectively:

1) Bacn: impersonal emails that you have chosen to receive, such as alerts and newsletters.

2) Bershon: the angry/bored/too-cool-to-care look that 12 to 18 year olds seem to sport in their family photos.

3) Compunicate: to “chat” with a co-worker using Instant Messenger when you are in the same room, rather than speak to them.

4) Defriend: to remove someone from your established list of contacts.

5) Lifestreaming: posting an on-line record of a person’s dailey actvities, such as some blogs.

6) Meatspace: a reference to the physical world, such as being the opposite of cyberspace or virtual reality.

7) Moofer: derived from the acronym for “mobile out of the office”.  This is someone who between meetings abandons their office with a laptop and Blackberry to stop at Starbucks or anyplace else they can escape talkative co-workers.

8) Passion Bucket: a metaphor for a job or endeavor that can fulfill one’s sense of mission and ambition.

9) Porntastic: great, but slightly racy and edgy.

You can practice and use these communication techniques for your Millennial encounters or call me for a normal conversation!

Good luck…and by the way, these were culled from magazines, web sites and blogs – so go figure!

Thank you for making me Your Orange County Real Estate Connection.

Best regards, Michael Caruso