Generational shifts over time affect everything and Orange County real estate is no exception. A look at recent statistics shows us that how homes are marketed and sold has to adjust to meet the unique demands of the new home buying generation. According to the National Association of Realtors Generation X (which are those born between 1965 and 1979) makes up the largest group of current homebuyers, edging out Generation Y (which are those born between 1980 and 2000) by 3%. Further more if you combine Generation X with Generation Y they account for a whopping 61% of all homebuyers today. On a practical level we see this being particularly true for entry and mid level Orange County real estate.
Orange County Real Estate and the New Generation of Homebuyers
So what does that mean for Orange County home sellers? Well it begins with requiring properties to be marketed differently to accommodate the requirements of this group of homebuyers on the mediums they interact with. A telling statistic is that 90% of all homebuyers start their home search online, and the majority of the members of these two generations really grew up in the modern information age. So a lot of attention has to be paid to how your home is presented online. Professional pictures that show the home well, a thorough description of the home, and professional video tours that help the buyers to connect with the home on an emotional level are all keys to reaching this large block of homebuyers.
The importance of proper video tours cannot be overstated, panned pictures set inside a video just don’t have the same effect on these buyers that a real video tour comprised of real video footage with proper camera movements, properly edited and set to interesting music goes a long way in connecting with these digital age buyers. How big is video? Well according to Cisco video is almost 60% of all annual internet traffic and they expect that number to grow significantly in the next few years, so a good video is going to be increasingly essential to get top dollar for your Orange County real estate since it is really these generations driving the increase in video traffic. Another trend is how the internet is being accessed. Again according to Cisco more and more people rely on their mobile devices, whether it’s their smart phones or tablets to view listings online. These devices now account for more than 25% of current internet traffic and Cisco estimates they will be half of all traffic in the next few years. So you have to make sure the right platforms are being used to showcase your home so that the potential buyers can actually see what you are offering, which is the beauty of sites like YouTube, Facebook and Twitter which automatically compress and distribute content in mobile media friendly ways. Remember if there are no pictures, bad pictures or pictures that don’t load on their devices this massive group of homebuyers may just skip your home. With Orange County real estate inventory on the rise lately and the limited time early and mid career and early and mid family generation X and Y members have to dedicate to home shopping that online impression may be the only impression you get to make so make it a good one. From a practical standpoint how important is video? Well I just had the buyer of one of my listings tell me at an inspection that the video they saw on YouTube sold them the house, that they could really see themselves living there because of the video, so as far as I’m concerned if it gets a client’s home sold its really important.
For Orange County real estate agents this generational shift means gone are the days when you can put just a few pictures online and wait for buyers agents to bring their clients to your home. Agents also have to remember that buyers use multiple websites to view homes so you want to makes sure to have accounts with all the top real estate websites like Zillow, Trulia Realtor.com, as well as growing and active YouTube, Facebook and Twitter accounts, and an account with a listing aggregator that will get your listings out to hundreds of sites worldwide most of which you never heard of but that buyers are looking at. Now a days the Orange County real estate market is global with buyers from all over the world buying homes here in Orange County so it’s crucial to have your listings on as many websites as possible so you don’t miss that future home buyer in Japan, China or Turkey.
Understand changing demographics and the changing needs and demands of current homebuyers is a key component for us in getting our clients’ homes sold quickly and for the most amount of money. If you have any questions as always feel free to contact me I am here to help.