I just read an interesting article regarding the convergence of Generation Y (born 1979-1998) on the workplace by 2012. It is estimated that nearly 95 million will be entering the workplace over the next few years, and many will pursue their first home purchase during this span of time.
In order to cater to their real estate needs, it's critical to understand who these individuals are and how they plan to earn income in the future.
One good word to describe Generation Y is transformation. This particular group does not accept traditional norms so easily and moderates many of their behaviors and activities dependent upon emotional intelligence - post-modern to say the least.
Within the workplace, Generation Y is attracted to some specific patterns for transformation. Here are some examples. They will hold only productive meetings. Business formality and fluff will go by the wayside. As a result, Generation Y workers tend to demand less work hours within the day, whether entry or upper management level. The need for administrative assistants is crucial to accomplish both productivity and time-efficiency. Generation Y workers expect larger entry salaries and view the idea of retirement differently, planning shorter spurts of career growth, and then moving to the next emerging market.
Relative to their real estate needs, I believe Generation Y/Millennials will be great buyers, sellers, as well as investors. Expect them to maximize their real estate potentials by optimizing equity through savvy negotiations and home improvement. I believe that we'll see this group to have the propensity to make the move to a second residence within 3-5 years of their first purchase - and not necessarily within close proximity of their first purchase. Generation Y/Millennials tend to reinvent how things and systems are done. I believe we can expect this way of thinking as this relates to real estate purchases and how they delve into the investment market.
Without stereotyping too much, Colorado Springs Real Estate is a great market for the creative and out-of-the-box Generation Y to reside.