Buyers between the ages of 25 and 34 have made up a larger and larger percentage of all homebuyers in each of the past three years, according to the National Association of Realtors. This growth might be due in part to rising rents colliding with falling home prices, making a home purchase a more appealing option to young renters, says Mike Litzner, broker-owner of Century 21 American Homes in East Meadow.
This is an age group known for its technological nimbleness. But the change in how the market operates is more than just using new gadgets to do the same old things -- there’s a different psychology at work, as well, says Litzner.
“I think the younger buyers today have a beehive mentality. If they want to do something, whether it’s as simple as choosing a movie or going to dinner, they put it out there on social media and ask for recommendations,” Litzner says.
The same information-gathering and decision-making processes apply to real estate, he says. When people in this age group are thinking about selling or buying a home, they make social networking sites their first stop. “They go to their network or group and buzz, buzz, buzz and look for feedback,” he says.