NMP - April 2017 - 32

X Marks the Sale
How Gen X Can Make You
Richer This Year
By Bubba Mills

APRIL 2017 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

32

ou'd do well this year to remember the forgotten
generation ... that's what Generation X has been
dubbed. But these folks, ages 37 to 51, are the
only generation to buy more homes in 2016 last
year than it did in 2015, according to a new
National Association of Realtors (NAR) report.
NAR adds that more Gen X sellers are expected to enter the
real estate market this year.
Okay, that sounds pretty good, but why else should you pay
attention to Xers:

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Ninety-six percent of Gen Xers financed a previous home
purchase, and they were more likely to finance than older
boomers. The median downpayment ranged from seven
percent for Millennial buyers to 20 percent for older
boomers.
They're making the most money with a median $106,600
annually. Younger boomers (aged 52 to 61) average
$93,800 annually, while Millennials (36 and younger) earn
$82,000 annually.
Gen X sellers have built enough equity to finally sell and
trade up to a larger home.
The share of Gen X homebuyers grew to 28 percent-the
largest percentage since 2014.
Gen X homeowners represented the largest share of sellers
in the past year (27 percent), followed by older boomers
(23 percent) and younger boomers (20 percent).

And perhaps most importantly ... they're all about real
estate. Lawrence Yun, NAR's chief economist, says more than
80 percent of Gen X buyers consider a home purchase a good
financial investment.
So, what do you do with this promising information? How do
you tap Gen Xers? Here are some tips to keep in mind as you
market to and work with this age group:
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Continue to cultivate your online presence. Gen Xers are
following their younger counterparts when it comes to
searching for real estate-related needs-upwards of 88
percent start with the Internet. Online is no longer just a
marketing tool, but an essential element of business. So

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make sure your Web site is attractive, full
of valuable information and easy to
navigate. And don't forget social media.
Gen X is using it and you need to be on
it.
Keep a sense of urgency. The survey
found that Gen X sellers were the most
likely to have wanted to sell their home
earlier, but waited because their home had
been worth less than their mortgage. Now
that the market is stronger, emphasize the
timeliness and that fact that interest rates are
on the rise.
Strengthen your referral networks. A
full 60 percent of responding sellers
found a real estate agent
through a referral by a friend,
relative or neighbor, or used
their agent from a previous
transaction. If you're not asking for
referrals, you're asking for trouble.

And let me hear from you: What do you think about
Gen Xers. Have you segmented your marketing efforts to
better communicate to different demographics in your farm
area? Where are groups of Gen Xers meeting in your part of
the country? What can you start doing today to improve your
chances of reaching this important group of consumers?
Please send any comments or questions you have to
Article@CorcoranCoaching.com or visit
Facebook.com/CorcoranCoaching.

Bubba Mills is CEO of Corcoran Consulting &
Coaching Inc. He may be reached by phone at
(800) 957-8353 or visit CorcoranCoaching.com.


http://www.NationalMortgageProfessional.com http://www.Facebook.com/CorcoranCoaching http://www.CorcoranCoaching.com

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