Older Homes Rising in Popularity Among Younger Buyers
More Americans are purchasing older homes. According to new research from the National Association of REALTORS®, the average age of previously owned homes sold was 28 years. In 2011, the average age of homes sold was just 18 years.
Younger buyers, especially, gravitated towards older properties, with 11% of younger millennials (aged 26 to 35) purchasing "fixer-uppers". In contrast, only 3% of buyers over the age of 66 did the same.1
Marketing Across Generations
You're putting out great promotional content -- but is it resonating with your target market? If not, you can tweak your messaging to reach the generation. Here's a look at how to optimize content for your specific audience:
- Baby Boomers
Born between 1946 and 1964, this generation responds well to shorter articles and videos that zero in on to the information they need. They're also more likely to click on Facebook-optimized content, with 57% visiting a company's website after seeing an ad. - Generation X
The generation born between 1965 and 1980 prefers longer-form videos and content optimized for tablets and mobile devices. Millennials
Tech-savvy millennials born between 1981 and 1996 tend to prefer shopping online. Like Boomers, they prefer shorter videos and articles, and respond well to email campaigns. - Generation Z
Born between 1997 and 2012, Gen Z is still coming of age. Online video ads, video marketing, and socially conscious content work well with this group, with 94% saying companies should take a stand on environmental and social issues.2
Building Wealth in Traditionally Underserved Communities
When Texas-based real estate agent Antonio Matarranz started his career, he carved out a niche working with Hispanic clients. He quickly found that most needed education on how the real estate market worked. Furthermore, most mortgage companies, insurance agents, and housing inspectors didn't know how to navigate the cultural differences.
Matarranz served as a bridge between the two communities, eventually helping thousands of first- and second-generation families buy their first home. He also developed a commercial side to his business, assisting established residential clients as they started their own companies.
Matarranz aims to make homeownership more accessible for people and communities that have traditionally had a harder path. His work earned him the HOPE Leadership Award from the National Association of REALTORS®, recognizing his contributions to the Hispanic community throughout Texas.3
How to Handle Negative Reviews
Online reviews are great -- until you receive your first negative one. How should you react to less-than-stellar reviews? Here are three tips:
- See it as an opportunity
Negative feedback stings, but there could be something to learn from it. Before responding, ask yourself, "How can I use this comment to improve my business?" - Respond thoughtfully
It may seem easier to ignore the comment, but a gracious response can go a long way in mitigating negativity. Thank them for taking the time to provide feedback. If a remedy is possible, offer your assistance -- either within your response, or by calling or emailing the commenter. - Remain calm
Handling online interactions with a balanced and even response shows potential clients you're cool under pressure and professional in all your interactions.4
Mortgage Rates Climb
After enjoying nearly two years of low rates, borrowers can expect to pay more for new mortgages in the coming months. As of February 17, rates were almost 4% for 30-year fixed-rate mortgages, compared to 2.81% in February 2021. For 15-year fixed mortgages, rates averaged 3.15%, an increase of nearly 1% from one year earlier.5
Sources: 1magazine.realtor, 2theamericangenius.com, 3magazine.realtor, 4 mckissock.com, 5 magazine.realtor
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