Over the past decade, Las Vegas real estate has witnessed an impressive appreciation rate of 244.86 percent. This rapid surge in property values has introduced affordability hurdles for many millennials, those born between 1981 and 1996, and Gen Z individuals, those born between 1997 and 2012, making the dream of homeownership intangible. Therefore, understanding how to provide support to these buyers has become increasingly important.
As agents, our role in bridging the gap between wish lists and reality has never held more significance. So to better serve Gen Z and millennial homebuyers, I’ve narrowed down neighborhoods, identified the most-wanted features by each generation and analyzed market competition.
What are these generations looking for?
With student loans and the rising cost of living, affordability is a top concern for both millennials and Gen Z’s.
If you do not find Gen Z staying with family, they are most likely in the market for a practical modern home. They are not on the hunt for extravagant luxury; instead, they want homes that are both functional and contemporary, all while being mindful of their budget constraints. Millennials view homebuying as a financial adventure. They’re not swayed by emotions; it’s all about profitability and ROI. Give them a spreadsheet, and they’ll show you their dream home in numbers.
Location and lifestyle are also hot topics with these generations. They want an urban lifestyle, walkability and convenience. But it’s not just about the home itself; it’s about community and social impact. These generations want neighborhoods that support local businesses, have a strong sense of community and come with luxury amenities like pools, fitness centers and clubhouses.
How to better serve these generations:
With millennials being the largest generation group in the United States, it’s vital to know how to connect with them. My top two tips are to embrace technology and be transparent. Millennials and Gen Z’s heavily rely on mobile devices, so having a mobile-friendly website with virtual property tours and online marketing is essential. Being open and honest about all aspects of the homebuying process, from costs to potential issues, builds trust with these younger generations.
2. Social Media
Leverage social media by engaging with industry experts, real estate influencers and organizations across various major platforms. They often share up-to-date information, trends and insights relevant to real estate.
Communication preferences matter — be responsive and adaptable, offering text, email and/or phone communication. Provide education and guidance for first-time buyers and emphasize local neighborhood knowledge. Experiment with new approaches to see how they resonate with younger buyers while always staying updated on trends and seeking feedback for continuous improvement.
In the evolving landscape of real estate, adapting to the unique needs of Gen Z and millennial homebuyers is not just a strategy for success, it’s a necessity. As Las Vegas continues to see property values rise, the dream of homeownership can seem distant for many in these generations.
Embracing technology, transparency and social engagement are key steps in serving these buyers effectively. In a world where change is the only constant, staying updated on their desires and expectations will help these generations achieve their homeownership dreams and goals.
Mariel Pamintuan-Esguerra is a Realtor and team leader of The Mariel Esguerra Group at huntington & ellis, A Real Estate Agency.