Generation Z Seeks Diverse Neighborhoods in Homebuying Decisions

Homes.com Survey Reveals Striking Demographic Shifts in Home Purchase Patterns

NORFOLK, Va. (June 25, 2019) – Generation Z, 18- to 24-year-olds who are entering the age bracket for first-time homebuying, is the first generation in American history with a preference for buying homes in culturally diverse neighborhoods, according to a recent Homes.com survey. Polling more than 1,000 young adults in the Gen Z age bracket, the survey is the first to examine how Generation Z and millennial habits differ across several facets of homebuying.

The survey found that 58% of future Gen Z homebuyers prefer a diverse community compared to 12% who prefer a homogeneous neighborhood. Gen Z’s commitment to diversity has important ramifications for national housing policy, cross-cultural enrichment, and the evolution of a post-racial definition of the American Dream.

“Generation Z is more multicultural than ever before, with demographics that include the largest percentage of Hispanics and non-Hispanic blacks at 22% and 15%, respectively. Our survey suggests that their preferences will have a substantial impact on homebuying patterns,” said David Mele, president of Homes.com. “That, in turn, may create a new dynamic where diverse communities thrive more than ever before.” 

The Gen Z homeownership survey also found that: 

  • The vast majority of Gen Z-ers expect to buy a home. 86% of respondents reported they plan to become homeowners someday. Only 5% don’t, and the remaining 9% are unsure. Since Gen Z is even larger than the millennial generation, strong home demand can be expected for many years to come.
  • Most expect to buy their first homes before age 35. Specifically, 14% anticipate purchasing homes between ages 18-24, 48% from 25-29, and 25% between 30-34. If they succeed, they will follow the same schedule as Generation X and Baby Boomers. They will also achieve a much higher homeownership rate than millennials, who were stymied by high unemployment and low income levels for young workers from 2008 to 2013.
  • ‘A place to call home’ and investment value are among the top reasons to buy. The fact that half want to buy because they believe owning a home is a good investment reflects how far the wealth-building aspects of homeownership have rebounded since the housing crash of 2008 when less than 1% of first-time buyers said financial security was their primary purchase motivation. Having a good home for pets ranked as the #3 reason to buy, outstripping safety and a sense of community as key incentives.
  • Proximity to work is Generation Z’s top priority in selecting a place to live. When asked to rank the most important considerations in deciding where to live, proximity to work (71%) as well as to friends and family (52%) surpassed urban location (25%), proximity to shopping (24%) and access to nightlife (12%). That means that employers located in suburban and ex-urban areas will find it easier to attract Gen Z employees.
  • Four in 10 are concerned they won’t earn enough to qualify for a mortgage. Even though most are years away from buying a home, Generation Z is more worried about making enough income to afford a home in five or 10 years than about their ability to save for a down payment or pay off student loan debt.
  • Gen Z-ers have misconceptions about down payments. Despite the availability of lower-cost down payments like those required with 3.5% FHA loans, many young homebuyers believe they will need to save for two or three years to meet down payment obligations unless they get financial help from friends and family. That scenario is unlikely unless they live in an expensive market or don’t use a low down payment loan. 

“With Gen Z poised to become the next wave of homebuyers, it’s important to look at how their attitudes and behaviors will affect the homebuying process,” Mele noted. “The insights provided by this survey can help agents anticipate and prepare for the changes that will occur as this age group begins their home search.”

View the full results of the Homes.com survey at http://go.homes/gen-z.

About Homes.com
Homes.com offers today’s demanding homebuyers, renters, and those somewhere in between a simply smarter home search with a more personalized and conversational way to find their next home. Since its launch over 25 years ago, Homes.com offers real estate professionals brand and property advertising, search engine marketing, and instant response lead generation to help them succeed online.  For more information, visit Homes.com.

 

Homes.com Study: Romantic Breakups Tie with Joblessness in Triggering ‘Boomerang’ Behavior

NORFOLK, VA (Feb. 04, 2019) – While you’re preparing this year’s passionate, you’re-the-best-thing-that-ever-happened-to-me Valentine’s Day tribute for your significant other, here’s a sobering thought: One in five adults who return home to live with their parents do so because of a broken heart. According to a Homes.com survey of nearly 1,100 members of the so-called “Boomerang Generation” and their parents, those that return to the nest due to a divorce or partner breakup is roughly the same percentage as those who return because they’re out of work.

In fact, the collapse of romantic relationships is the #1 move-back-home catalyst for Boomerang-ers ages 26-40 and the #2 incentive overall. More specifically, the survey revealed that:

  • Love gone wrong is the primary reason for cohabiting with Mom and Dad for 33% of 26-30-year-old, 37% of 31-35-year-old and 24% of 36-40-year-old Boomerang-ers, outstripping all other considerations by as many as  14 points.
  • Saving money for a home purchase or other major investment is the #1 motivation cited by Boomerang-ers in the 20-25 year-old cohort, while the need to care for aging parents tops the list for those 41 and older.
  • Joblessness and debt rank just #3 and #4 overall as reasons to rejoin parents, even among 20-25-year-olds. Just 18% of Boomerang-ers in that age group return home because they lost or can’t find a job, and 11% because of student loan or other debt.

The survey also provides intriguing insights into Boomerang-ers’ ages, living quarters, sources of conflict, financial arrangements, and overall rapport with their parental roommates. Among the findings:

  • 16% of Boomerang-ers are 31 and older, with roughly half of this group returning home after living elsewhere for 11 years or more.
  • 45% live in their childhood bedrooms, with the rest having been displaced either by choice or space limitations. 26% live in a guest bedroom, 12% in the basement, 5% in a guest house, 4% in the living room and 2% in the garage.
  • Privacy and noise issues cause the most friction, followed by space constraints, clashes over money, and political disagreements. General tension is also common, with more than one-third reporting “good days and bad days,” constant conflict, or difficult relationships dating back to childhood.
  • 25% pay rent to their parents when they move back home, as reported by both parents and children. This is roughly the same across all age groups.
  • The two sides disagree about other aspects of the financial arrangement, suggesting that either parents exaggerate their support or children minimize it. For example, 12% of parents claim they cover all of their child’s expenses, but only 5% of Boomerang-ers themselves say their parents foot the entire bill. Similarly, 35% of parents say that each side pays its own bills, but 45% of children make that claim.
  • Parents are generally supportive. Only 13% discourage adult children from returning home to live, and 77% place no time limit on the arrangement. The majority also report a relatively smooth relationship, with 58% of parents and 68% of children saying they get along well or “hardly know they’re there.”

More information about the survey, including charts and graphs detailing key results, can be found at www.blog.homes.com.

 

About Homes.com

Homes.com offers today’s demanding homebuyers, renters and those somewhere in between a simply smarter home search with a more personalized and conversational way to find their next home.  Since its launch over 25 years ago, Homes.com offers real estate professionals brand and property advertising, search engine marketing and instant response lead generation to help them succeed online.  For more information, visit Homes.com.

Homes.com’s David Mele Honored as Real Estate Trailblazer by RISMedia

Innovative Search Features of New Homes.com Cited as Key Accomplishment

NORFOLK, VA (Dec. 11, 2018) – David Mele, president of Homes.com, has been recognized in the Trailblazer category of RISMedia’s 2018 Real Estate Newsmakers for providing both consumers and real estate professionals with innovative smart home search tools through the new Homes.com. Launched earlier this year, the site’s industry-first features have simplified the search process for home shoppers while increasing opportunities for agents and brokers to connect with potential clients.

The website was the culmination of months of development initiated as part of Mele’s mission to differentiate the Homes.com brand. Key innovations include the first national visual search tool that matches photos submitted by consumers to available homes with a similar look, a personalized “match” score for each search result, flexible price searches ensuring that listings priced slightly above or below the target price are not missed, and other features not available from any other listing service.

These functions – many of them powered by artificial intelligence – are also improving lead quality for real estate pros by enhancing consumers’ ability to zero in on the homes that best fit their needs and tastes.

“With almost every home search beginning online, we decided to make the search experience simpler, smarter, and friendlier. Leveraging months of interviews with consumers and real estate pros, we completely reimagined the home search process from the ground up,” Mele said. “The new Homes.com is a great example of how incorporating new technology and better usability can streamline the home search process for consumers and real estate pros alike.”

The complete list of RISMedia 2018 Real Estate Newsmakers is at https://rismedia.com/2019-newsmakers/.

About Homes.com

Homes.com offers today’s demanding homebuyers, renters and those somewhere in between a simply smarter home search with a more personalized way to find their next home.  Since its launch over 25 years ago, Homes.com offers real estate professionals brand and property advertising, search engine marketing and instant response lead generation to help them succeed online.  For more information, visit Homes.com.

 

Sellstate Realty Systems Honored with RISMedia Tech Titan Award

Technology-Driven Brokerage Recognized for Providing Top Performing Tools to All Sellstate Advisors

Norfolk, Va. (Nov 14, 2018) – The RISMedia Tech Titan Award was presented to Arthur Darmanin, CEO of Sellstate Realty Systems, and his team for their 2018 technological achievements.  Sellstate was recognized during the November 2nd RISMedia Power Broker Dinner, which was part of The National Association of REALTORS® annual conference in Boston. Homes.com®, leading online real estate destination and provider of real estate marketing solutions, sponsored this year’s RISMedia’s Tech Titan Award.

The Tech Titan Award is presented to individuals transforming the industry by integrating new forms of technology into their companies to improve and enhance overall consumer experience. Arthur Darmanin and the Sellstate team are dedicated to embracing technology and providing innovative tools to enhance and expand their brokerage.

“I’m thrilled and honored to receive the Tech Titan Award on behalf of everyone at Sellstate Realty,” said Darmanin. ”We look at technology from a simple point of view—how is this technology going to help our advisors close more deals? It may sound overly simplistic, but at the end of the day, our purpose, our goal, and our mission is to make sure that we give our advisors the tools they need to close more deals.”

Sellstate Realty Systems’ technology vision combines the flexibility of mobile technology and automated, time-saving tools to give their busy advisors everything they need to manage their business on the go.  The Sellstate Power Suite, powered by Homes.com, offers a comprehensive technology package that includes single property websites, a cloud-based CRM, monthly newsletters, email marketing, a design center and more, is offered to all advisors along with extensive training and support to ensure a high level of service to their clients.

“Homes.com is pleased to recognize Arthur Darmanin and Sellstate Realty with the RISMedia Tech Titan award for their technology accomplishments,” said Dave Mele, president of Homes.com. “As Sellstate Realty continues to expand into new markets in the coming years, Homes.com is proud to be part of their technology solution.”

About Homes.com
A top real estate search destination, Homes.com is visited by more than 10 million consumers each month. Homes.com leverages search visibility to connect this in-market audience with real estate professionals in their local areas of interest. Offering real estate marketing and media services such as brand advertising, property listing exposure and syndication, search engine marketing and instant response lead generation, Homes.com helps real estate agents and other real estate industry partners succeed online. From lead aggregation and customer relationship management to website management, email marketing and so much more, Homes.com Connect offers agents access to all the tools necessary to convert leads into transaction-ready clients in one centralized and easy to use system. For more information, visit www.Homes.com.

About Sellstate
Sellstate Realty Systems Network, Inc. is a national real estate franchise. Based out of Fort Myers, Florida, Sellstate has expanded its operation into several states across the country. With a focus on high commission, breakthrough technology and revenue sharing, Sellstate strives to provide the best possible experience for its brokers, agents and their clients. Through its strategic alliances, Sellstate is able to provide clients’ listings with a monthly global consumer reach of two hundred million unique visitors. www.sellstate.com.

 

Homes.com Launches API to Streamline Real Estate Communication

Developers and Real Estate Businesses Will Now be Able to Sync Data Directly through Interface

Norfolk, Va. (Oct. 31, 2018) – Working to reduce duplicate data across real estate platforms and to integrate more seamlessly with other real estate products, Homes.com®, a top consumer real estate resource and leading provider of marketing solutions for real estate professionals, announced today its new API. The new program streamlines agent workflow by allowing agents to easily manage leads and contacts across the many platforms they use. The new Homes.com API offers real estate technology companies and brokerages an easy way to receive and send data from Homes.com and the Homes.com Connect platform through an application programing interface. Participating Homes.com API partners will now have an efficient method to receive client data directly from Homes.com and the Homes.com Connect marketing applications.

For example, an agent using BombBomb to send video emails will now be able to seamlessly integrate lead information from Homes.com to initiate video email campaigns within BombBomb. And when a lead from Homes.com Connect successfully converts into a buyer or seller, the information can be pushed effortlessly into DocuSign Rooms for Real Estate to manage the transaction. The Homes.com API will allow applications like these to communicate with the centralized Homes.com Connect contact management database, eliminating the pain of duplicate entry and maintaining separate databases. “We know that our customers use a variety of tools when working with clients,” said Dave Mele,
president of Homes.com, “and providing an easy way for them to manage that process makes sense and adds tremendous value to the tools we provide. The new Homes.com API provides an easy way for leads, contacts, and associated lead activity to be shared between Homes.com Connect and our integration partners. The API also supports ongoing lead activities, ensuring that integrated systems remain in sync.” For more information about the Homes.com API, visit https://api.homesconnect.com, or to learn more about Homes.com marketing services, visit https://marketing.homes.com/.

About Homes.com
A top real estate search destination, Homes.com is visited by more than 10 million consumers each month. Homes.com leverages search visibility to connect this in-market audience with real estate professionals in their local areas of interest. Offering real estate marketing and media services such as brand advertising, property listing exposure and syndication, search engine marketing and instant response lead generation, Homes.com helps real estate agents and other real estate industry partners succeed online. From lead aggregation and customer relationship management to website management, email marketing and so much more, Homes.com Connect offers agents access to all the
tools necessary to convert leads into transaction-ready clients in one centralized and easy to use system.