Study Finds Housing Market Must Cater to a More Tech-Savvy Homebuyer

Recent reports suggest the U.S. housing market is heating up, and that Gen X and Gen Y buyers are largely driving the uptick. A September, 2013 U.S. Department of Housing and Urban Development (HUD) press release summarizing a joint study by HUD and the U.S. Census Bureau reports that single-family housing starts in August this year were up seven percent over July. And according to a July report on generational trends in housing from the National Association of Realtors (NAR), Gen X comprises the largest group of current buyers and sellers. Both trends—an increase in real estate activity, and a concentration of tech-savvy young people among new clients—illustrate the need for real estate agents to adapt their sales strategies to appeal to these younger buyers who are entering the market. One way to do this is to take advantage of cloud-based services, such as online fax and virtual phone services, paired with mobile apps that enable agents to handle integral tasks anytime, anywhere – including receiving, signing and sending faxed documents, even from locations without a fax machine. A flood of younger buyers and sellers entering the real estate market means real estate agents face new expectations. Raised in a constantly connected and mobile world, these young clients from Generations X and Y come into the market with expectations that the agent representing them be accessible anytime, be able to react to questions and requests quickly, and be able to work digitally—with as little paper as is necessary.