Top 4 Tips to Attract Gen X and Gen Y Home Buyers to your Credit Union
By Mike Corn
Last year, the National Association of Home Builders published an article quoting real estate experts who predicted that Gen X consumers, those aged 31 to 45, will lead the recovery in the home buying market. The article said that while Baby Boomers are still the largest group of prospective home buyers, many are willing to postpone retirement and downsize to a smaller home until the housing market improves. By contrast, Gen X consumers are more likely to have flourishing careers and growing families that call for more room and relocation.
Recently, an article reporting results of a survey from Prudential Real Estate found that about 77 % of Gen Y (people aged 23-34) and roughly 78 % of Gen X consumers considered home ownership as “very important.” Also, many in these groups are first-time home buyers – unaffected by the recent downturn in the housing market because they didn’t lose money on a home they already owned. Together, the two groups are estimated to make up nearly 40 % of the U.S. adult population.
So, it’s no wonder that many credit unions and other financial institutions are searching for best practices to attract Gen X and Gen Y home buyers as a way to increase purchase mortgage business.
