May 12, 2018
President, Arizona Journal of Real Estate & Business
We have a lot to celebrate in May. In this month, we remember our fallen soldiers on Memorial Day and our family matriarch on Mother’s Day. And May is also the month in which we highlight one of the largest generations in history — the millennial generation.
Poised to reshape the economy, millennials are moving into their prime spending years. Their unique experiences will change the ways we buy and sell, which means companies will need to examine how they do business for decades to come. This is especially true for the real estate industry, where the impact of millennials is being felt.
Millennials growing into their house-hunting phase means we need to learn their needs and priorities. According to Nationwide Mortgages, this generation associates owning a home with the American Dream more than any other age group. They do their real estate research online, and much of that research is done on mobile devices. To attract this generation, industry professionals must be trustworthy experts on all things housing. These experts will also need an internet presence that answers millennial questions while being visually appealing on desktop and mobile devices.
This generation of homeowners looks to avoid fixer-uppers, as they see their first home as a stepping stone toward their dream home. But millennials want more than a few must-have features, even for these temporary homes. They value open floor plans and energy efficiency. They also are looking for home offices and new technology to evolve with their modern workplace. Speaking of which: millennials seek a home that is close enough to work, and near the city, without being too downtown. According to the National Association of REALTORS®, they’re looking for city-life activities and retail conveniences with quick access to the great outdoors and good public schools.
I hope you find great value in this issue and consider attending our seminar on this topic at the Arizona School of Real Estate and Business on May 25th. We are also happy to announce the new look and feel of our journal publication, starting with this issue.