Real estate brokers, desperate for buyers in a sagging U.S. economy, are hoping 20-somethings can revive the housing market, industry observers said.

Younger, first-time buyers represent a possible quick-fix for the real estate industry, USA Today reported Tuesday.

Many in Generation Y are savvy about falling home values and have student loans and credit card debts to pay. But, many are well-educated and have higher starting salaries out of college, a March report in the National Association of Home Builders said.

The new target real estate audience has forced brokers to reinvent their advertising strategies.

Edina Realty in Edina, Minn., turned to electronic billboard advertising and placing spots on YouTube and Facebook.

Edina agents also write blogs and contact potential buyers on MySpace. We want to be the real estate agency of choice for (generation) X and Y, Edina's vice president of information technology Diane Krob told the newspaper.

First-time home buyers ... don't have a home to sell. If they're ready to buy and have good credit and a down payment, they're valuable to have. They're more of a sure thing, said Leslie Tyler, vice president of marketing at ZipRealty, a California company that operates in 19 different states.

Copyright 2008 by United Press International


Publication date: 17 June 2008   

Source: UPI-1-20080617-12345500-bc-us-realestate.xml

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