U.S. Real Estate Industry Tries Twentysomethings In Attempt To Revive Housing Market

Washington, D.C. (AHN) - As the downward spiral of the U.S. housing market continues, real estate agents are approaching a new market segment previously ignored in an attempt to revive the housing industry.

Their new targets are twentysomethings, likely more concerned at their age with updating their mobile phones, laptops and other high-tech devices than purchasing a house, not even during a bull market.

Instead of the brochures, leaflets and site tours traditionally used to attract older home buyers, real estate agents are tapping tools young potential house buyers often use to break the barrier. It includes advertisements for home on sale posted on YouTube, developing attractive Facebook pages and writing blogs.

Real estate firms have also hired Generation Y real estate agents to do peer-to-peer selling. Members of the Y Generation, those below 28, have more spending power than their elders when they were that age because of better education and higher wages, according to a report of the National Association of Home Builders.

But the young market also has its downside. They are also affected by the credit crunch since many of them have not so brilliant credit histories, while some are saddled with student loans and mounting credit card bills. A number of them are also wary about purchasing units at this time when the housing industry continues to slow down.

Among the indicators of the continued housing market downtrend, according to a Commerce Department report released Tuesday was housing starts which dipped by 3.3 percent to only 975,000 units in May compared to 1.008 million in April, its lowest level in 17 years. Another indicator were building permits, which registered a 1.3 percent decrease to 969,000 in May.