It’s a tough time to buy a house. Interest rates are at an all time high and first-time home buyers -often millennials and Gen Z – are priced out. Homeowners – often Boomers and Gen X – are holding on to their low interest rate mortgages and keeping inventory low.
In a move to inspire first-time home buyers in this challenging housing market, Zillow is getting real about how people think about one of the biggest purchases they will ever make.
“Gen Z and younger millennials have never bought a home before,” said Beverly Jackson, VP brand & product marketing at Zillow, during a Brand Innovators panel at Cannes. “We get it, buying a house is really really hard. We have to be empathetic to our consumers.”
Working with 72andSunny, Zillow created the “Home Just Got Real” creative platform that offers consumers tools to help home buyers navigate the challenges of buying a home. The work stems from the fact that some 80% of the people that buy a house cry. “That is not what you want a customer to be doing, you want them to have some level of aspiration,” explained Jackson. “We are trying to help people sort in a way that is easy and fun for them.”
Zillow acknowledges the issues that younger home buyers today face that differ from earlier generations and aims to help them navigate these issues with tools to help them better understand how much they can afford, access virtual tours and connect with real estate agents. The financial tools are meant to help renters understand that if they can afford $3000 in rent, they might be able to afford a mortgage.
The work also aims to dispel traditional ideas of homeownership, which was often based on the ideas of couples buying a home together. Zillow wants to inspire people to consider their own unique path to home ownership, which could mean single mothers saving up or family members or groups of friends pooling money. “The cliche American Dream is pigeonholed,” said Marianne Malina, President, North America, 72andSunny. “If you are real and reflecting what is really going on, you will inspire more people.”
The emotional Journey Home spot features a single Black mother and her daughter who use Zillow to finally get the house they want. “Home ownership is the way to create generational wealth,” said Jackson. The emotional spot underscores how the mother is creating a better future for her daughter.
