First off the definition of gen Y as found on Wikipedia. 

Generation Y, also known as the Millennial Generation (or Millennials),^[1][2] Generation Next,^[3] Net Generation,^[4] Echo Boomers,^[5] describes the demographic cohort followingGeneration X. As there are no precise dates for when the Millennial generation starts and ends, commentators have used birth dates ranging somewhere from the mid-1970s^[6] to the early 2000s.^[7] Members of this generation are called Echo Boomers, due to the significant increase in birth rates through the 1980s and into 1990s, and because many of them are children of baby boomers.^{[8][9][10][11]} The 20th century trend toward smaller families in developed countries continued,^[12][13] however, so the relative impact of the "baby boom echo" was generally less pronounced than the original boom. 

Ok so now we are clear on the definition of Gen Y, I came across an interesting article about their habits and how they will reshape work places and market places. 

Here are a few items related to the real estate industry I found intersting. 

A Value-Conscious Crowd

When it comes to money, Gen Yers are different from their elders, but may come to resemble previous generations more as they pass through the life stages of marriage, family, retirement and so on.

For now, they're less acquisitive than their Baby Boomer parents, steering away from what they see as conspicuous consumption. When they do spend, Gen Yers are value conscious — maybe because technology makes finding the best buy a no-brainer.

Traditional advertising doesn't have much street cred. Millennials are more likely to buy based on peer recommendations. And they're a bit more willing than older shoppers to pay higher prices to protect the environment.

Home Is Close to the Hive

Despite the Great Recession, Gen Yers aren't shying away from buying homes, and there's evidence that some are doing so earlier than their older siblings and parents. Nudged to take the leap by bargain basement prices and Uncle Sam's federal tax credit for home buyers, about one in three 18- to 32-year-olds is already a homeowner. Most, however, seem to want to follow the typical pattern of buying at about age 30, assuming the sour economy and tighter lending standards allow it.

The homes they buy will often be smaller, and on smaller lots, than typical. And no long commutes for them. Look for Gen Yers to seek close-in suburbs with a walkable urban center offering restaurants, shops and other gathering places. Some are even passing up car ownership altogether.

Risk-Averse Investors

Millennials are more risk averse than previous generations were at the same age. About half of their nest eggs are in bonds, money market accounts or cash. Even though they have decades to go before retirement, only 22% of investors under age 35 — many fewer than in 2001 — say they're willing to take on substantial risk.

One reason: They've seen little or nothing of the upside of long-term investing in stocks. In the decade since the oldest Gen Yers entered the workforce, the stock market has languished. Worse, many saw their parents' savings evaporate in recent years. If that reluctance to invest in the stock market lasts, many will come up short in their golden years.

Keep these these things in mind when planning the future of your business. Make sure you incorporate value into your offering. 

You can read the entire article here. http://finance.yahoo.com/career-work/article/111715/make-way-for-generation-y 

I stumbled upon a real estate business related job posting the other day.  Here is a portion of the ad.

Are you passionate about building ground-breaking consumer businesses? Can you dream big while drilling down to execute on tactical details? Do you want to reinvent an old industry and delight millions of people shopping for a new home? Would nurturing mission-critical new ventures with a smart, dynamic team get you fired up? 

Before I tell you what company has this ad posted, a few things stick out. The phrase “ground-breaking consumer businesses.”  I think we loose sight what our business is all about, the consumer. Is there anything ground breaking about your business? The next thing that sticks out, "do you want to reinvent an OLD industry and delight millions of people shopping for a home?”  Sometimes the truth hurts. Real Estate is an old business that has not changed and kept up with the times. Name another major industry that hasn’t changed and progressed in the last 50-60-70 plus years? 

There is no doubt in my mind if we don’t embrace change in our industry and start innovating, someone else will. They already are. We have to provide a better experience for the consumer, bring more value to the table, and use our knowledge to position ourselves better.  

While the real estate industry is fighting about IDX, who has rights to what, how we are going to protect ourselves, why we are worth what we charge, commission splits, and countless other things, people are giving consumers what they want.

Oh yah, the above ad was posted on the Zillow.com website. You can see the full posting here. http://zillow.hrmdirect.com/employment/view.php?req=60228&

One more parting thought. How long before Zillow or a similar website becomes the new National MLS?  How important would IDX be then? What MLS rules would there left to fight about?