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When I work with young first time home buyers a problem I have and many of you other agents have I'm sure, is convincing them that they can't have every thing they want in this first starter home. What has happened? They don't know want from need and nothing is good enough. The explanation of "this is what the houses in the size and price range you qualify for cost" just doesn't sink in as quickly as it should. I think this is a spoiled generation of young people.
To the OP: I am not in the real estate business, so I can't comment on the accuracy of what you say, except to add that it makes sense in light of what I observe all around me. This young generation (up until about three years ago when the economy collapsed) has been raised to expect the same standard of living as their parents, even though the parents may have worked for 30 years to get to that point. Example: When I went off to college in 1962 I survived my first year without a car, then had an old beater car which I bought myself and which I kept on into graduate school. When my nieces went off to college they were provided (by their parents) with new or late-model cars in excellent shape. To them, that's just the way life was. Stories about the "old days" were just quaint and irrelevant. Of course many are now discovering differently but it's a difficult discovery to swallow, as you point out.
When I work with young first time home buyers a problem I have and many of you other agents have I'm sure, is convincing them that they can't have every thing they want in this first starter home. What has happened? They don't know want from need and nothing is good enough. The explanation of "this is what the houses in the size and price range you qualify for cost" just doesn't sink in as quickly as it should. I think this is a spoiled generation of young people.
First off I don't think you can generalize about people. I bought my first home a couple years ago at 25. I am not in my dream home, not in my dream area but its something I can afford, I have a roomate so putting extra in savings and towards the mortgage.
If you want to blame someone blame yourself and your generation b/c your probably the parents of the spoiled generation. YOu maxed out credit cards, bought houes more than 6 or 7 times what your salary dictates etc so we are just following your lead.
First off I don't think you can generalize about people. I bought my first home a couple years ago at 25. I am not in my dream home, not in my dream area but its something I can afford, I have a roomate so putting extra in savings and towards the mortgage.
If you want to blame someone blame yourself and your generation b/c your probably the parents of the spoiled generation. YOu maxed out credit cards, bought houes more than 6 or 7 times what your salary dictates etc so we are just following your lead.
There's no reason to get bent out of shape. It was never an attack on you personally. I have seen what I described in all of the young people I am working with, so I feel that something is just wrong here.
As far as your second paragraph, Iv' never done the things you mention there, so your personal attack on me is not warranted. That said, many other parents my age have done this and I see your point. In one case in particular right now, mom goes with us to look and she is a huge part of the problem. Nothing is good enough for her kids, but it really is all they can afford. Even though working real estate is tough right now and I could always use the business I am almost ready to call it quits with them.
It's not just the younger ones. I was working with mid 30's a couple of months ago and they could only afford $130k in an area where the average is closer to $175k so nothing looked good to them. It's very frustrating, and the more you point out "this is what you get" the more frustrated they get as well. Double edged sword, and many just continue to rent...
You'll find that type of sentiment in any generation. Remember the yuppies of the 80's, the so called "Me" generation? Or the rebelling 60's and 70's? Even in the 50's you had rebels, it isn't like this is the first generation to want more than their parents or get things faster than they should.
Just like you'll find 18 year olds that are working a job or two to pay their way through college or 35 year olds with a paid for home and no debt.
My grandparents bought me a ten year old economy car at the end of high school as a "Please come home from college and visit us when you can, here's something to make it possible" gift (They raised me, so it was essentially a gift from my 'parents').
One year into college I was working 50 hour weeks on top of going to school, that car needed more repairs than it was worth, so I bought a brand new economy car with the money I was making, and had it paid off long before the financing period ended.
By 23, I bought a house with cash, my fiancee hardly had to chip in except for household goods after the purchase.
I'm about to hit 25 and my income has dropped quite a bit after moving and having some issues with a previous employer, so so has my spending. Aside from student loans I'm barely in debt (I financed a motorcycle that I'm still paying on and have a credit card that unfortunately had to be tapped a bit while unemployed longer than my cash reserve held out, but I'm working now and those'll be gone soon enough too)
Not all of us young people are lazy or entitled. Sure, I know a lot of people my generation who are, but I know just as many or more who aren't.
My grandparents bought me a ten year old economy car at the end of high school as a "Please come home from college and visit us when you can, here's something to make it possible" gift (They raised me, so it was essentially a gift from my 'parents').
One year into college I was working 50 hour weeks on top of going to school, that car needed more repairs than it was worth, so I bought a brand new economy car with the money I was making, and had it paid off long before the financing period ended.
By 23, I bought a house with cash, my fiancee hardly had to chip in except for household goods after the purchase.
I'm about to hit 25 and my income has dropped quite a bit after moving and having some issues with a previous employer, so so has my spending. Aside from student loans I'm barely in debt (I financed a motorcycle that I'm still paying on and have a credit card that unfortunately had to be tapped a bit while unemployed longer than my cash reserve held out, but I'm working now and those'll be gone soon enough too)
Not all of us young people are lazy or entitled. Sure, I know a lot of people my generation who are, but I know just as many or more who aren't.
Wow! Good for you. You will be rich one day if you aren't already. I have to give your grandparents some of the credit for raising you right.
I'm just not coming into contact with the just as many who aren't entitlement minded. I think it is most.
As a first time homebuyer in 2011 one of the concerns I have is the reality of the times we are living in. I was always under the impression that I'd be able to buy a "starter home" and upgrade in 5 years but not anymore. I read time and time again that the best way to view a purchase now is to see yourself in the home for at least 10 years or more. So my approach to buying has changed. I no longer want a "starter home" so I am looking for a home I could possibly live in for the rest of my life. In my opinion many first time homebuyers are in this same position.
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