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Old 07-11-2017, 08:39 AM
 
Location: Copenhagen, Denmark
10,931 posts, read 11,691,276 times
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Be thankful, you don't live in London!
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Old 07-11-2017, 08:43 AM
 
Location: Austin
7,244 posts, read 21,755,019 times
Reputation: 10014
Quote:
Originally Posted by MikeJaquish View Post
And, in the current cultural stereotype, you would be considered a "Millennial" at 36.
Millennials stop at age 33 because they put that new group for 1977-1984 called Xennials.
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Old 07-11-2017, 08:46 AM
 
182 posts, read 238,941 times
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I'm seeing it play out here in Orlando. Everyone who was waiting for prices to rise are now selling their homes like made while the market is crazy in the desirable areas. Neighbor who bought a year ago for 335,000 relisted at 480,000 and just now did a price reduction to 469,000. He's crazy and this is in a cookie cutter neighborhood where there are 7 house models.

Another area (wedgefield, florida) which is having a water crisis because the water is tainted and managed by a private company and the county might take over which means higher taxes. Homes are being snapped up there as if the water issue is unknown to buyers. Just google water issue Wedgefield florida.

Lake Nona area is going bonkers. I've been watching the market for a year and houses that were 275,000 are now priced at 315,000. That much in 6 months time?? If you look at zip 32827-no price limits-you can see the insane number of houses especially the million dollar ones listed. Everyone is trying to get out at the top but that means someone has to buy at the overpriced level.
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Old 07-11-2017, 08:51 AM
 
4,567 posts, read 10,625,503 times
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Many of the people I see buying homes around here are people in their 50's who already own a home and want to buy another home. They are at the top of their earning potential, good salaries, and can afford the monthly payment.

Might be a vacation home, or a home they want to rent out. They see real estate as a good place to invest. In good times, it is.

1. Buy a second home and pay a small monthly payment.
2. Rent it out and make money each month.
3. Sell it for much more than you bought it for.
4. Profit!
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Old 07-11-2017, 09:14 AM
 
2,737 posts, read 5,442,027 times
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Each market is different. In NoVA, there are a lot of dual career professional couples. They can afford to pay a lot more than others. Also there are two factors that serve as a floor. Land close to the job centers in DC and Tysons are going to be in strong demand relative to supply (compared to outlying areas) regardless of interest rates, because commutes are horrible. And, architects, contractors, materials, labor, permits, etc., are expensive here. No one is going to pay the $$$ for renos or additions (and live through the time drain and hassle) only to turn around and put the house up for sale at a lower price than their investment, unless forced by job loss, etc., to do so.
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Old 07-11-2017, 09:15 AM
 
Location: Somewhere in America
15,479 posts, read 15,564,516 times
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Quote:
Originally Posted by LS Jaun View Post
I'm curious to who is driving up the price of housing these days? I'm an Xer who has a lot of Millennial friends, early to mid 30s, and none of them has, or can afford a house? Whose driving up the prices if not Millennials? I see quite a few Foreigners at open houses. Are they buying so many houses that it's driving the prices up?
That's such a generic broad statement. Plenty of millennials are buying homes. People of all ages are buying homes except children.

I, too, have millennial friends and family. Most of them own homes and have decent jobs.

House prices are driven by a number of factors. If you're in a popular metro, there's your answer.
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Old 07-11-2017, 09:27 AM
 
9,357 posts, read 6,926,491 times
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I know Gen Y was re-titled to millennial but in my mind it's a misnomer. Anyone born from the 80's - early/mid 90's does not match the true millennial generation. People in their late 20's - Mid 30's are buying houses but it's location specific. In High COL areas they cannot afford to buy a house but mid cost to low cost areas they are the demand for housing.
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Old 07-11-2017, 10:10 AM
 
Location: Somewhere in America
15,479 posts, read 15,564,516 times
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Quote:
Originally Posted by oneslip View Post
I think many are sidelined currently because the increase in house prices has not been normal- historically homes appreciate 1-2% per year but in the past 2 years your looking at 20 -30%, so many are concerned they are overpaying for an asset. I think the same is true with the equity markets- valuations are higher than historically maybe not 1999 levels or for housing 2007 levels but certainly in overvalued territory.
.
Where I live, no one's house has appreciated 20-30%. This is VERY area specific not even region specific.
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Old 07-11-2017, 10:32 AM
 
Location: Saint John, IN
11,583 posts, read 6,702,884 times
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A Millennial couple bought our home last year in the $400k range! An there are Millennials all around us in our new state buying up the new construction homes. So yes, Millennials are buying homes!
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Old 07-11-2017, 10:37 AM
 
428 posts, read 414,279 times
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Quote:
Originally Posted by LS Jaun View Post
I'm curious to who is driving up the price of housing these days? I'm an Xer who has a lot of Millennial friends, early to mid 30s, and none of them has, or can afford a house? Whose driving up the prices if not Millennials? I see quite a few Foreigners at open houses. Are they buying so many houses that it's driving the prices up?

Investors.

When talking about foreign investors... West coast and NYC has had many from Asia (specifically China), that now appear to be backing off in the US... and in places like Toronto and Vancouver and even in Australia... due mostly to China's own housing and financial problems the past couple of years.


Investors Pay Cash for Homes, Push Millennials Out of Market | Money
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