Yesterday’s blog was a bit of a tirade, I know, but I was just trying to illustrate a point to you. The majority of the time houses aren’t selling because they’re priced too high. We’ll leave it at that.
Since many of my close friends—all in the Generation Y demographic—are at that age when they’re starting to get descent jobs and making moderate incomes, getting married and wanting to start families, they are instinctively turning towards houses. Despite the financial merits of avoiding a mortgage right now, you cannot rent forever, and, let’s face it: it is kind of like throwing money down the drain. So they are looking to buy houses both as an investment and as something permanent in their life.
But when it comes down to it, they’re ready to take their time in doing so, they are picky, AND they’re well aware of the market. Plus, they may not make that much money yet, so they’re looking and waiting to find the perfect house. In my experience, it has always been a smaller house in a quaint neighborhood that seems more enticing than some McHome in a cookie cutter neighborhood. These people have style and patience and aren’t willing to just jump into the market headfirst like so many investors were before the crash.
It would be interesting to find out what kind of houses are being sold for sale by owner. I would think it would be much of the property that got snatched up in the bubble buy countless buyers and now that values are dropping, they’re trying to sell it off. Gen Y is not interested in that sort of residence. They want something real—almost novelty. They want the smaller, concise houses that they grew up in, not the ones they moved to with their parents in high school.
So be smart seller, and cater to you buyer, whoever they may be.
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