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I think you are right on the money when it comes to new homes being in high demand going forward. The main drag on the economy was Real Estate which is now very healthy, at least in California.
How do you perceive this shift affecting the younger generation who, according to the data, millennials are spending far less due to what they witnessed during the recession? The same great migration to go back to school during our modern day Great Depression happens in real estate all the time (the perception is that this business is easy money). When they see that its not as easy ad it looks, let’s see how those numbers shape up.
Thank you Rich! It’s only a matter of time until new home demand is at it’s highest peak.
Dietric, I assume you’re referring to how the shift will affect the younger generation of Realtors(r)? Truthfully, I don’t think that after the recession that real estate is perceived as easy money to anyone. After all, when I tell someone what I do for a living, they grimace and ask how I’m surviving. The real truth is that younger Realtors(r) have a leg up on the older generation of Realtors(r). Why? Well they don’t know any better. What I mean by that is that Generation Y has not been in the business long enough to know what it’s like in a great economy. So if they can work and survive during the recession, they’ll have no problem when the economy comes back in full swing. Ignorance is bliss. Frankly, I’ve found that the younger generation works harder and goes to extra lengths to get things done than older generations. Why? Maybe they have more energy than most. Maybe they know it takes more work to stay ahead right now. I’m not sure.
All I can say is that I started in this business in 2010 at 20 years old. I’m now 23 years old and I pride myself on working hard, long hours and doing things differently than most of my colleagues. I know that the best time to set the bar for success is during tough times. I also find that I do as much business as those who have been doing this for 30 years. Sometimes, experience isn’t the strongest weapon in the arsenal. Especially when surviving and fighting a recession that no one has any prior experience with.
I would also like to note that the majority of the younger generation views the recession as an inherited hurdle to that has to be overcome.
Cant not agree with you more. I just wish that some of the buyers got of the fence and started doing something about getting themselfs qualified. Even with the economy improving most still do not have the down money needed and weak credit scores.
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