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Agents sit gen-Yers down for ‘the talk’

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Real Estate Professional | 08 Oct 2014, 09:07 AM Agree 0
Many agents are now proactively suggesting gen-Y clients ask family for help with a down payment in anticipation of the growing struggle they’ll face to qualify under tighter lending rules.
  • judy | 08 Oct 2014, 03:26 PM Agree 0
    It has never been easy to buy that first home, for anyone - even our parents. For my generation (Boomers)we had to tighten our belts for years and do without before buying house, we would not think of asking family and they would not think of offering. Then you needed 25% down. Even if family did help out, it would have been "an obligation" forever. We moved from the city to a smaller town where jobs paid well and homes were cheaper.
    So we did not go out - other than for walks etc., saw the odd movie, made few furniture purchases, drove an old car, made do with few pairs of shoes and clothes, controlled the grocery bill, long distance calls, worked as much overtime as possible, and ate out rarely until we could get a home, and not a mansion - then we started a family. (We did not want to eventually have to move our children.) Even in the years of high interest rates (19 1/2%), we made it work on our own without help. We were able to hang on by our fingernails while people we knew lost their homes, probably because we were able to manage our expenses with the experiences from our pre-buying days.
    Family helped our kids, but, I don't think they have appreciated their homes as we have and certainly have not made the effort to pay them off or care for them as we have. It has also made them more attractive to opportunists. The perceived need for technology and the latest "toys" together the attending service contracts will permanently keep many of the younger generation broke, as will their need to "play". There is not the same strong work ethic. So much time is spent even in the workplace on texting and Face-Book etc. that our economy is suffering and so are our personal communications.
    So - no - I do not feel particularly sorry for the younger generation. A little struggle make a stronger tree.......and bring a couple closer.
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