Young home buyers are wise. I am encouraged about our future because I have worked with young people buying homes. All three couples that I worked with are hard working and using good common sense. They are looking at the following things:
1. Their budget and not going “house poor”
2. Deals – 2 bought foreclosures, 1 bought an estate sale
3. Fix-up – All three were willing to jump in and repair
4. Location – Each purchased in areas close for commute and good potential future equity growth
5. Asked for help from friends, family and pros
The first young newlywed couple set up a long term rental situation with their parents. The parents purchased a HUD foreclosure and the adult children helped make repairs and set up a lease purchase plan between them.
The second couple purchased an estate sale. The house was cosmetically challenged because a lifetime smoker stained the sheetrock walls with cigarette smoke. They jumped in and worked on the house before they moved in. Yet, another wise move. I will never forget the first home that Dee and I purchased in Franklin, TN. We put the bed under the dining room chandelier because I was “working” on the hardwood floors in the bedrooms. “Piece of cake”, “It’ll be done in a week” For the next few months I woke up in the morning and hit my head on the glass pieces of the dining room fixture. Dee would glare from under the covers each time.
The third couple purchased a one level ranch that was smaller than most all the rest in the neighborhood. They had the luxury of having a parent who is a professional handyman. They actually moved some doors and walls to make good floor plan changes. I am looking forward to seeing what they have accomplished.
I am encouraged that our young people are making good decisions. I am happy to serve them and give them some pointers from my perspective as Realtor. After all, they may be calling me soon and asking for help in selling their house. I want them in the best possible position to gain from their investment. I am glad that young home buyers are wise.