Here is something to warm up our spirit in spite of the recent news about the home prices double dip and the upcoming resulting 'double wave
' of short sales and bank owned homes on the San Jose Real Estate Market.
Home ownership is now a lot more accessible to younger generations than ever before.
A couple of thoughts about this breaking trend that I have observed over the past few months by helping out a number of young people in their real estate quest:
Younger generations are almost born with a keyboard and a mobile phone. They tweet, they text, they share, they blog and so on. They are the most savvy Internet contributors and surfers and therefore most likely to look for their home...and Realtor on-line.
- Young people usually have more time to buy before moving in. They can live with their parents or with friends until a deal is finalized. They are ideal home buyers for distressed properties (short sales and REOs alike) which take time to close.
Young people have savings (on top of virtual credits!) and financial support from their parents which can be leveraged today to buy a lot more square footage than a few years ago in current market conditions. With a price drop now exceeding 30% across many real estate markets in the US, homes are accessible again to the new generation, not just in remote areas, but in many cities and urban communities, including in Silicon Valley, which attracts many young talents.
In view of this, at the end of the day, the job of the Realtor is very satisfying: on one hand, we help distressed homeowners get their life back, on the other hand, we match young people with homes that they can afford and enable them to build the next 'round of equity' upon which the wealth of future homeowners generations will rest.
© Sophia Delacotte CDPE, SFR, CHS
San Jose Realtor
Cell: (408) 717-2575