You’ve likely heard a ton about Millennials, but what about Gen Z? In the next 5 years, this generation will be between the ages of 23 and 28, and they’re eager to become homeowners faster than you may think.
According to realtor.com, “Nearly 80 percent of Generation Z members say they want to own a home before age 30,” and Concentrix Analytics said, “52% of prospective Gen Z buyers are already saving to buy a home.”
Wikipedia defines Generation Z (Gen Z) as “the demographic cohort after the Millennials. Demographers and researchers typically use the mid-1990s to mid-2000s as starting birth years.”
The report from Concentrix goes a little deeper on Gen Z, identifying the main reasons this cohort wants to own homes:
- 55% want to own a home because they want to start a family
- 47% want to build wealth over time
- 33% want to make their family proud
Although they’re eager to buy, this generation also perceives a few challenges ahead:
- 66% believe saving for a down payment and closing costs will be challenging
- 58% feel covering the monthly costs of owning may be difficult
- 52% perceive a lack of knowledge about where to start
It is also interesting to note that 21% of Gen Zers think their parents will provide financial help, 17% will use a down payment assistance program, and 15% believe other family members will help them. One of the highlights of the report mentioned,
“More than half of Gen Zers who think they’ll receive help also think they will need to pay their parents back, compared to 40 percent of millennials.”
It is never too early to start saving for your own home, whether you are part of Gen Z or a different generation. If you would like to know where to start and how much you need to save to reach your goal of buying a home, let’s get together so you can better understand the process.
We are in anything but a “normal market” right now. The media is full of stories about an impending recession, a trade war with China, and constant political upheaval. Each of these potential situations could dramatically impact the real estate market. To successfully navigate the landscape today, you need more than an experienced guide. You need a ‘Real Estate Sherpa.’
A Sherpa is a “member of a Himalayan people living on the borders of Nepal and Tibet, renowned for their skill in mountaineering.” Sherpas are skilled in leading their parties through the extreme altitudes of the peaks and passes in the region – some of the most treacherous trails in the world. They take pride in their hardiness, expertise, and experience at very high altitudes.
They are much more than just guides.
This is much more than a normal real estate market.
The average guide just won’t do. You need a ‘Sherpa.’ You need an expert who understands what is happening in the market and why it is happening. You need someone who can simply and effectively explain it to you and your family. You need an expert who will guarantee you make the right decision, even in these challenging times.
Dave Ramsey, the financial guru, advises:
“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”
Hiring an agent who has a finger on the pulse of the market will make your buying or selling experience an educated one.
According to the Pew Research Center, around 37% of U.S students will be going back to school soon and the rest have already started the new academic year. With school-aged children in your home, buying or selling a house can take on a whole different approach when it comes to finding the right size, location, school district, and more.
Recently, the 2019 Moving with Kids Report from the National Association of Realtors®(NAR) studied “the different purchasing habits as well as seller preferences during the home buying and selling process.” This is what they found:
When Purchasing a Home
The major difference between the homebuyers who have children and those who do not is the importance of the neighborhood. In fact, 53% said the quality of the school district is an important factor when purchasing a home, and 50% select neighborhoods by the convenience to the schools.
Buyers with children also purchase larger, detached single-family homes with 4 bedrooms and 2 full bathrooms at approximately 2,110 square feet.
Furthermore, 26% noted how childcare expenses delayed the home-buying process and forced additional compromises: 31% in the size of the home, 24% in the price, and 18% in the distance from work.
When Selling a Home
Of those polled, 23% of buyers with children sold their home “very urgently,” and 46% indicated “somewhat urgently, within a reasonable time frame.” Selling with urgency can pressure sellers to accept offers that are not in their favor. Lawrence Yun, Chief Economist at NAR explains,
“When buying or selling a home, exercising patience is beneficial, but in some cases – such as facing an upcoming school year or the outgrowing of a home – sellers find themselves rushed and forced to accept a less than ideal offer.”
For sellers with children, 21% want a real estate professional to help them sell the home within a specific time frame, 20% at a competitive price, and 19% to market their home to potential buyers.
Buying or selling a home can be driven by different priorities when you are also raising a family. If you’re a seller with children and looking to relocate, let’s get together to navigate the process in the most reasonable time frame for you and your family.
1. Fertilize Your Lawn
According to experts, fertilizing your lawn in autumn protects it over the winter and helps it green up faster come springtime. Fall feeding is especially important in areas with dry summers.
Dosing your lawn with fertilizer in autumn will trigger the renewed growth of both blades and roots, so your grass will be thick and healthy again before winter’s colder temperatures set in.
2. Get Your HVAC Serviced
Your AC has been faithfully chugging along all summer. Now it’s time to give it a rest. Before you tuck it away for the winter, be sure to clean the coils. You can find YouTube videos showing how to do this safely.
If you’re done using the AC for the year, cover the outdoor unit to keep debris and ice from damaging your system. Then move indoors and switch your thermostat from cooling to heating. Change the filter, too. You should also make sure all indoor vents are uncovered, and maybe clean your own air ducts while you’re at it.
3. Clean The Gutters
Clogged gutters will channel water down the side of your home where it eventually damages the foundation and can flood your basement. So get a ladder and pull debris out of the gutters by hand. If you have a one-story house, you can use this leaf-blower attachment to blast the stuff. Still too much work? Hire a gutter cleaning company — they’re worth it.
4. Drain And Store Your Lawn Equipment
Over time, unused fuel goes through chemical changes that create deposits and destroy your lawn equipment. So drain the tanks of your lawn mower, leaf blower, and weed eater before storing them. Fall is also an excellent time to get your lawn mower blades sharpened so they’ll be ready for next Spring.
5. Turn Off And Drain Outdoor Faucets And Sprinklers
Outdoor hoses and pipes will burst if they’re full of water when the temperatures plunge below freezing. While replacing a garden hose isn’t that difficult, it’s incredibly expensive to dig up your lawn’s sprinkler system to deal with burst pipes. So, disconnect your outdoor hoses and turn off the outdoor water supply. Open outdoor faucets and run your sprinkler system to drain any remaining water.
6. Inspect And Clean Your Chimney
When I think of chimney cleaning, I always picture Dick Van Dyke in Mary Poppins singing “Chim-chim-e-ny, chim-chim-e-ney, chim, chim, cheroo.” It’s a charming song!
Nothing is charming about filling your home with soot, smoke, and carbon monoxide because your chimney isn’t working correctly. Even gas fireplaces need an inspection to ensure the pipe is free of cracks that can allow smoke to enter your home. This job is best left to pros. The cost runs around $100-200.
7. Get Your Ice Melt And Snow Blower Ready
By the time winter arrives, it’s often too late to find snow gear. Stock up on such things in autumn when they’re plentiful and lower-priced. Even if you think you’ve got enough left from last year, or that your snow blower or shovel are in good shape, take a few moments to check. You don’t want to get caught out in the cold finding out you’re wrong.
As with most home maintenance tasks, preparing your home for fall isn’t tricky, just time-consuming. Putting it off causes problems that can wind up costing you an enormous amount of money, though, so set aside time on the next couple of months to get these jobs done. Texas heat will last a while longer, but fall will come in early October, and you never know the weather it brings!