hello everyone
and welcome to another episode of Selling Greenville
your favorite real estate podcast here in Greenville
South Carolina I'm your host as always
Stan McCune realtor right here in Greenville
you can find all of my contact information in the show
notes need to reach out to me
for any of your real estate needs
in Greenville or outside of Greenville
actually
a lot of my closings right now are in Spartanburg
Anderson
all over the place
So people that are from outside of the area
might not fully understand this
but Greenville small market
we cover a lot of territory here
in fact
Greenville County itself
you go from the northern part of Greenville County
to the to the absolute southern tip of it
you're probably driving over an hour
I've never actually done the drive
but I believe it's probably an hour 15 or so if you
if you really do it and
and actually follow the speed limit
so yeah keep that in mind
all of my contact info is in the show notes
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we're gonna be talking about the mistakes
each generation of of home buyers and sellers makes
this is gonna be controversial
because the last time I did something like this
I had a bunch of Gen X people
that had not listened to the show
that only saw that the
like the headline of my show got really angry
and they got angry that
that they thought based on the headline
based on the title of my show
that I was saying
that they are basically a useless generation
and I wasn't at all saying that
what I was saying was that they got left behind
squeezed out by the by the other generations that
that bracket them and that it wasn't their fault
and so I'm very well prepared to have some angry
people from different generations
responding to this but you know what
hey when it comes to podcasts
if we've Learned anything
content creation
all press is good press right
so if you get angry
good I'm
I'm happy I'm
I'm well willing to welcome that anger
from whichever generation brings it
some of these generations
are gonna be more prone for listening to podcasts
than others so
so there's that element
but I do recommend you listen to the whole thing
before you get angry
unlike those angry Gen Xers last time
alright but before we get into the controversy
I want to discuss real quick
for those that
that don't already know this
I'm a part of the Realtor political action committee
that also might be triggering and
controversial for some people
but I promise we we do it it's
it's for a good cause it's not yes
we are a special interest group
but our our special interests
aren't just trying to pump up everything
real estate related in fact
we're fighting for housing affordability
which is something that is a big problem in the area
we're fighting for private property rights
which is something that a lot of the
the local counties and
and cities are quite frankly trying to take away from
from their constituents
and yes we are fighting as well for
for Realtors for instance
there are lawsuits
against the real estate industry that are
baseless in a lot of ways
anti trust lawsuits things of that nature
and and so we do fight for those things as well
although I'm on the I'm on the Greenville committee
I'm on the the South Carolina State Committee and
and so it's it's not really that involved with that
we're we're focused on trying to actually
make the real estate environment better for Greenville
and for the state of South Carolina
in a lot of different ways and
and the things that we're pushing for
I don't think too many of my listeners
would be opposed to it okay
so with all of that in mind
we had a meeting my committee
had a meeting with Congressman William Timmons
he's the the congressman in Greenville and Spartanburg
and has been in office since 2019
prior to that he was a South Carolina state senator
he's currently a military vet
he's on several different committees and subcommittees
and he's always been very accessible to
to our committee to Realtors in general
to a lot to a lot of people
regardless of what you think about Congressman Timmons
I know there's a lot of opinions about him
a lot of people don't like him
and a lot of people do like him
whatever side of that that you're on
just understand that from my perspective
if someone comes and they
and he met with us for an hour
extremely generous with his time and
and when someone does that
that even if I disagree with some of the things and
and you guys know I've had
I've had politicians on the show that have very
very different viewpoints
so I don't play those sorts
those sorts of games where it's like you have to
you have to to agree with me on everything
in order for me to have a conversation with you
I that's just not my personality
so he was very generous with this time
met with our committee on Friday
of of this past week and shared a lot of very
extremely
interesting things that I'm not gonna be able to
get into in the show
but there's one thing that's very timely
that I do want to get into and
and that is the government shutdown
did an episode on that just a few weeks ago and
there's a lot of headlines about well
it might end this week it might end blah
blah blah and there's prediction markets now
if you guys are familiar with that
you can bet on when the government shutdown's going to
going to end
the the days have been increasing
but then last week they started to come down well
the news that I have for you is that Congressman
William Timmons who has obviously he
he is directly affected by this government shutdown
right and he was actually very annoyed by it
or at least he put on an air of annoyance
understand that that people in Congress
they you know when you have a government shutdown
they can't act like they're happy about it right
they have to act outraged
and I think that they're I don't think that he was
that he was faking it cause he was talking about how
he's got to figure out how to pay his staff
his staff can't be paid when
when there's a government shutdown
things like that so it does directly affect him he
he's not
he didn't seem too happy
too happy about it
and his opinion was that we still have
most likely
have several weeks left of the government shutdown
before something is done and
you know there's gonna be the
we're right in the middle of the thick of it
debates over snap benefits over
over some other things
that need to be paid sooner than later
and he thinks that the president might do some
some kind of you
you might say creative
some others might say illegal or shisty
but that the president might do some things to try to
and I just realized my phone is not muted
let me mute that
the president may try to do some things
for instance with tariff revenue to
to pay for
for some things during the government shutdown
that are not normally supposed to be paid
during a government shutdown
and basically
put the Democrats in a weird place in terms of like
opposing what he is doing
and then basically saying well
they are you know
against snap benefits for instance
now again
he was conjecturing on some of that
I don't know exactly how much
you know
inside information that he has at the end of the day
but he is there in Washington
he's been there for six years
he was endorsed by the president
for his last election
and I think that that was a big
big reason why he won his last election as well
and so long story short he
he thought this might go
this government shutdown might go until Thanksgiving
maybe even later
so if you're affected by the government shutdown
thankfully I haven't had any
knock on wood any real estate transactions yet
that have been affected by it
but a lot of people have and
and and if you're affected by it just
just be prepared that
you might need to tread water for a few more weeks
maybe even longer than a few more weeks
so I wanted to give you guys that little update because
again what you're reading on the media it
the media changes what they say every day
but this was directly from someone who is in the
the closed door meetings
and and hearing what's happening and is
has direct access to the president
um
and so I thought you guys would find that interesting
okay
let's talk about generations
and let's talk about the mistakes
that each generation makes
mostly when it comes to home buying there
there are mistakes when it comes to home selling
but I I really wanna
wanna talk mainly about home buying
because that's that's where kind of we
we see a lot of the
a lot of the quirks that are generational
I feel like come out
some of these will apply to both buying and selling
but I'm going to start at the top
with the silent generation okay
I have had clients that are
that are of the silent generation
so I'm I'm not just speaking theoretically here
every one of these categories I have had clients from
I would not
I have not had any from the greatest Generation
and so I'm not going to include them on here
that's the only reason I'm not including them on here
of course the greatest generation
you know a lot of them there
there's not a ton from that generation
that are still with us most of the ones that are
are not doing real estate transactions
that's also part of it
same is true mostly for the Silent Generation
but there's still
I think close to 2 million of them and they
they still
a few of them still do real estate transactions
I had one earlier this year
and here's what I'd say about that generation
it in general the
the mistake
that they make is that they believe that real estate
transactions are too difficult
the the way we made them we've added all these layers
we made it too difficult
they don't require technology
they don't require experts like inspectors etcetera
there's all of these layers
almost like a bureaucracy that have been added on top
a real estate transaction needs to be it
it should just be very simple
when I bought my house in
in the in the 50s
it was a handshake agreement and then an attorney
filled out the deed and that was that
why do we need all of these
all of these other things
I had a a silent generation client once that
that they had owned a home in
in another state for a very
very long time and they were
they were moving here to be closer to family and
and they discovered that
that their home had tons of termite damage
they actually sold their home and not the one here
but the home that they were moving from
they ended up selling that home for pennies
on the dollar of what they were expecting
because they hadn't considered that they needed to
that they they needed to test for termites
that they needed to treat for termites
all of that and so there's just a little bit of a
of a well
things are are simpler now
than they really are in in the mind and again I'm
I'm talking with really broad strokes
there's gonna be exceptions to everything that I say
so I don't want to to make it sound like this is
every single person from this generation is like this
please don't hear that I'm saying that
but this these are just general
general
mindsets that that these generations have and this is
this is one of them that I need to
as a realtor
I need to help them to understand often times that hey
there's a lot that can go wrong
in a real estate transaction
there's a lot that can be wrong with a house
like termites there's a lot of things that in general
that you need to consider
and this is one of the main values now that
that a realtor does bring to
to the table when
when you're doing a real estate transaction
you know it used to be that realtors had
had you know
were the only were the gatekeepers of the entire market
right we were the only ones that had access
to the multiple listing service
we were the only ones that had access to
or before the multiple listing service
we were the only ones that had access to our brokerages
listings etcetera
etcetera now you can just go on Zillow
you can go on realtor.com
whatever you can see everything is out there
the value of a real tour generally
isn't finding a home for buyer clients
and technically speaking you can list a home on
on Zillow for sale by owner without a realtor as well
right
and and so that a lot of people get confused and
and don't understand what exactly the value is and
and a lot of the value is
getting through the transaction
understanding all of
all of the pitfalls of a transaction
I mean I've got
some clients right now that the
the amount of niche cases that we're dealing with
dealing with easements and
and mobile home detitling and potentially having to
to split pieces of land up and
and weird financing conditions
all sorts of of different things
and where else can you go to
to someone that's like a one stop shop
that understands what
that understands all of those things
and understands the pitfalls and
and here's some strategy
and here's how we can account for this
et cetera et cetera
not just trying to pump up realtors right
I am doing that but I'm
I'm that that actually wasn't at all part of the plan
but the point is that there is
there is complexity to all of this
a lot of it you can thank the government for
and it just is what it is
and so that's something I have to
to coach when I get clients from the silent generation
I have to coach them on that I
I will say on the flip side
sometimes depending on where they're coming from
they actually
they might
I have an idea that that
things are actually
way more complex than they should be right
I had one client right now
not right now
but in the past I had a
client that was from New York
and had done some things in
in real estate in New York
and they had all these ideas for
for complex things from New York
that just don't really apply
here in Greenville run into that sometimes
but for the most part it's the opposite
for the most part it's
it's the Assumption oh
things are simple why do we need
we don't need all these inspections
come on let's let's just get to the closing table
and it's like no
you you need to protect yourself and
and there are a lot of things that need to happen
in order to make sure that a real estate
buyer is fully protected
cause once you close again
it may have been
in the old days that you closed on your house
and you could still get in contact with the sellers
and if you found that there was something wrong
the sellers would come over and they'd fix it listen
once a seller sells their house
they're done in 2025 they're not going back and
and nor should they right
that's something that
that we had to clean up because if you have this
you know this sort of
handshake agreement
that the sellers just gonna continue to resolve things
down the road for a
for someone that's already purchased their house
that's a nightmare imagine being the seller of
of a home and having to be
still be resolving things months or years later
no no
thank you
so
so there there's been progress with that
but with that progress has come some complexity to
the real estate transaction
cause no more can you
there's no more handshake agreements on anything
everything's gotta be in writing
everything's gotta be done
according to various timelines and
and some people if they've not had
had a real estate transaction in decades
might not fully appreciate that
alright let's move on to baby boomers
the No. 1 buyer and seller of real estate
for the past couple of years
here's what I
I run into a lot with the baby boomer generation again
I'll probably need to say this for everyone
this is not one size fits all
this is just what I've run into a lot
what I've heard other people run into
often times
what I'll hear from them is something to the effect of
it
we're looking at homes and
and I I love a lot of things about the home
but it
it just needs I I wish it had better trim for instance
I wish it had more high end trim or I wish
you know the the
it had nicer doors or I wish the granite was a
the countertops were a nicer granite or quartz
or something like that
or I wish the doorways were larger or whatever
there's all sorts of
all sorts of things that I've heard
and you know
every time it's like I'll say well
it that all of those things can be done okay
we can have I have contractors that I work with
you might have contractors that
you know
let's figure out what would it actually cost to do this
how feasible is it how hard is it to do these things
because honestly
most of the time when I hear these sorts of concerns
especially from the baby boomer generation
I'm like this is a piece of cake
like these are the sorts of things that
people are doing to their homes all the time
and it's not that hard
and it's oftentimes not that expensive
but what I tend to hear in responses is like
oh no
that's just way too difficult
it's way too expensive no
we we can't deal with that
and and then often times
what they end up doing is
they end up buying a much more expensive home
that has all of those things
than if they
just bought the other home that I showed them
that didn't have those things
and then just added those things later
and that's fine if someone wants to do that
I understand I understand
not wanting to have to do a bunch of updates to a home
the moment that you buy it
it completely makes sense to me
and I'm not going to dismiss that at all
but if you're if you're concerned about price point
you really need to be willing to
consider actually doing updates
and you can like
particularly the the baby boomer generation right now
they're generally cash buyers
so you're already a cash buyer
so you don't need to worry about
you know financing conditions or anything like that
you can buy a home that's really inexpensive
that maybe needs some little cosmetic updates
do the cosmetic updates and
and boom you've got a home
that is worth a lot more than what you bought it for
and a lot cheaper than what it would have been had you
bought a home that had all those things to begin with
and that's something I
I can't I mean I have run into this so many times
and it's it's a it's just something again
I try to I try to coach people through this
and try to help them to understand listen
we don't need to get stuck
on the condition of the home or on
or on the the features and what not
there are some things obviously
that are harder to change than others
like a like the layout of the house right
once you start taking down walls
and adding walls and what not that
that gets really complicated
because now you've got to move potentially electrical
plumbing
you've got to patch ceilings and blend those in
you've got to patch flooring make that work that
that's a whole thing
but we're talking about countertops
we're talking about appliances
like these are the sorts of things that I've
that I've heard trim
door sizes
you know
that being able to another one it for
for people that are not as mobile
you know
access being able to get into the shower right
the shower has a certain lip you can replace a shower
right
a few thousand dollars to replace to replace a shower
would you rather do that
would you rather try to hold out for the one in
I don't know
1,000 home that has exactly what you're looking for
exactly in the area that you're looking
and you're potentially gonna be bidding against others
looking for that same thing
since it's so rare
and you're gonna end up having to pay a premium for it
would you rather do that and and so you I again
I try to coach people through this
sometimes they listen sometimes they don't
but at the end of the day
it's not my job to tell them what to do
I simply offer my thoughts
my feedback my advice however I can help
and then the client has to decide Gen X
the people that like to get angry on my
at my YouTube channel when I
whenever I talk about them
sorry guys
not trying to not trying to throw shade at you
here's the thing I hear most from from Gen X
this one's this is an interesting one
I hear the most from them that
they need to save up for a large down payment
in order to be able to afford
a house
now I don't want to I
am a
regardless of what you think about Dave Ramsey
I have
I have mixed feelings on Dave Ramsey as a personality
and on some of his
extremely conservative advice
but I am a Ramsay trusted real estate professional
I've gone through their training and all of that
I fully fully understand
the value of having a
a low loan to value type of situation
where you've got a large down payment
you're not paying PMI your
your
your monthly payments are not as high as they could be
I fully fully understand all of that
but what I've run into multiple times is
people get fixated on this large down payment idea
what ends up happening is
the market starts appreciating in a way that
well before
my large down payment was going to be $40,000 right
they're trying to get to maybe 20% down and maybe
you know they're looking at 200,000 dollar homes
which in Greenville doesn't get you a whole lot right
cause our our median is well
well above 300 at this point
but let's just say 40,000 for the
for the sake of argument 40,000 dollar down payment
and but they don't have that
maybe they've got 30,000 and it's like
well in a year we'll be able to
to to save that extra 10,000 to get to 40
then we'll be able to to buy the house
well a year goes by
and now
the type of house that they're looking for now costs
225,000
so now actually they need 45 in order to hit the
hit the 20% down
so now they're $5,000 even though they saved 10,000
they're still behind they're still behind by $5,000
so so now they're they're waiting a little bit longer
well guess what the market appreciates some more
now they're you know they
they save that 5,000 now they
they still can't afford it
now they need a 50 thousand dollar down payment
and well
thank goodness the market finally slows down
well
the market slows down cause the economy slowing down
now these people don't have overtime or
or maybe even they lose their jobs
I've had clients lose their jobs the past year
and and now they can't buy any house
and so this is something that is
it is something that
that bothers me a lot of times because it's like you
you we we
the United States is very unique in terms of our
mortgage structure right
that you could get a 30 year loan with 5% or less down
incredible a 30 year fixed rate mortgage
your mortgage payment will never
ever go up with the exception of your
your escrows if you if you
if your mortgage payment is paying
your homeowner's insurance
and your property taxes
you might see your monthly payment go up
because one of those or both of those things went up
otherwise
you've got a fixed rate mortgage
your loan itself is going to be fixed for 30 years
other countries don't have this
this is a uniquely American convention
and it it
it bothers me that people will make will
will sometimes miss in my opinion
the forest for for the trees because they're
they're just trying to hit a certain number right
20% I that that's such a common number
but it's just a number
like there's no data behind that number that says well
this is the magic number
that will cause you to never foreclose
there's there's nothing like that right
that's a number that helps you to avoid PMI
usually in most loans but there's plenty of loans
out there that don't have PMI
as well you know
Southern First Bank right now is offering a 0% down
no PMI loan
and it's not restricted to any specific location
like you can get that in downtown Greenville
so people get fixated on a certain number
for whatever reason and then they
they end up getting into this
the state of paralysis
where they can never start looking at homes
because they're trying to chase this number and
and once you start to to chase a number
good luck it's really hard
it's really hard to catch that number
that you're trying to chase
because again the market usually is appreciating
at least in Greenville it is
I know other markets in
in the United States right now aren't
Greenville is still appreciating
not at the clip that it was a few years ago
but I mean we just did the market stats episode
I believe the last month was what
it was like
three and a half percent year over year appreciation
that's a that's a good bit of appreciation
I mean
that is conforming to a normal year for Greenville
and and so
if your income hasn't
gone up by three and a half percent
the past year
you're already lagging behind because of that
so that's something that I hear
and again I
I fully respect it if I
if I ever have a client
I never ever argue with my clients about down payments
never
because if they want to put down a larger down payment
a I don't know their finances right
that's beyond the scope of what me
as a realtor can assist them with
I'm not a financial advisor
I could be sued for giving financial advice
I don't do it
and and
and my brokerage tells all of our realtors
do not give financial advice okay
it's a bad idea
and so we don't do it
and and and
and so if I have a client that says
we wanna put 50% down I'll try to understand why
but I'm not gonna argue
with them about it because it's your finances
you know what you're comfortable
sometimes it's not logical to me as a
as a realtor
not fully logical but it doesn't matter right
because some of this is just the way you feel
if you don't I
I
I know some people that they don't sleep well at night
if they have a certain amount of debt
who am I to
to try to convince them to not sleep well at night
right
but that being said I can still sit back and be like
well you know
this is causing you and and again
I don't say this but in my head
I might be thinking this is causing you to
to have to chase homes and
and
you might not be able to buy a home for several years
and by the time you do
it's gonna be a smaller home than what you can afford
right now
not as nice of a home as what you can afford right now
is that the best decision
again that's the decision that
that's not my call at the end of the day
that's the call of the buyer
millennials my generation
the
so I can say whatever I want here right
I could be mean
the thing I hear most from millennials
is that 2008 will repeat itself
so I'm just waiting for the next crash and you know
this is a very millennial thing right and
and by the way I
I should go back to to Gen X for a second
why I think that they're kind of
they have a tendency for being down payment obsessed is
I think comes back to the fact that they
they
their generation tended to be dealing with debt
either their parents debt or their debt
you know school student loan type of debt
going through multiple different recessions which
which most people in Gen X did go through
I think they had to learn to be more frugal
and that's why a lot of that large
down payment stuff happens
for millennials very similar
there's this obsession with the 2008
global financial crisis
and that it's going to repeat itself
and that's because all millennials went through it
right we all went through it
we all experienced it
it was one of the most formative things
for my generation I literally graduated college in 2008
I went to Bob Jones Bob Jones
what is like this
I I
I'm not gonna say what what I want to say here
but it's like a fortified castle right
barbed wire pointing in
I literally this is embarrassing for me to say
but nobody on campus was talking about the recession
when I graduated in may of 2008
I had no idea we were in a recession
I had no idea
we didn't have TVs at Pop Jones
there was no news
I didn't have time to be like researching the news
I didn't care about the news
I barely was even I'm a huge sports guy
I was barely able to even follow my sports teams
while I was there I was busy I was studying
they they had us you know
doing all sorts of stuff every single week
in addition to our studies
and I was involved with sports
I was involved with all sorts of stuff
I was busy
I graduated into a recession that I didn't know existed
it turned out to be the worst recession of a generation
and so yeah that was great
so I know my my experience is unique in this
from the standpoint that it like
completely caught me off guard in that
embarrassing way
but at the end of the day the
the that 2008 recession impacted all millennials
in one way or another
and I cannot tell you how many
it's so aggravating how many of these I like
I and others call them doomers
they are obsessed with this next big crash coming and
and they're like yeah
we're gonna hold out the next crash is coming
it's coming and they always use these
these misleading charts to prove it
it's hilarious
there's one that went viral earlier this year
and it was a chart about multi family housing okay
and I'm not talking about like duplexes
triplexes quadruplexes
I'm talking about large multi family
apartment complexes things like that
and showing delinquency rates for
for apartment complexes that is such a niche thing
that has
very little impact
on the rest of the real estate market
delinquency rates for apartment complexes
do you think that's gonna affect
what your neighbor's house sells for
do you think that's going to affect
what the real estate market
on a macro level is gonna do
no that's not how this works
that's that's commercial real estate
that's not even deemed residential real estate
and so
and and it's just unbelievable to me there
there are there are accounts on
on X formerly known as Twitter
in particular that loved it and on TikTok as well
they love to put this data out there
this misinformation and I mean
like I said that chart went viral and for
for
showing that delinquencies are taking off in the large
multi family space and it was just like
this is the most useless chart
you could possibly come up with
for assessing the state of the market
and millennials
so many of them just took the bait
they just fully took the bait
they're just like oh no
it's not it's finally happening
the crash is happening
everyone's gonna lose their home
you know everyone's gonna go into foreclosure
yes our generation will finally get cheap housing
and it's like no
not not because of that chart
that chart doesn't say that
and
and and and so
you know they
there's a there's a guy I like to follow with a
with a website and a media company called Housing Wire
Logan Motoshami
if you wanna look him up he
he did he's on Insta
he's on all the platforms
and Logan has
like a running list
of all of the different reasons
people have given him
for why the next crash is happening for like
the past like 15 years
and it's really funny
and most of the people that are making the arguments
are that are on his list are millennials
now Logan himself is Gen X
not afraid to call out Gen X either
by the way
and Logan's a little bit self aggrandizing
I don't know what the proper
I don't think I pronounce that right
but anyway his personality doesn't work for everyone
and he can get on my nerves a little bit too
but he he has consistently slayed
the next housing crash is coming tomorrow
crowd for a long time and I really enjoy
watching him do that over and over and over again
alright moving on for millennials
Gen Z this will be the last one
Gen Z the
the most common mistake I hear from them
is that they can't afford a move in
ready home but they can
somehow figure out how to make a fixer upper work okay
that is very very rare okay
it's very
very rare that someone from the Gen Z crowd in 2025
is able to figure out how to make a fixer upper work
and and what inevitably happens is they're looking at
you know
a lot of these homes that have been built the past 10
15 years that are more affordable
and we we eventually look at a home that's like
in a really established 30
40 year old neighborhood but it's a fixer upper
and they just fall in love with it right
fall in love with the character
fall in love with the character of the neighborhood
fall in love with the school district
all these different things
and but the
but the house you know
has all of these all of these different issues
and they're just like no
we can look past it and it's like
well you might be willing to look past it
is the lender gonna look past it
is the appraiser gonna look past it
what about when you get that inspection report
that's 130 pages are you gonna look past that
are you going to wave those inspections
that's a bad idea and
and and so usually
I end up talking
people out of these sorts of situations
and it's pretty easy to do it right
I just start pointing out all the problems
ugh this is
this is bad
ugh
it's they don't have updated electrical
this is 100 amp service
if you start to run all of your different things
at the same time
you're probably gonna start to see your lights dim
and things are not going to work as
as well as they as they should
I can see termite damage over here
you know
and it's just it usually
once I start pointing out all of those things
usually they come around to their senses and are like
okay yeah
we we get it we hear you Stan
this is a little bit we
we fell in love with all of these other things
but we understand that that this is going to be
a lot more difficult to make work
now if I have a client that's just like no
we need to make this work
well guess what I'm your guy
I will do whatever I can to make it work
and I've I've done
I've closed a bunch of loans that are
renovation style loans
they have those for people buying
owner occupied properties
you don't have to be an investor
to qualify for a nice renovation loan
these loans they they
you can get them 30 year
fixed rate mortgages
that allow you to bake in renovations into the loan
and then that allows the lender to basically
look the other way as to the condition of the property
they're complicated though
they're not it's not the easiest thing
you have to have a contractor
a licensed contractor
the licensed contractor has to provide a bid
and I I can't remember if
if they've changed it in recent years
you have to get multiple bids
that might be a thing too
but then
that contractor has to fill out tons
and tons of paperwork
and then they have to stick to that bid
like if we have a covid type of situation where
material costs and and labor costs skyrocket
that contractor can't adjust his bid
and
and and so not all contractors even want to do that
want to to take on that sort of work
so there's just a whole lot of
of things that you have to account for
but again
this is where my value as a realtor can come into play
because I actually my very first home that I bought
I bought with a 2 0
3 k renovation loan
and I've helped many many other clients over the years
not not as much recently for whatever reason
but I've helped many
many clients over the years close those sorts of loans
it could be a great way to
to buy something like what I just described
like I said that was what I bought my first home
um
it was in a great established neighborhood
but the home was awful awful
and so we had to buy we
we had to buy it with a 2 or 3 k loan we
we got it up to the most minimal
livable condition possible
and then did as much work as we could ourselves
and then saved up additional money to
to hire a contractor you know
a few years later to do a
a big renovation over there
so it
it's it's very possible
but a lot of the times
when I'm working with a Gen Z client
they're pretty much always first time home buyers
and and it's more
just a lack of understanding
just how much work needs to be done
because they're they're
just focused on just how much they love the home
and then
but they don't have the eye for well
what about this what about this
what about this what about this
um
and so often times when you're a first time home buyer
Gen Z are not right
a lot of millennials are first time home buyers
right now
the average first time home buyer is 38 years old
that's millennials right
that's only one year younger than me
so
so we're dealing with
with first time home buyers here and
and and there's just a a
a lack of a lack of experience that's
that's involved with that and
and the end result is
a lot of them need to just understand
you're not gonna buy your perfect home
as your first home for the most part
you're gonna have to to compromise most likely right
especially the way prices are right now
most of the time they have to compromise
unless you're getting funds from parents
or something like that I've seen that happen
that's a great way you know
if you if you're a parent that is well off
and you have kids that are looking for their
for the first home please help them out
please please do that
they need help and this
this economy is not designed for
you know the the
the 22 to 25 year old
making 40 to 50 thousand dollars a year
this economy is kicking their butts
they're they're gonna be stuck in that rent cycle
there's a reason why the average
first time home buyer is 38 years old
stuck in a cycle that left them behind
at the end of the day and so that's a
that's a very practical way that you
as a parent can help them
and and
you're not gonna
help them by pretending to be a home inspector
you know dad
I saw one of these things recently that was like
you know how on you you may or may not know this
but on chat GPT
you can create images that look like
like figurines of of different things
and I've seen one go around a few times
that's like the dad Home Inspector figurine
and it's like it's it's funny
it's like a notepad and a
in a can of beer and a magnifying glass and a
and a flashlight and anyway
it's it's it's funny
it makes the point that a lot of dads think that
they're home inspectors
a lot of dads think that they know financing
and that they know the real estate market and
and etcetera etcetera
and I can say all these things cause I'm a dad too
they don't know those things
they don't their
their dads are experts in a lot of things
this is not one of them for the most part
and so
I don't know where I was going with any of that just
just spent five minutes trashing dads
sorry dads
don't don't be that type of
that type of dad right
help your help your kids out financially
not trying to be some
some sort of expert that you're not right
but Gen Z to to put a bow on it
they
they have to recalibrate their expectations oftentimes
and and maybe that first home is
you know a town home
for instance
or a much smaller home than they planned on
but in theory it'll grow in value
allow them you know
they can make their their payments comfortably
it'll grow in value and then
you know when they
when they have their first kid
or whatever the case may be
when they get tired of that area
or they have a job placement kind of thing
they can sell that home for a profit and move on to
to the next one that maybe
is the one that they were hoping to get
the first go around
so that's it for today's controversial
generational episode
please leave all of the hate in the comments
I'm here for it I'm ready for the hate
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please
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and just a reminder to you guys
as always
my contact information is always in the show notes
need a realtor
that understands all of these different things
and can help you navigate them in your head
in real life through a transaction
I'm your guy thank you guys for tuning in
we will talk again next time!