Millennials, the most widely analyzed generation since the Baby Boomers, are changing the real estate market and how we buy and sell homes. This age group, born between 1980 and 1995, are frugal, careful decision makers, coming out of the worst recession and real estate market in decades. Despite this, research suggest Millennials are the fastest growing demographic in the real estate market. Although Millenials have been sidelined by high unemployment, student loan debts, and tight credit- they have a different outlook on home ownership and long-term investments than previous generations. Millennials tend to research upfront regarding location and availability, their societal trends play a major role- as they wait longer to get married and start a family, life events that tend to spur home purchases.
Millennials are not in a rush to buy their own homes. In fact, many of them are not in rush to move out of their parent's house. That doesn't mean, however, that they'll remain renters- or freeloaders in mom and dad's basement forever. If Millennials are going to buy in- or buy a home, the conversation about their motivation for purchasing a home needs to shift. This doesn't relate to the American Dream or the accumulation of things, this relates to growing wealth and having the ability to pay off student loan debt.
One thing is for sure, young people have plenty of hurdles to overcome in regards to home ownership.
February 11, 2015
November 12, 2013
This is the eighth installment of The 10 Steps to be Successful. In order to be successful you should hire people who are better at their job than you. That doesn't mean you shouldn't have a clue on what they are doing, but they just need to be better at it. For example: the bookkeeper, everything she does I can do, but she does it better. Same for my construction guy. When I first started I used to come up with the designs, then I found someone who does it better than me and I hired him.
November 11, 2013
Organization is a great skill to have especially when it comes to the business side of things. If a company is unorganized it will make their job a lot tougher than if they had things in an orderly fashion. "My nine year old daughter and eleven year old son are very disorganized," like a majority of the world. Now a days people should not be unorganized because of the amount of technology and how much it progresses each day. We now have electronic scanners which makes filing things just that much easier and without the clutter of all of the paperwork. Having the advancement that we do in technology kind of gives us an unfair advantage over earlier generations, so you would think that businesses are more organized when we really have more of a mess. Everyone's favorite thing in the office should be there trashcan (recycling bin) because that is where all the clutter should go after it is scanned.
October 14, 2013
One thing a business needs to do to stay on top is change their business model. Now I know that not everyone is going to agree with that statement, but it's true. Take Blockbuster, Polaroid, and Myspace for examples. They were all great ideas that made a lot of sense, but they got out paced and out thought. UPS has a quote on the side of their vans that says, "Moving at the speed of business." Many people these days are not willing to change their ideas or businesses and if someone comes up with something better you're business has a chance of failing. In that case people need to open up to the idea of modifying their ideas, so they can stay in the game. When it comes to shooting most people are the "Ready, Aim, Fire" kind of people, but I am a "Fire, Ready, Aim" type of person.Instead of taking a long time to make a decision people need to adapt and make decisions faster.
October 11, 2013
Fifth step in being successful is to have a learning heart. A saying on a shirt goes, "Learn like you're going to live forever. Live like you're going to die tomorrow." You want to always have a learning attitude because there is a ton to learn while you are on this earth. As the saying goes... you learn something new every day. Another way to have a learning heart is to read; read as much as possible. As you get older it gets harder to read because reading is very time consuming, but you should try to read at least one book a month. The proverbs part of the bible has a lot of information in it and that is why I read a little part of it every day. You should also try to join a few networks because the amount of people you know will grow and there is a ton of stuff to learn from the different networks you join. Finally, just be a student of the game. Play it one move at a time and have fun with your learning heart.
October 1, 2013
"If you really want to make a lot of money, look for as much risk as possible," Author unknown.
This video is geared towards younger people, but who is to say how young. You can start whenever you are ready because the younger you are when you start taking risk the better. When I say risk I am talking about in the markets not with yourself. Someone who is 20 should take a ton of risk because if they fail they will have more time and a better chance at recovering versus someone who is 75 and making a ton of risky decisions. When I, Dave Paladino, was young I made a lot of risky decisions without even knowing it. Lets take an example: a 25 year old should make more risky decisions even if it takes them five years to realize that they are going to completely fail. After that failure they will only be 30 years old and have the rest of their lives (40+ years) to recover. Now lets look at someone who is 75 years old making some risky decisions. If this person were to fail they may only have ten years to recover and will most likely not do very well. Most people these days are afraid to take risk, but that is the best way to get ahead of the game. Pastor Mark Ashton once said, "Centenarians, people who are 90 years+, wish they would have done three things differently in life. They wish they would have left the legacy, reflected more, and taken more risk."
September 30, 2013
To be a successful person there are ten steps to follow. The third one deals with failure. Some people think that the most important indicator is your ability to handle failure. In order to be able to handle failure you can read about it in the book Failing Forward by John Maxwell. Thomas Edison says, "If you want to be successful, double your failure rate."