First time buyers

[Reality]

[quote=cooprider14]I don’t think the majority of 20 somethings, even early 30-somethings have immediate plans to buy.

This demographic grew up with MTV, and will spend money on cars, clothes, and cell phones before saving for a down payment. Certainly not all, and probably none of us on these forums but I only know a small handful of people saving for a house.
[/quote]

Many of the 20 somethings are also still living at home, in some cases despite earning a decent paycheck. They will save money by accident unless they are totally frivilous.

As an aside, these “Millennials” by and large have to be the most coddled generation in history. The stuff I’ve read about and seen in person makes me wonder if they will ever grow up.

[patb]

they behave like the japanese generation

the young japanese can’t buy condo’s or houses, so they
buy expensive consumer goods, don’t marry, don’t have kids.

the current number of kids per japanese femals is now down to 1.22

[patb]

they behave like the japanese generation

the young japanese can’t buy condo’s or houses, so they
buy expensive consumer goods, don’t marry, don’t have kids.

the current number of kids per japanese femals is now down to 1.22

[patb]

they behave like the japanese generation

the young japanese can’t buy condo’s or houses, so they
buy expensive consumer goods, don’t marry, don’t have kids.

the current number of kids per japanese femals is now down to 1.22

[patb]

they behave like the japanese generation

the young japanese can’t buy condo’s or houses, so they
buy expensive consumer goods, don’t marry, don’t have kids.

the current number of kids per japanese femals is now down to 1.22

[patb]

they behave like the japanese generation

the young japanese can’t buy condo’s or houses, so they
buy expensive consumer goods, don’t marry, don’t have kids.

the current number of kids per japanese femals is now down to 1.22

[dumbrenter]

[quote=temeculaguy]Sd Realtor, funny you mentioned the demographics thatyou see. In my hood, the tracts built in the last 2 or 3 years are heavily dominated with asian and indian buyers, but interestingly enough, they dominate the foreclosures. All the while they are not a large chunk of the city demographics. On foreclosure.com if you run 92592 and look at pre-foreclosures and sheriff sales, it lists the names, maybe half are inidan or asian names, while they are less than 10% of the demographics. I know every street and it’s tract, the numbers are even more suprising when looking at bubble built tracts, maybe 80% indian or asian. [/quote]

I checked that list too and other than a couple of vietnamese and maybe a korean, I do not find any other asian or indian names. At the same time, I realized it is useless to draw demographic conclusions simply based on names. Insufficient information. Maybe the poster’s definition of asian names is more inclusive than mine!!!

However, what I do know is that this disaster is affecting all ethnicities.

[dumbrenter]

[quote=temeculaguy]Sd Realtor, funny you mentioned the demographics thatyou see. In my hood, the tracts built in the last 2 or 3 years are heavily dominated with asian and indian buyers, but interestingly enough, they dominate the foreclosures. All the while they are not a large chunk of the city demographics. On foreclosure.com if you run 92592 and look at pre-foreclosures and sheriff sales, it lists the names, maybe half are inidan or asian names, while they are less than 10% of the demographics. I know every street and it’s tract, the numbers are even more suprising when looking at bubble built tracts, maybe 80% indian or asian. [/quote]

I checked that list too and other than a couple of vietnamese and maybe a korean, I do not find any other asian or indian names. At the same time, I realized it is useless to draw demographic conclusions simply based on names. Insufficient information. Maybe the poster’s definition of asian names is more inclusive than mine!!!

However, what I do know is that this disaster is affecting all ethnicities.

[dumbrenter]

[quote=temeculaguy]Sd Realtor, funny you mentioned the demographics thatyou see. In my hood, the tracts built in the last 2 or 3 years are heavily dominated with asian and indian buyers, but interestingly enough, they dominate the foreclosures. All the while they are not a large chunk of the city demographics. On foreclosure.com if you run 92592 and look at pre-foreclosures and sheriff sales, it lists the names, maybe half are inidan or asian names, while they are less than 10% of the demographics. I know every street and it’s tract, the numbers are even more suprising when looking at bubble built tracts, maybe 80% indian or asian. [/quote]

I checked that list too and other than a couple of vietnamese and maybe a korean, I do not find any other asian or indian names. At the same time, I realized it is useless to draw demographic conclusions simply based on names. Insufficient information. Maybe the poster’s definition of asian names is more inclusive than mine!!!

However, what I do know is that this disaster is affecting all ethnicities.

[dumbrenter]

[quote=temeculaguy]Sd Realtor, funny you mentioned the demographics thatyou see. In my hood, the tracts built in the last 2 or 3 years are heavily dominated with asian and indian buyers, but interestingly enough, they dominate the foreclosures. All the while they are not a large chunk of the city demographics. On foreclosure.com if you run 92592 and look at pre-foreclosures and sheriff sales, it lists the names, maybe half are inidan or asian names, while they are less than 10% of the demographics. I know every street and it’s tract, the numbers are even more suprising when looking at bubble built tracts, maybe 80% indian or asian. [/quote]

I checked that list too and other than a couple of vietnamese and maybe a korean, I do not find any other asian or indian names. At the same time, I realized it is useless to draw demographic conclusions simply based on names. Insufficient information. Maybe the poster’s definition of asian names is more inclusive than mine!!!

However, what I do know is that this disaster is affecting all ethnicities.

[dumbrenter]

[quote=temeculaguy]Sd Realtor, funny you mentioned the demographics thatyou see. In my hood, the tracts built in the last 2 or 3 years are heavily dominated with asian and indian buyers, but interestingly enough, they dominate the foreclosures. All the while they are not a large chunk of the city demographics. On foreclosure.com if you run 92592 and look at pre-foreclosures and sheriff sales, it lists the names, maybe half are inidan or asian names, while they are less than 10% of the demographics. I know every street and it’s tract, the numbers are even more suprising when looking at bubble built tracts, maybe 80% indian or asian. [/quote]

I checked that list too and other than a couple of vietnamese and maybe a korean, I do not find any other asian or indian names. At the same time, I realized it is useless to draw demographic conclusions simply based on names. Insufficient information. Maybe the poster’s definition of asian names is more inclusive than mine!!!

However, what I do know is that this disaster is affecting all ethnicities.

[zzz]

I think its way to hard to speak about such a broad group of people. I can’t speak to SD at large, but from my personal experiences, if you are talking about young white collar professionals, who want to live in places in central SD or North County coastal, I think there are number of people who will be competing for that “deal”. Those are desirable neighborhoods where first time buyers, move up buyers (condo to a house), and investors may want to compete for that gem in Mission Hills or Encinitas. For people in their late 20s or early 30s, 7-12 years of work experience post college is not a “few” years of work experiences in fields such as tech, biotech, sales.

There are quite a few people who fit that demographic who have moved here from other locales with lower cost of living but command equal or higher salaries. They’ve been saving for 10 years. I have friends who bought and sold their first house in other cities in their 20s and have that nest egg and are just waiting for the right house to come along along with the right price.

I agree there are also plenty of 20s and 30s who spend spend spend. But there are plenty who do have the downpayment in cash. There are also many people willing to borrow against their 401k for the downpayment. I think people underestimate how many people who’s families will help them out with the downpayment.

Most of my friends who have never bought a home are no longer looking at buying condos but rather homes because homes have come down to a level where it doesn’t make sense to risk the condo glut market and deal with the possible HOA assessments or hike in fees.

[zzz]

I think its way to hard to speak about such a broad group of people. I can’t speak to SD at large, but from my personal experiences, if you are talking about young white collar professionals, who want to live in places in central SD or North County coastal, I think there are number of people who will be competing for that “deal”. Those are desirable neighborhoods where first time buyers, move up buyers (condo to a house), and investors may want to compete for that gem in Mission Hills or Encinitas. For people in their late 20s or early 30s, 7-12 years of work experience post college is not a “few” years of work experiences in fields such as tech, biotech, sales.

There are quite a few people who fit that demographic who have moved here from other locales with lower cost of living but command equal or higher salaries. They’ve been saving for 10 years. I have friends who bought and sold their first house in other cities in their 20s and have that nest egg and are just waiting for the right house to come along along with the right price.

I agree there are also plenty of 20s and 30s who spend spend spend. But there are plenty who do have the downpayment in cash. There are also many people willing to borrow against their 401k for the downpayment. I think people underestimate how many people who’s families will help them out with the downpayment.

Most of my friends who have never bought a home are no longer looking at buying condos but rather homes because homes have come down to a level where it doesn’t make sense to risk the condo glut market and deal with the possible HOA assessments or hike in fees.

[zzz]

I think its way to hard to speak about such a broad group of people. I can’t speak to SD at large, but from my personal experiences, if you are talking about young white collar professionals, who want to live in places in central SD or North County coastal, I think there are number of people who will be competing for that “deal”. Those are desirable neighborhoods where first time buyers, move up buyers (condo to a house), and investors may want to compete for that gem in Mission Hills or Encinitas. For people in their late 20s or early 30s, 7-12 years of work experience post college is not a “few” years of work experiences in fields such as tech, biotech, sales.

There are quite a few people who fit that demographic who have moved here from other locales with lower cost of living but command equal or higher salaries. They’ve been saving for 10 years. I have friends who bought and sold their first house in other cities in their 20s and have that nest egg and are just waiting for the right house to come along along with the right price.

I agree there are also plenty of 20s and 30s who spend spend spend. But there are plenty who do have the downpayment in cash. There are also many people willing to borrow against their 401k for the downpayment. I think people underestimate how many people who’s families will help them out with the downpayment.

Most of my friends who have never bought a home are no longer looking at buying condos but rather homes because homes have come down to a level where it doesn’t make sense to risk the condo glut market and deal with the possible HOA assessments or hike in fees.

[zzz]

I think its way to hard to speak about such a broad group of people. I can’t speak to SD at large, but from my personal experiences, if you are talking about young white collar professionals, who want to live in places in central SD or North County coastal, I think there are number of people who will be competing for that “deal”. Those are desirable neighborhoods where first time buyers, move up buyers (condo to a house), and investors may want to compete for that gem in Mission Hills or Encinitas. For people in their late 20s or early 30s, 7-12 years of work experience post college is not a “few” years of work experiences in fields such as tech, biotech, sales.

There are quite a few people who fit that demographic who have moved here from other locales with lower cost of living but command equal or higher salaries. They’ve been saving for 10 years. I have friends who bought and sold their first house in other cities in their 20s and have that nest egg and are just waiting for the right house to come along along with the right price.

I agree there are also plenty of 20s and 30s who spend spend spend. But there are plenty who do have the downpayment in cash. There are also many people willing to borrow against their 401k for the downpayment. I think people underestimate how many people who’s families will help them out with the downpayment.

Most of my friends who have never bought a home are no longer looking at buying condos but rather homes because homes have come down to a level where it doesn’t make sense to risk the condo glut market and deal with the possible HOA assessments or hike in fees.

[Author]

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