One of the most divisive and controversial topics discussed amongst millennials is the real estate market. For starters, it’s only ever really the buyer’s market that’s being discussed: very few millennials are in a position to sell, and when it comes to buying, not many more can realistically plan on buying their dream home. In markets like Vancouver, which have seen decades-long housing crises capitulate into a contemporary real estate market that’s disheartening at best, young professionals and families alike are forced to compromise on what a “forever home” might look like. Increasingly, purchasing real estate is an insurmountable expenditure that too strongly affects the millennial budget. In such an environment, it’s critical to change the conversation surrounding home ownership, reframing the topic from something inadvisable to something achievable.
If there’s one strong point in favour of the real estate market, it’s that the rental market is not much more of an attractive alternative. In Vancouver, nightmare landlords are par for the course, complete with sudden evictions, shirked responsibilities, and miscommunication. Old and new homes can both be priced exorbitantly, and pouring endless rent cheques into a property that doesn’t fit long-term needs can be an exercise in self-defeat. For that reason, home ownership can be perceived as the lesser of two evils, one that ultimately holds less risk and more security for those hoping to build towards the future. But that simply isn’t the way that many millennials see it.
With the real estate market frequently viewed as a luxury – or worse, a system with fundamental flaws – there does need to be a sea change within the industry itself. In a market like Vancouver’s North Shore, where development and gentrification are spreading at a rapid pace, too much emphasis is placed on cramming the highest amount of the most expensive (yet also the most cost-effective) units into one property, leading to overcrowded neighborhoods and homes with prices that reflect an estimated value, not a practical one. To entice millennials into the real estate market, developers and realtors alike have to re-evaluate not just marketing tactics, but business practices.
That’s a broad suggestion, but even outside of specific locations, there is frequently a distorted dynamic within the real estate market, where potential buyers and sellers both feel hindered by the options available to them. Promoting millennial engagement within the market begins with an open acknowledgement of the precarious financial position that the majority of young people find themselves in, and more housing developments reflecting that reality. Ultimately, potential homeowners are seeking security and comfort in an increasingly insecure world, and will only accept the risks of the real estate market if there is structure in place to practically deal with those risks head-on.
Tallbridge Investment believes selling and investing in real estate should be enjoyable, relationship-based, done with ease and be profitable. They serve others and help them achieve their own real estate goals.
Established in 2015, Tallbridge Investment Corp. is a real estate services company headquartered in Vancouver, Canada. They specialize in buying and selling off-market properties in the United States. They offer a broad and diverse portfolio of real estate solutions and off-market investment opportunities.
Visit their website at https://tallbridgeinvestments.com/ to learn more about what they can do for you.
