Stormy Skies Ahead: The Economic Millennial Curse
The median sales price for a single-family home in Brevard County rose more than 19 percent in December 2017, to $227,789 from the same point a year earlier.
For homeowners it’s pretty sweet as property values also increase and sellers are able to beef up their asking price if they’re in the market to sell.
But what were once whispers of an overheated housing market are turning into more of an open debate between the “yes, we are” vs. the “no, we’re not even close” camp of a housing bubble.
And what does it all portend for 2018?
I think the best place to begin looking is at the statistics.
Zillow on the Median Florida Home Price
The market seems that confidence has come back to the consumers and their faith that another financial meltdown is not imminent. To live life believing that when things begin to go well that we will experience comparably the second worst financial crisis in our country’s long (and tough) history is certainly a little paranoid.
The Average Florida Home is Selling in Under 90 Days According to Zillow
CNN Money Even is Concerned that Florida Real Estate Is “Bubbling”
Now I love to write and hear myself talk but some of these charts are leaving me quite a bit speechless. Does it seem that our market is just heading towards its own doom? Well, if those first couple charts did not scare you enough then go ahead and look at this one from MyBudget360.com (Great site by the way).
The scariest chart in real estate shows an impending correction because you can’t afford to buy a home today MyBudget360.com Proclaims
The author of this article claimed that the bubble was nearly about to pop – one problem with this graph though. It is from 2014; four years ago. The market never “popped” and the economy is growing and moving strong. Sometimes it is important to take in predictions that turned out wrong – especially those using fear as a marketing method.
My Thoughts on the Ridiculousness of this Subject
The housing market can and will continue to rise in Florida because nobody loses. The economy is growing and people are willing to pay more to live here because of that. I moved across the country for the opportunity in Florida and the housing market was only a consideration for WHY I wanted to move here and pay more for property. The financial crisis in 2007 was caused because of the greediness of the mortgage industry and the older generation – not because the economy is growing. So, as someone who grew up in the financial crisis, I hope we can all agree the likelihood of a second top three financial crisis occurring in the same ten or twenty year period is pretty bleak. Millennials are in the work place and we are mature financially speaking beyond where the previous generation ever reached. We work hard because we know what it is like to not be able to find work. Technology is so powerful and efficient that we have all of the information and tools we could ever need at our finger tips. We are the generation that grew up with the mistakes of the prior. We are not cursed to be constantly threatened with this idea of a “bubble” because of the previous generations; we will not mess things up like they did. Articles with these charts should be praising the productivity and work ethic of millennials. We are not destined to repeat those same mistakes and Ruulio is here to make sure of that.
Stormy Skies Ahead: The Economic Millennial Curse – An Article Written by Joe Nichols, CEO of Ruulio