Summary: This article talks about some of the many challenges millennials might face. According to Ellie May, millennials are the largest group of homebuyers. This creates a lot of competition. They compete against many repeat buyers who have much more experience. Another challenge includes the shortage of homes which creates an increase in their cost. Andy and Jenna Greene speak out about the challenges they faced. The competition was so real they would have to visit a house the same day they received a notification that it was on sale. One house they were interested in had 13 bids. However, one of the pros was that interest rates on loans are a lot cheaper now than 30 years ago.
Analysis: I was surprised about this article because I didn't think there was a shortage of homes. I assumed with the advances in manufacturing and home building that there would be an abundance. I want to synthesize this to the 1600s when the settlers came to America. There was no competition for land because there was so much of it at first. They also had to build their own houses so there couldn't really be a shortage of houses back then. It's crazy how much has changed in a few hundred years.
Source:http://money.cnn.com/2017/04/03/real_estate/millennial-homebuying/index.html?iid=ob_homepage_deskrecommended_pool
I agree millennials do face many challenges.
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