Millennials Are Giving Up On Homeownership | The Golfi Real Estate Show - Hamilton Edition (Feb. 13)

On this week's Hamilton edition of The Golfi Real Estate Show, Rob Golfi and CHML host Rick Zamperin talk about a new report that shows one in five millennials are giving up on homeownership, how to get a fair cash offer for your home, and why realtors no longer use the term master bedroom.



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Transcript

Good morning, Hamilton. This is Rob Golfi with the Golfi team. Welcome to the Golfi real estate show with Hamilton addition with host Rick Zambrano. Yes. Welcome aboard once again for the hottest listings in Hamilton, Burlington, Niagara, you got to go online to RobGolfi.com That's Rob G O L F i.com.

And you can call Canada Hamilton. Number one Remax team and volume and unit sales at (905) 575-7700. That's (905) 575-7700. The golf team is all over social media, whether it's Facebook, Twitter, Instagram listings, videos, tips, and advice all there at your fingertips, Instagram, Facebook, Twitter. The handle is at Rob Golfi.

We have a host of topics we're going to get to today and some really interesting ones, including.  A new report that shows that a lot of millennials are giving up on home ownership. We're going to dive into that a little later on in the program. We'll talk about how to get a fair cash offer for your homes and wine realtors.

No longer are using the term master bedroom into that till later on in the show as well. But first off, Rob, how are you? It's been crazy. We've been selling a lot of houses, over asking.  We actually had,  a host that was listed, last year, a waterfront property for $2 million. And, we were getting showings, but nobody was coming to the plate and, so we let it, we let it, we took it off the market.

Uh, just before Christmas and then we'd gave it a break for about a month. And, so I, I said to, I said to my clients, I go, you gotta put your house on the market now. And he thought it should have, it would look better if you waited till, you know, April may. And I said, no, I'm telling you, the buyers are out there and the market is hot.

And he just thought, I was just saying that because I just wanted to get him back on the market. So anyway, so we originally had it listed for $2 million last year, and we were getting a lot of showings, but nobody was. You know, coming to the plate. So this year we listed it at 1,000,939 nine, and we ended up getting a tremendous amount of showings.

We got multiple offers. We did get the $2 million for this property. Unbelievable. And that's just one incident like, like I always tell people like, Early. This is early spring, not even this is pre spring. And if you're thinking about selling, do it, cause we don't know how long this, this frenzy is going to go on for.

And I, I like, I don't, I'm not saying it's going to come down. I'm just saying it's going to slow down and then we're already, you know, like, like you're saying, we're going to talk later about, millennials giving up because they're just losing battles. We just had one, one agent just went. Crazy because she thought she, her clients had the deal and he didn't.

Somebody came out of nowhere and offered more money and, and the agent was upset and all the other buyers were upset. It is crazy out there. It's, it's, it's, it's like you're in the jungle and you got to fight your way and every agent's working hard to. Trying to get that house for their clients. And then it gets to a point where it, they can't go any higher and then somebody comes in and beats them out.

And it just, it's, it's a sad situation for buyers and, and it hurts. I, I feel, I feel for them. I really, really do. I feel for them. And, and it's, it's tough. Like, I mean, we, we put a lot of houses up for sale and, you know, we get 10, 20 sometimes. 30 offers 40 offers and you know, and you put them aside, you put the, all the conditional ones on one on the left side of the table and all the cash ones on the right side.

And if, especially, if somebody comes with a certified check, you buyers out there, listen to what I'm saying. And if you know a buyer out there, bring. A certified or bank draft for the deposit to, with your offer because you're the agent we'll work with your offer on the spot. Even if you don't beat the other offer, they'll work with yours to see if you can match it or whatever that deposit check is the key to getting a house when you're in multiple offers and that house for $2 million, Rick, we had a hundred thousand dollar.

Us bank draft sitting with the, with the, with the offer. I didn't know. There was too much next. They there's. No buyer's remorse. It's too late. They we've got the money. We've had it in our hands. So. Again, that's how fast the markets work and you gotta be, you gotta, you gotta use the, you gotta use the right ways of doing it.

And now that house had a letter to w they had a letter and the letter bank draft solid deal. You you'll get it. And you know what, and that's how you win offers in this market. And that's how you'll get it. And then now you're in the game. That's, that's the way it's done. I'll tear it in this jungle that we're in.

One of the most fascinating things about real estate that at least to me is the pricing of homes. And you just referenced it. It was at 2 million, you listed it after the holiday break for one nine, three nine. And you know, that number jumps out to me because you know, why not one nine, seven, nine or one nine one nine, you know, like how, how did, how did you get to the one nine.

Three nine, was there back and forth? Was it a number that just appealed to both sides? Come to that? The number that we thought, okay. Obviously we're looking at it. We had a lot of showings, but nobody was coming to the plate last year. So maybe, maybe we thought it was overpriced. So.  So the, the homeowner and myself, we came up with the number together and I said, you know, I feel comfortable with the a 1,000,939, nine.

 I mean, we could have gotten 901 million, 950 or one you're. Right. We just thought that would intrigue somebody to come to the plate and it, and it actually did. And it intrigued, more than one person to come to the plate and, and we got a $2 million for it and we're really, and they were thrilled.

I actually had the like, and I did it. I did it the old fashioned way with this offer. And I hadn't, I had the, the agents come in and present to the, to the homeowner and, you know, give their story why they, their client should have the house. So the one offer my client says, no, we're not interested in that offer.

Go there. So I had to say, and I coached them before I says, I says, no matter what's on the list on the offer, do not give the poker face, whether it's great or it's bad. Don't say a word he bursts out and says, no, this is not, not good. Not good. Okay. So anyway, so we go to the next one. So I look at the offer before I'm reading it.

So I tell the agent on the next one, I said, Hey, do you mind if you go downstairs and I read this offer to my clients, quietly and privately, because that was the $2 million one. I didn't want my client to jump up in the air and say, yes, that's the one we want. You know, I, I wanted him to keep his cool, cause I didn't want the other agent to know like, like he's the winner already.

Right? So it was just, like, so it's funny though, no matter how much coaching you do for your clients, they always, they always go, like when they see a low number, they get upset. When they see a high number, they just say, yay, they're jumping up and down. We're going to go with this. And I haven't even read through the whole thing yet.

So, so I had to, this guy is, really, you know, a great guy and he's an emotional guy and he's just like, so I said, I just had the content, you know, contained just in case he did jump up for the, for the, for the offer that he was going to see shortly, that really speaks to, you know, how emotional of a decision in a moment it is because, you know, for most homeowners, they put in a lot of work into their homes or they've lived there for a long time.

They really have that emotional connection to it. And yeah, when they don't see a number of that, They are hoping for, they get a little, I guess, defensive and, you know, that happened to this case as well. Absolutely. They take offense to it and it, and it, and it, and it's, and I'm trying to peak cool about it.

And, and, and, and he's being, you know, like, you know, he basically wanted to kick the other agent out and say, you know, we don't want you here anymore. It's like, but, but, and sometimes, you know what, and you don't know, right? Like, like we were going to have three offers on this thing. And, but to actually the third offer just kind of set, I'm not sure.

So it's good that they didn't come in because I hate to see somebody come in and then all of a sudden, and they win it and they back out without the deposit check. When I saw that deposit check and I saw the price, Rick, I said, this is the playbook that we work by. And, I don't know, maybe that agent, listened to the radio show.

So we do it, but, but yeah, it was, it was, it was, it was, everything went well, everything was all good. And, and my clients were super thrilled and, he, he was really happy in the service level that we gave. It was, it was fantastic. Yeah, it was a good, it was a good experience. It's, it's nice to do face-to-face with the agents and with the, with the sellers, I liked it.

That's the old school way. And, you know, back to the home sellers, initial reaction to the first bid,  you have to, you know, try to curtail that because that might be the best bid or offer that they get. Exactly. So, yeah, like number three, number three is coming. That's right. You don't know what the next one was.

So, and that's why I just didn't want him to, to see the second one I want, I didn't want the, the agent there because I didn't want him jumping for joy. Before I finished reading it because maybe the second offer, yeah, 2 million, but there was a lot of that could have been a lot of conditions.

Both these offers. We're cash offers. There was no conditions on either of them, which is, which is funny when you're asking for almost a $2 million house. And, but, but the homeowner of this property kept everything impeccable and he had all high-end finishes and yet always use quality, professionals to do the work and everything.

And you can tell it when you walk through this property, you can tell. And the, and, and you're not afraid. You're not afraid to, You know, to go in, cash on that either you want the house, you don't the inspections, will it basically, that one you don't have to worry about when you're, when you have a house like that, with all the upgrades and everything that has.

You can listen to our show online through Spotify, iTunes, Google podcasts, Stitcher, and many more. Just search for the Golfi real estate show in your favorite podcast platform and hit the follow button. So you never miss an episode. You can head online as well to, rom Golfi.com. That's Rob G O L F i.com.

Call Hamilton and Burlington's number one, Remax team and volume and unit sales. The phone number is (905) 575-7700. That's (905) 575-7700, Instagram, Twitter, and Facebook to check out what the golf team is doing on social media. And there's a lot there to consume. And if you have a question or topic idea for the golf team, we will address it on a future program.

Send your email to questions. At rom Golfi.com. That's questions that Rob Golfi.com. When we come back after the break, we're going to take a trip down the highway, down the QEW to Toronto, where they believe, at least according to the Toronto regional real estate board, they believe that 2021 is going to be the first time in that area's history that the.

Average price of a home is going to surge past the $1 million Mark. So the question is, is that good news for Hamilton home sellers? We'll dive into that. We'll also talk about why realtors are no longer using the term master bedroom and nearly one in five millennials have given up on home ownership.

All that is coming up next year on the Golfi real estate show Hamilton edition on 900. CHML. Welcome back. This is the Golfi real estate show Hamilton addition on 900. CHML. My name is Roxanne prana on the line. Once again, Rob Gulfies sales representative with Remax who Starman Realty, the Golfi team checked it out online.

Rob Golfi.com is the website to visit that's Rob G O L F I e.com. They're all over social media, Instagram, Twitter, Facebook. The handle is at Rob Golfi and call Hamilton and Burlington's number one Remax team in volume and unit sales. The phone number is (905) 575-7700. Still to come. A lot of millennials have, you know, just forgotten about home ownership.

They don't like what the map is showing them. So they might just decide to keep on renting, until well forever, never, and also get into why realtors are no longer using the term master bedroom anymore. Well, let's take a trip down to Toronto. Where the Toronto regional real estate boards is strong demand for high priced homes will push the average selling price in the greater Toronto area above $1 million.

For the first time in 2021, the Trev chief market analyst is, Jason Mercer and he says a strengthening economy and renewed GTA population growth followed widespread vaccinations will support the continued demand for both ownership and rental housing, but over the long run. The supply of listings will remain an issue, particularly in low rise segments.

So the average price in 2020 moved to pretty close to the million dollar Mark in Roseville, 16% year over year 2019 to 2020, the $967,885. That's a lot of money. Oh, it is. Yeah. And you know, it's just, it's just the low inventory wreck and it's everywhere. It's everywhere, everywhere in Canada, in the United States, the inventory is low and, and I don't, I can't, I don't see it, you know, growing, it's just, you know, like the people that are putting up their houses for sale, they're the ones that have to move and they're moving either relocating or down downsizing or going to a retirement home.

Ever they're doing, or they're moving in with their kids or their parents or whatever that's, what's happening and the bulk and that, and it's going to be low like that for the rest, the rest of the year. So we're going to have a low inventory. So right now guys buy their house right now, because at the end of the year, it's going to be worth 10, 15% more you watch.

And,  Because the inventory is low and, and, and, and Toronto, so what's happening. Ashley? I know a realtor, in Toronto, he's a young kid. He's about 28 years old. And he's a realtor. He works in, at a, at a Remax office in Mississauga. Now, can you believe that he had to buy a house in Stony Creek?

To afford him and his girlfriend moved in together. They bought a house in Stony Creek, but he works in Mississauga. So he has to drive back and forth every day from, from Stony Creek to Mississauga so that he can just basically own something. Cause he couldn't afford anything in Mississauga or Brampton or whatever.

So it's showing you like, like that's, that's one person that I know he's good friends with. My son felt Philip. And, and, and I know his father really well, and he told me, he goes, Rob, you, you know what? We bought a, we bought a new build and, you know, in, in, Stony Creek, right there by, Fruitland road, you know, that little thing there by the ramp there, you'll see that new little townhouse complex there you're going to, so he he's bought in there.

And I know a lot of people bought in there and those, and those were really affordable when there, I think there were selling. Three $400,000. Now they're worth like six, 700,000. So, so he's benefited from that already. So now if he stays there a little longer, he might be able to sell that and they actually have enough equity to buy something in Mississauga down the road, or he may just stay where he is.

And, but he's, now he's a commuter, a commuter, a realtor. And, and but if, if housing prices still climbed the way it is, he may not ever be able to get in there. And, for a long time, It's just, it's just the way. And it's just because of lack of inventory. You might end up focusing on the Hamilton market to me, maybe I should actually recruit them to join my team.

Say, Hey, listen, here we go. We've got some openings here for you still with Trev detached homes overall in the, the nine Oh five four one six, went up 31% in terms of average selling price. The nine Oh five area code was up 36% before one, six 31.2%. Yeah of interest is the condo market.  And overall condo values in Toronto are actually up year over year, but it's the downtown core that still remains down.

It fell 5% year over year. Although over the last couple of months, they've seen a 5%. Increase in downtown condo value. So maybe the condo market in Toronto is starting to heat up again. But yeah, it's starting to bounce back. Yeah. It's starting to bounce back with the average price in the GTA forecast to hit, at least a million dollars, if not more this year.

What does that mean for Hamilton home sellers? Because we know that the GTA. Influence is really great here. It is. It just means that the market's just going to continue going the way it's going. It's just going to keep going. Interest rates are at rock bottom, rates, and, and not only are people buying in, in the GTA, like, you know, you need, you need a double income house to afford a house in the GTA and almost you'd need a double income household own a house anywhere in Canada, almost pretty well.

But,  it's just, it's just going to drive more people out this way.  A lot of, young, the younger millennial generation and, they're just, they're just gonna end up having to commute or work out of their house. And, you know, if like, like that condo market took a big swing, in the, in the past year, just because of the fact people were leaving, the downtown core.

But now, now things that settled. Things are starting to move around a little bit. It's like, that's how fast this market changes. You know, we're reading about, you know, the condo market has gone down slightly. Okay. So everybody's worried now, all of a sudden, now the things are changing around. It just that's how fast markets change.

And, but like I said, it's bouncing back. And so anybody that bought a house. Two years ago and they thought their condo wasn't worth anything. Now it's going to slightly come back. You might see a lot more people, unloading their condos on once it starts bouncing back. So there'll be more inventory.

So that'll, that'll help out, first-time buyers that there'll be more inventory for them to find or, or see what they like. But,  But if that w what happened in the condo market will happen probably in the residential, detached and semi-detached and townhouses, it could happen sometime this year or next year, but it'll, it'll bounce back.

Like it'll recover quickly. Like, it'll it. So, so, and, and look at it, and they're already talking about it coming back. So. Now not only has what happened in the GTA has affected Hamilton, but all also the Niagara region as well at primarily with the, you know, the senior population of the retirees, they're selling their homes in Toronto in the GTA and saying, Hey, Niagara is a great spot to put our feet up.

And that's really impacted that market as well. Oh, absolutely. Lot of, Toronto buyers are coming towards the Niagara peninsula, the other, waterfront property I sold.  It was, somebody from Markham that, bought it. And, and, and we had mostly Toronto people looking at the higher end homes in, in, in, in Niagara.

Let's jump topics. And we're going to talk about what pandemic buyers are looking for. And we, Brent referenced this in past shows as well in terms of what home buyers are eyeballing nowadays. And obviously with people spending more and more time at home, working from home buyers are looking for a larger spaces that include a home office.

And maybe a home classroom. If they're learning from home, a lot of outdoor space sellers should focus on these areas when listing the property. Is that a fair game? Absolutely. And if you're building a new house, make sure you got a main floor den and, and you've got some nice patio area for enjoying your backyard.

Cause that's what people are looking for. Th th the houses with a main, with a den, a main floor den R R w. Going off the shelf they're selling. Like, they're like, you're like toilet paper was in March, April last year, but yeah, you need, you need, people want, people need that space. They need that private, like a lot of people right now, they're working from their dining room table.

Like as their office, but they probably would prefer to have a private room, because if they're, if they're a dual income earners and a husband and wife are both working, you know, corporate jobs, so one person's in the dining room, where's the other person going to so that you, you kinda, that's why those, those people that are working out of their houses, they need a private room in their house.

And so that they can work. So having a main floor, Dan is very, very important or, you know what, or they're buying four bedroom houses. They only need two or three. So they use that other bedroom as a, as an office on the second floor. But a lot of people prefer have their, their, their officer den on the main floor of the home.

When you're staging a home nowadays, are you showcasing that Dan, or are you making sure that there's a desk and a chair profiled to give the, you know, the, the, the home buyer, you know, an opportunity to say, Hey, you know, that could be my workspace. Absolutely. And, and even in the remarks that we put for, when people are reading about.

The house, online, we put down main floor, Dan ideal for, you know, work at home, situation, because those are, those are what are people looking for? So, you know, those are some of the remarks that, that you put in right away. So when people are reading and say, Hey, wow, this is good. This is what we're looking for.

So those are key factors. Yeah, definitely. In terms of the outdoor space.  Because you know, a lot of us have cabin fever we've been working from home or, you know, we haven't been able to go out and enjoy, you know, many of the outdoor spaces,  maybe spending a little bit of money to refurbish a revamp or just spruce up the front yard or the backyard make it a bit of an Oasis might really appeal not only appeal to prospective home buyers, but really Jack up the price as well.

Absolutely. We had one of the people that work with me here, they actually, are getting an in ground pool. But,  so the pool, they, they booked early enough that it's it's happening this spring, but the landscaping won't be done till probably the fall. So they're going to have to, they'll have a pool and they're going to make a makeshift deck around the pool.

It's an in-ground pool makeshift deck. But that shows you how long you have to wait for, for landscaping. Landscaping companies are Jew. They don't have enough. People, to help and service all the, people that are coming and asking for work. So they're, they're quoting, but they can't, they can't service it and they're charging a lot.

Now, these landscape companies, they can, they can charge because they're, they're getting, you know, Tons of people calling them and say, Hey, listen, can you do this? Can you do this? Well, we can, but you know, it'd be the fall before we can get to it or next or the following year. So right now a lot of landscapers would probably saying before they can get there, it'd be this fall or next or 2022.

So that's sad that they have to wait another year if they're booking now, especially, you know, with,  A lot of new builds there and people are moving into, they may have to wait a long time for, to get their landscaping done on their property, but it get it done. And, you know, people want to enjoy the backyards now because he can't go nowhere th this summer, I don't think we're, we're, we're going to be able to be able to drive around, but I don't think it's going to, it's going to be as good as we think it's gonna be.

It's going to be the same as last year, possibly. Yeah, I, I tend to agree with that. Call Hamilton and Burlington's number one, Remax team and volume and unit sales, nine Oh five five seven five 77 a hundred. Online. The website is Rob Golfi.com. That's Rob G O L F i.com. Send an email or question a question via email, or if you have a topic idea, the email address is questions@robGolfi.com and you can check out the golf team on Instagram, Twitter, and Facebook as well.

The handle is. At Rob, Golfi saying goodbye to the term master bedroom. As the Canadian real estate industry looks to modernize its language and remove potentially racist undertones. This was a decision from the Canadian real estate association saying the term master and its relationship to slavery and male centricity has caused concern.

Patrick P chef. Who's the VP of realtor.ca. I saying that quote, words of power and the definition of words change over time. We feel this adjustment in language is appropriate. Bribing the primary bedroom of a home. So the master bedroom is now the primary bedroom, correct? It is. It is. I, I, but it still shows up on our system as masters, so, but that's going to change slowly cause it started, I think that started out in, the West coast with,  with the, with turning master bedroom to PRI primary bedroom.

 I think,  and we were starting to describe it. As that, and I understand, I understand. I mean, we're very, very in a, in a, a delicate stage in the world right now, when it comes to words and, and, and everything. So. I mean, it's just like, it's like the same thing with the, the maple syrup and, uncle Ben's rice are changing.

They're changing it. I don't, I didn't see.   What,  like, I don't know why they had honestly, uncle Ben's rice. I don't know. Like, I don't know if that had anything to do with slavery, but,  I don't know what, what. Yeah, that was the contention with uncle Ben's rice, aunt Jemima. Both those names have changed and it was basically just hearkening back to when, the black man or woman would serve, you know, the white family.

And I think they just wanted to, you know, escape from that and rightfully so that was good decisions. I should mention as well that Korea said the decision to remove the word was made after feedback from members, boards, and associations across the country. And it's a good decision, you know, and it really doesn't take away from what the room is.

It's a primary bedroom. This is where your traditional, you know, in a family setting, the couple would. You know, sleeping, that would be the primary bedrooms that fits it. Be it, the pro the problem is we've been so used to saying master bedroom. And, and so, and I, because everybody has their thing, but I have no problem.

Primary bedroom. That's not, that's not a problem. You'll, you'll start seeing, seeing that in the, In a lot of the listings and people go primary bit, like people may not understand that primary bar. Yeah. There might be some confusion. Maybe where's the master. You have a master in a primary. No, that's the same thing.

Hey, when we come back, we're going to get into the millennial talk and in a lot of them, through, some data that we have in front of us, really are not interested in home ownership. They're interested in home ownership, but they. Clearly realize that it is a huge financial hurdle to get to that post.

So we'll, we'll get to that. When we come back here on the Golfi real estate show Hamilton edition on 900 CHML. Welcome back. This is the Golfi real estate show Hamilton edition on 900. CHML my name's Rick San Fran on the line. Once again, Rob Golfi sales representative with Remax is Guttman Realty. The Golfi team.

You can check them out online@robGolfi.com. That's Rob G O L F i.com. Call Hamilton and Burlington's number one Remax team in terms of volume and unit sales, nine Oh five. Five seven five 7,700. That number again, (905) 575-7700. You can check them out all over social media. The golf team handle is at Rob Golfi, Instagram, Facebook, and Twitter.

Great videos, tips, and advice to the hottest listings in Hamilton and Burlington on social as well. A very interesting story in terms of, home ownership, when it comes to millennials and a new survey from,  an entity called apartment list shows that nearly one in five millennials have given up on owning a home.

The 2021 millennial home ownership report found that last year, more than 18% of millennials who don't currently own homes expected to always rent. And that is up from just over 12% in 2019. And just over 10% in 2018. So in two years that has gone up 8% in terms of millennials saying this just isn't going to happen.

It, it, it's tough and I feel bad for them. And these are millennials that really don't have the help from parents, or maybe the parents don't have the money to help them out. And they're kind of on their own. And, and I feel bad for these guys and as time is going by, and it's frustrating for these young people that they're seeing and they're hearing it, you know, on the radio and TV that the market's going up and up and up, and it's just making them more depressed.

And, and, and, and I. I feel for these guys. Cause you know what, and I remember this happened in 2017, Rick, they, you know, when, when things 2016 and 17, when things were going crazy like this, and they were losing out on bid after bid, after bid and they just give up, they say, we don't want, we just can't do this anymore.

And look at it. We, here we are again, you know, three, four years later after the 2017, boom, they're back it's it's it, it could be a different generation of millennials. But,  and it's, and, and, and they see that as each month each, you know, whatever quarter goes, it goes up and it sh and that's going to add to the, the mortgage amount, which could be, you know, expensive for them to, to live in and afford a house.

You know, I mean, right now you're getting stuff,  downtown, you know, North. Then to Hamilton, you know, like four or 500,000 and S you know, and even not up from that, and that's getting expensive, like it's, and they may not want to be there, but they may have to start there and then work their way, you know, towards either the East or the West end of Hamilton and the Hamilton mountain.

And eventually it's just, it's just the life cycle that. That right now we have to go through and,  and it's just, nothing. We can, nothing we can stop this train. This train is going, and it's going to keep going for a while. So, and I've, I feel bad for the young, young millennials. The pandemic has certainly thrown a wrench into all this as well.

Because with, you know, as we've seen around the world, really hundreds of thousands, if not millions of job losses, when you count everything a lovely, but according to this report from apartment list, 21% of millennials who are committed renters say that buying a home is financially riskier. Then renting one, because if they buy a home and then they lose their job, well, then they're on the hook for the mortgage, obviously.

That's right. And if they renting, they could easily just give their 60 days notice and, and find something cheaper or move in with family. There they're out. They can get out out of that, rental situation fast versus, having a house can, could be a lot tougher for them. And in terms of, millennial renters having no down payments, 63%, according to the survey have no down payment, 14% have less than $5,000, 8% of between five and 10 grand and 15% have 10 grand or more when it comes to a down payment.

You know what the average price of a home in Hamilton sewing above $700,000. I'm not sure how much 10,000 is going to get you 10,000. I'm gonna get you far in it. Like it's tough. Just, just the land transfer tax on a home. That's a half a million dollars could be $4,000 and it is tough. 10,000. Doesn't it's.

It's tough to do. Yeah. Yeah. . Th I think the, the government should help, millennials trying to get into home ownership. So once they're in the game, they can continue on maybe match their down payment so they can afford, or, you know, but,  but it's, it's, you know, we don't know what the government's going to do.

I mean, they're giving it, they're giving money away, like crazy. Now, maybe this is a time to get millennials to, to help them with the down payment. They had programs where you can, the government would lend money. And if they held on it to the house for 20 years, they don't have to worry about paying back the loan.

If they sold it before they would have to pay it back. So, I mean, they should come up with something like that, to help, you know, first time buyers. For sure. When we come back a little more, talk about some millennials and how they get a fair cash offer for your home. That's coming up next here on the Golfi real estate show.

Hamilton edition on 900. CHML. And Alaska around here on the Gulf, the real estate show Hamilton edition on 900. CHML Rick Sam in studio on the line. Once again, live from one. Mark. Linda is Rob Dolphy sales representative with Remax is carbon Realty. The Golfi team. You can find them online. Rob gulpy.com on Facebook, Twitter, Instagram, the handle at Rob Dolphy and call Hamilton and Burlington's number one, Remax team and volume and unit sales at nine Oh five.

Five seven five 7,700 just before the break, we took a deep dive into a new report from a company called apartment list that finds most millennials one in five, in fact, have no down payments savings and a big disparities in terms of whether or not they're going to find. That home or at least even to make the effort to look for one, because they know that the financial figures are not computing in their favor.

A couple of other interesting stats from this report over 20% of millennials. So they're expecting down payment help from family. But for that remaining 80% home ownership may be realistic only if their personal savings increased dramatically or they narrow their search to some of the nation's most affordable.

Market. So if you're a millennial in the GTA or even a Hamilton, you might be looking to maybe Niagara, maybe Branford, maybe somewhere else around the city. Yeah. Th th they may have to move that way, but that means they're moving to areas that, the jobs are less paying also. So it just, you know, it depends if they can handle a commute, it depends where they are.

Yeah. It's, it's, it is getting tougher and tougher for these guys. It is a pretty, a vicious cycle. Have you, have you interacted with more millennials during the pandemic or millennial home buyers or have they just really fallen off the map in terms of those prices have increased? Yeah, no, there's still hanging in there.

 But we are seeing some people just, you know, taking a step back and just, sitting and, you know, and watching how things roll out. So, and, and, and they're getting more frustrated. I have a niece that's. Looking and, and, and she didn't buy a house last year. Cause she thought it was 5,000 too much. Well guess what?

That same house this year is a hundred thousand dollars more so it's, you know, it, you know, that's what happens. So you know, that $5,000 that they were worried about is now worth a hundred thousand dollars more. And it's frustrating now for them to look at houses, they're looking at it and saying, Oh, like, like, well the house we saw last year, This is not as good as the one last year that, you know, it's a hundred thousand dollars more.

And I go, that's the way the market goes. And it's tough. It's really tough. It's tough. I know let's close out the show with a cash offer for your home. I have over the last number of weeks received at least three different,  items in the mail saying, Hey, we'd love to buy your home as it is. And obviously I'm on the understanding that it's not just my house.

These letters are going to all the homes in the neighborhood.  But they, you know, buy as is you don't need a realtor. It's not going to be listed. We're going to come in and make you a fair offer and a it's hassle-free and in a way we go,  what are some of the pitfalls that, you know, home sellers will fall into in this scenario?

It's surprising in this market, they're hurting themselves. And it's, they they're leaving a lot of money on the table and it depends on the situation. I guess there is a lot of people that just don't want anybody in their house. They just want it sold and they don't want to sign. They don't want anything.

So. I, I don't know, like, it's surprising, I think in a balanced market, I think it's great. But in this market, I think that could be leaving probably I'd say 20 to a hundred thousand dollars on the table. Those guys that are buying those houses, they're flipping them and they fix them up and they flip them real quick and they've already made money on the day they take possession of them.

Cause they're not offering them. Their real true value for their homes. So you gotta be very, very careful for that. I mean, I mean, we've had people, that come to me and say, listen, Rob, I, I don't want, I just want to sell it and, you know, will you buy it? And I have, you know, but we have their lawyers look at it to make sure that everything is above board.

Uh, these guys, don't have a real estate. License and they're buying these properties and they can do whatever they want. They can cheat them out or whatever. So very, very careful on, when, if you're selling, if you're selling, just be very careful on what you sell it for, because you could be shortchanging yourself, you know, you know, 50 to a hundred to $200,000, maybe more so, just be very careful, on when you're looking at that.

Uh, sometimes it's always good to get an evaluation and see, what your house is valuable be. And, you know, if, if they called us, we would just tell them, this is what the market, you might get more than this because of the way the market is. So just be very careful. Yeah, for those home sellers out there who are faced with this, scenario, dilemma, whatever you want to call it, issue, it might seem too good to be true.

It might seem to be hassle-free and maybe it is. I haven't gone through that process, but I will say this, that as you've said numerous times, and you just said that there there's a lot of money that's going to be left on the table. And, you know, going with a, an experienced and a proven realtor, like Rob Belfi is going to get you the most money for your home.

So I'll leave it at that. Rob gfi.com is the website you want to go to and call Hamilton. And Burlington's number one, Remax team in volume and unit sales, (905) 575-7700. Don't forget Gulf. He gets it sold. Thanks for listening to the Golfi real estate show. We're back next Saturday at nine on 900. CHML.