Well, if GenY is expected to shell out $750K for a 'starter home' (a la the other recent thread) I can't blame them for wanting it to look halfway decent.

Generation Y is currently younger than 26, right?

I wish I would have been able to buy houses that young! Especially in this area!

As far as the real estate and the generations: in my neighborhood there were two houses for sale, on a quiet street, with nice gardens, both houses built over 60 years ago. House 1 owned by retirees in their late 60s, completely paid off, never updated! As in nothing ever! House 2 owned by a couple in their 30s, updated. They both listed for the same price.
House 2 had multiple offers after the first open house.
House 1 was finally taken off the market and rent out after several price reductions and months of open houses.
Their real estate agent made a comment about how all young couples want the Pottery Barn look. I thought; PB is nice, but how about some AC first?

Anonymous wrote:My realtor calls the Gen Y'ers the "Pottery Barn generation."

Interesting, since Pottery Barn retains at its core the Boomers' "shabby chic" aesthetic, though it has cleaned itself up a little. They more the West Elm generation.

My realtor calls the Gen Y'ers the "Pottery Barn generation."

SO WHAT!?!
A couple bought a house, updated/remodeled a few outdated things before moving in all their stuff, and now their house is more valuable and saleable.
They hopefully have two great careers and will pay everything off over time.
Most people do not prefer "laminate" kitchen floors, "formica" counters, and pastel 1950s mini-tiled bathrooms. Have you seen the luxury condos Gen Y or X rented in their 20s?
Feel free to let the market tell you the same thing: List your house, you'll get good feedback on what people will or will not pay up for.

oh come on. things get cheaper and what was previously thought of as a luxury item becomes a staple of modern household. Yes, we are well aware how in the 50s and 60s a television set or a DW or washing machine might have been luxury items, but now even the homes on the lower end get them, so what. Back in 19th century electricity was a luxury, should we go back to middle ages? Some of the posters here sound like a bunch of old hags who are just grumbling about the vices of the new generation. OK, this is normal, regardless what the new generation does, they can't do things right, hasn't this been a case throughout the history?

We did several remodeling projects and if you are smart and do your research you can do things on the cheap even high end materials. On our first project we were ripped off, but we learned our lesson and now doing things on the cheap, even though the end result might look like we have spent a fortune. Sometimes, things are not what they appear. Some of you make it sound like the Gen Y or whatever 20 somethings hire some high end architecture firms and general contractors who charge an arm and a leg and a kidney and then wait with their hands folded while the work gets done and mommy and daddy pay. Some of us get down and dirty and do our own work, our own plans, permits, learn a bit about electrical/plumbing/roofing, etc and hire our own subcontractors. In other words, we work for it and we love to enjoy the fruits of our labor.

Anonymous wrote:

Anonymous wrote:Gen x and y got crapped on by the older generation which bought before 2003.

+1

I'm a Gen Xer who bought in 1999 but didn't "crap on" anyone. How could the fact that we bought a house we could afford, with 20% down, "crap on" anyone else?

I'm an 40-year-old X-er who bought in 1999, as a single person. While a lot of my friends were buying or leasing BMWs and going on glamorous trips and living in Clarendon, I was replacing heat pumps and re-seeding the lawn and paying twice in mortgage (in the burbs) what my friends in group houses were paying in rent. And yeah, I sold my house last year for over twice what I paid for it. Most of the X-ers I know have owned property for years, and most are not underwater. The ones who rent mostly choose to do so because they don't want to get tied down. I'm not going to feel sorry for them for missing the good market - they had the same options I did. I do feel bad for the Y-ers though. Housing is crazy expensive now.

Anonymous wrote:Okay, I am gen Y and slightly guilty of this.

I just bought my first house (built in 1965) and while I technically COULD just cover up the problems and move in (though it'd still be a few k to fix the necessary stuff...) i am instead going to have the suspected asbestos materials sampled and possibly removed/remediated if I can afford it rather than just covering it up. To put this in context- my fuse box is a push-o-matic.

I also have to buy new appliances- but they won't be stainless most likely as much as I like it... I need a new fridge because mine is likely from the 60s/70s (seriously...it sounds so awful the previous owners had it unplugged and I won't leave it plugged in either.) and the oven (definitely an original GE from the 1960s- I still have the paperwork amazingly) does not work- it did at home inspect but not any more. The kitchen is usable but I dream of remodeling it to be better suited to my needs- but won't do it right now because it would be financially irresponsible.

I'm not moving in until I decide what and when I am doing various projects and get it fixed up as much as I can to my liking.

Where are you living while you pay a mortgage on the new place?

Okay, I am gen Y and slightly guilty of this.

I just bought my first house (built in 1965) and while I technically COULD just cover up the problems and move in (though it'd still be a few k to fix the necessary stuff...) i am instead going to have the suspected asbestos materials sampled and possibly removed/remediated if I can afford it rather than just covering it up. To put this in context- my fuse box is a push-o-matic.

I also have to buy new appliances- but they won't be stainless most likely as much as I like it... I need a new fridge because mine is likely from the 60s/70s (seriously...it sounds so awful the previous owners had it unplugged and I won't leave it plugged in either.) and the oven (definitely an original GE from the 1960s- I still have the paperwork amazingly) does not work- it did at home inspect but not any more. The kitchen is usable but I dream of remodeling it to be better suited to my needs- but won't do it right now because it would be financially irresponsible.

I'm not moving in until I decide what and when I am doing various projects and get it fixed up as much as I can to my liking.

boomers didnt do shit and road on the coat tails of the ww2 generation. Gen X and Y is going to have to suffer and clean up the mess of the boomers.

Anonymous wrote:Um, I seem to remember that we had this financial crisis when all the baby boomers used their houses like ATMs so that they could remodel and buy crap, and then they couldn't pay their loans and lost their homes to foreclosure. Anyone else remember that?

Yep. That was all boomers and gen x. Y was still in college or high school for that.

Anonymous wrote:

Gen x and y got crapped on by the older generation which bought before 2003.

I have expounded on my boomer hatred in several threads here, but wanted to point out that my husband and I are solidly gen X (born 1971 and 1972) and we bought in 1999. Lots of Xers bought before the crisis.

I would definitely not say lots of Gen X'ers bought before say 2002 or 03. A few perhaps. I didn't even get out of school until 2000.

Anonymous wrote:Gen x and y got crapped on by the older generation which bought before 2003.

+1

Um, I seem to remember that we had this financial crisis when all the baby boomers used their houses like ATMs so that they could remodel and buy crap, and then they couldn't pay their loans and lost their homes to foreclosure. Anyone else remember that?