Will the different generations of home buyers get what they want during the changing real estate market trends? Let’s look at how these trends. We will be exploring the real estate buying trends and how they affect the baby boomer generation, Generation X and Gen Z and the Millennials. Tom King and I are also featuring some Boy Scouts of America in the studio. You will get to hear their input on the home buying.
What do YOU want to accomplish with YOUR mortgage? Connect with me at (901) 482-0354
Subscribe for weekly Real Estate Mortgage Shoppe podcasts and show notes at www.JoGarner.com
To Your Success, Jo Garner, Mortgage Loan Officer NMLS# 757308 (901) 482-0354
HEADING OUT ON THE TRAIL…
Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. You can connect with me at www.JoGarner.com.. Our general topic is SCOUTING OUT BENEFITS THAT DIFFERENT GENERATIONS PREFER WHEN BUYING A HOME. Subscribe to get our weekly blogposts with podcasts at www.JoGarner.com. Call us in the studio while we are live today at (901) 535-9732
INTRODUCING TOM KING, APPRAISER
Our expert home appraiser Tom King is co-hosting today. Tom appraises homes all over Shelby Co TN, Tipton County and Fayette County. You can call Tom to appraiser your home if you are not using a mortgage on the subject property. Tom King is also an Eagle Scout. Tom, take a moment and let our new listeners know more about you and what you do at Bill King Appraisal Service. (Tom introduces himself to new listeners and talks about his appraisal service to cash buyers, divorce and estate settlements and more.)
(Jo) Here’s some interesting facts from Pew Research and research done by the National Association of REALTORS® about home buyers in four different generational groups. (These are general. There are always exceptions to the rule.)
The Caldwell’s Story -Reverse Mortgage on Primary Home and Money down and income for Second home.
Generation Z (born after 1997) make up 2% of the homebuying market. These generation is diverse and best-educated. They are connected to the internet and devices and will likely choose a realtor, a lender and their house by accessing information online. Generation Z are most interested in smaller, affordably-priced homes with open floor plans.
Millennials mixed with some Generation Y (1981 to 1995) 37% of the homebuying market/ 22% of the home selling market. Millennials are buying homes later in life and desire multi-functional spaces for community entertaining and low maintenance outdoor extras. They like big kitchens and open floor plans. Millennials favor fast internet access and want to interact with smart devices in their home they way they interact with their smart phones.
Trends: More inventory for the lower priced homes for sale that are hitting the market this fall 2021 and into next year is a trend that is giving relief to our Generation Z and Millennial friends. Higher student loan debt is a challenge but Gen Zers aren’t seeing it as much of a challenge as the Millennials did.
Generation X (born 1965-1980) 24% of the homebuying market/ 25% of the home selling market. Gen Xers saw their parents struggle through economic downturns. They are saddled up with more student loan debt than any other generation. When it was their turn to buy their first home, the real estate crash happened, so Gen Xers are the most cautious and frugal of the generations.
Generation X still have children living at home so they are buying bigger houses but choose not to pay more for frivolous luxury. Forty-two percent of Generation X see their homes as the property they will occupy into retirement. They tend to want single-family homes in the suburbs.
Baby Boomers (born 1946-1964) 32% of the homebuying market/ 43% of the home selling market. They know they will be working long past the age of 65, so they want office space in their home and they want to age in place in single level homes. They want to live close to family and close friends.
Trends: Generation X and Baby Boomers that own their homes are enjoying the spike in home values. They are selling and moving up or over. Or they are refinancing their home, pulling cash out to improve and modify the home. Sometimes the modification is to bring an aging loved one to leave with them.
What do YOU want to accomplish with YOUR mortgage? MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY. Connect with me at www.JoGarner.com. Email me at Jo@JoGarner.com or just call me at (901) 482-0354.
Tom King, baby boomers have access to a lot of cash too. You do appraisals for people buying homes with cash, you do appraisals for divorces, estate sales and more. What are YOU seeing from the appraisal desk?
You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, mortgage loan office. Connect with me at www.JoGarner.com When we come back we will be hearing more from our appraisal expert Tom King. We will also be talking with some select Boy Scouts of America about their plans for home. See you back in just a moment.
2nd segment after 9:15 break: It’s time for the Look Back Memphis Trivia Contest. Tom King came up with our trivia question today. The Our Look Back Memphis Trivia Contest is sponsored by John and Jennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscaping if you have a BIG, BIG project or a smaller project . The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer. If you know the answer to our trivia question, call us at 901 535 WREC 901 535-9732.
BEN-HUR- A TALE OF CHRIST
Question: What is the name of the book written by a Civil War general who served at one time at Union Station which is now Bartlett, TN ?
Hint: This book as published by Harper and Brothers on November 12, 1880 and held a best-seller position until 1936
Hint: This book was the first book to be blessed by the Pope
Hint: In 1950 MGM produced a move adaptation of the book. This film went on to win 11 academy awards on 1960.
Final Hint: The main character in the novel was a charioteer
ANSWER: Ben-Hur-A Tale of Christ (or Ben-Hur) by General Lew Wallace
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TOPICS COVERED BY TOM KING, APPRAISER WITH BILL KING APPRAISAL SERVICE
What types of homes and what size homes are you seeing Gen Z or the youngest Millennials buying?
What type homes to you see the Millennial generation? Most likely location? Amenities?
What type homes are you seeing people in their forties buying (like Generation X) Most likely location?
What type homes are you seeing people in their sixties and seventies buying?
What real estate trends to you see?
You are an Eagle Scout and a baby boomer.
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Do you want to live in the city, the suburbs or out in the country?
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Do you want to work from an office in your home or do you want to commute to a place of business?
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If you have not purchased a home yet, what amenities or things are very important for you to have in your first home?
If you have already purchased your home, what amenities do you like best about your home? What amenities would you like to add?
(some examples are number of bedrooms and bathrooms/ large lawn or small lawn/ fast internet/ carport or garage/ workshop/ home office area/ exercise room/ guest room/ updated kitchen? Entertainment area for parties inside or outside, Other?)
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Do you prefer a home with a separate rooms for the kitchen, dining room and livingroom OR do you prefer a home with an open area where the dining room, kitchen and living room are all in one big open area?
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If you had to choose living in an area outside the city or having a home with super fast internet and smart technology that allows you control home security, lighting and temperature from your phone, which would you choose?
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In your opinion, what are the best benefits of being a Boy Scout?
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INTERVIEWING THE BOY SCOUTS OF AMERICA ASKING FOR THEIR PREFERENCES IN HOUSING :
Dan Obrien (Real Estate Mortgage Shoppe producer)
BOY SCOUTS OF AMERICA-TROOP 27
Charles, Scoutmaster
Zack, Scoutmaster
Wesley, Boy Scout
Ryan, Boy Scout
Javian, Boy Scout
Chayil, Boy Scout
Michlal, Boy Scout
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Do you want to live in the city, the suburbs or out in the country?
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Do you want to work from an office in your home or do you want to commute to a place of business?
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If you have not purchased a home yet, what amenities or things are very important for you to have in your first home?
If you have already purchased your home, what amenities do you like best about your home? What amenities would you like to add?
(some examples are number of bedrooms and bathrooms/ large lawn or small lawn/ fast internet/ carport or garage/ workshop/ home office area/ exercise room/ guest room/ updated kitchen? Entertainment area for parties inside or outside, Other?)
-
Do you prefer a home with a separate rooms for the kitchen, dining room and livingroom OR do you prefer a home with an open area where the dining room, kitchen and living room are all in one big open area?
-
If you had to choose living in an area outside the city or having a home with super fast internet and smart technology that allows you control home security, lighting and temperature from your phone, which would you choose?
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In your opinion, what are the best benefits of being a Boy Scout?
REAL ESTATE TIP OF THE WEEK (Tom King has about 1 to 1.5 minutes to share a real estate related money-saving or time-saving tip):
ANNOUNCEMENTS:
Talk Shoppe offers free networking & education to anyone interested in real estate or in business and health and wellness. Talk Shoppe meets every Wednesday 9A-10A CT at Concorde Career College 5100 Poplar Ave 1st floor of the Clark Tower. Shelley Baur, author of “Integrity-based Communications” www.ShelleyBaur.com and leadership and development with LSI Staffing. Shelley will be talking about “Honest Conversations-Finding Ourselves in a New Normal.” You can also join us at Talk Shoppe on zoom by going to www.TalkShoppe.com (Shoppe) and click the Events tab for the zoom address.
Talk Shoppe events are free thanks to supporters like Tim Flesner, Talk Shoppe’s business coach and consultant. Check out his 12-week “Develop the Leader Within” register at https://equip4success.leadingthebest.com/CL0003
90% of people listen to the radio in one form or other. Reach YOUR target audience over the air by advertising on radio. You can set up your radio advertising through Talk Shoppe at a much lesser costs than paying retail. Call me and let’s talk (901) 482-0354.
4. Thank you to the Boy Scouts of America Troop____ for being a part of Real Estate Mortgage Shoppe today. You are a valuable part of the community.
5. Subscribe at www.JoGarner.com and you can get our weekly blog posts with podcasts conveniently in your inbox.
6. Real Estate Mortgage Shoppe reminds you to MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
SPECIAL NOTE: REAL ESTATE MORTGAGE SHOPPE RECOMMENDS THAT YOU CONSULT WITH A FINANCIAL, LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFORE ACTING OR INVESTING ON ANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOW OR BLOG POSTS. THE INFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANT FOR GENERAL EDUCATIONAL PURPOSES ONLY. ALL EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REAL ESTATE MORTGAGE SHOPPE AND ARE BASED ON TRUE STORIES BUT WE USE FICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACT DETAILS IN ANY OF THE SITUATIONS.
QUOTE CORNER:
QuoteMaster.org “What we call as generation gap is usually a result of interaction gap.”
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REJOINDERS:
TERRI MURPHY (MEMPHIS0
DONNA SMITH BELLINGER (CHICAGO, IL)
DAN SATER (CREDIT ADVISOR) (LONG ISLAND, NY)
“My Generation” by the Who; “People Make the World Go Round” The Stylistics; “100 years” by Five for Fighting; “Memphis” by Johnny Rivers
Jo Rook, real estate investor and Director of Healing Ministry at Church of the Harvest in Olive Branch, MS
( Jo Rook does 30 sec interview with Jo Garner on finding money to close – From Jo Garner’s new book “Choosing The Best Mortgage-The Quickest Way to the Life You Want”
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ABOUT THE BOY SCOUTS OF AMERICA
ABOUT TOM KING, REAL ESTATE APPRAISER
Tom is a well- respected and sought after appraiser in Memphis, Tennessee. He is a second generation appraiser with 40 years of experience. He has been elected to the Memphis Area Association of Realtors Board of Directors three times.
Tom is a certified residential appraiser in Tennessee. He have appraised over 20,000 homes in his career. A graduate from the University of Tennessee with a degree in real estate, Tom is also a Certified Relocation Professional (CRP). Tom also has vast experience in dealing appraising real estate for pre-listing sales, cash buyers, divorce settlements, estate settlements. (901) 487-6989
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ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
WHAT DO YOU WANT TO ACCOMPLISH WITH YOUR MORTGAGE?
www.JoGarner.com (901) 482 0354 jo@jogarner.com twitter @jogarner NMLS# 757308 (currently working with Sierra Pacific Mortgage, Inc)
“Whatever YOUR personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on hitting your goals .”
As a mortgage loan officer, my job is to help you get to the benefits you want from your financing terms. What is most important to you? I can help you find the financing terms that will help you get to what you want. What is your comfort level on a house payment? How much are you comfortable paying down,? What type of financing do you need to get the house you want to buy or refinance?
Different clients have different priorities in life—some are buying their first home with very little down payment funds. Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income.”
Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country. She offers conventional, FHA, VA or other loan programs for refinancing and purchases.
Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home purchase financing.
Jo Garner has been in the real estate/financing business for over 25 years. She got her start in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge.
On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate. In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 25 years. Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients.
In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.com Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.JoGarner.com