If you feel like you’re hanging on by the seat of your pants when it comes to the housing market’s fluctuation, you’re definitely not alone. As a property inspector, it’s important for you to understand the needs of your audience and the conditions of the real estate industry in order to better serve your customers.
You’ll probably run into more facts on how Generation X appears to be the weakest link in housing in the next few days to come. Individuals born in the late 1960’s and 1970’s were unfortunately hit the hardest during the nation’s housing crisis, and they’re still paying for it. Consequently, a huge percentage of Gen Xers owe more on their house than what’s it actually worth.
According to Housing Wire, an astounding 18.7% of this age group have underwater mortgages, compared to 10.9% of their predecessors, the Baby Boomers. The issue is causing a devastating ripple effect for everyone. See details that will help you stay informed.
Heavy Competition for Aspiring Homeowners
The mortgage problems of Generation X continues to wound the entire housing market. It’s especially discouraging for those who are ready to invest in a new home. This is because the inventory of homes for sale is constrained since the majority of properties have negative equity. Thus, aspiring homeowners have to be more aggressive in their house hunting approaches. Those who have better financial statuses or access to more resources are likely to have a better chance at closing a satisfactory deal.
More Challenges for the Millennials
Many mortgage lenders and housing industry experts have their eyes on the moves of Millennials, in terms of stabilizing the market. The youngest generation in the workforce, however, are up against many barriers since the woes of Generation X doesn’t allow many of them to be the first group that has a shot at investing in property. They’re likely to engage in several bidding wars for homes that have better equity or end up taking on the burden of an underwater mortgage.
Baby Boomers are in a Bind
The oldest group in the job market isn’t exempt from Generation X’s mortgage woes. Although most of them are expected to be enjoying the luxuries that come with retirement, many of them are stuck with trying to move out of their home and into a smaller space because they can’t find potential buyers to take properties off their hands.
There’s No Room for Inaccurate Property Inspection Reports
As officials in the housing market make an effort to find creative solutions that combat its current problems and ensure that more homes are accessible to prospective buyers, your job as a property inspector becomes more scrupulous as well. This is because clients, specifically sellers, will heavily rely on your assessments, as these reports assist with how their property will ultimately be advertised. Be sure to administer digital property inspections that are precise in order to help lessen the burden.