I'm fascinated by generational differences...  the differences between Gen X and Gen Y and the Baby Boomers.  How it relates to the real estate market is especially fascinating.  I guess I'm what you'd call a typical Gen X-er, but the article below talks specifically to the Millennials, aka Gen Y, Echo Boomers, or Generation Next.  

Steve and his Gen Y buyer.  He closed on his townhouse a few months ago.

By Katherine Tarbox, Senior Editor, REALTOR® Magazine

In 1993, the term “Generation Y” first appeared in Ad Age, to describe the age group who was about to embark on their teen years. While generations usually don’t have strict years to confine a group, most put the start of Generation Y — also known as the Millennial Generation, Generation Next, and the Echo Boomers — at the year of 1982 and the end at 2000. This year the first Millennials will begin to turn 30, a sign that this generation is growing up. It’s also a good sign for the housing market.

The Millennials are primarily the offspring of the Baby Boomers (those born from 1946 to 1964) and older Gen Xers. During the ‘50s and ‘60s, the average births per year in the U.S. went from 2.8 to 3.4 million per year and reached 4 million in 1964. While birthing rates dipped in the late ‘60s and ‘70s, in 1982 they began to spike up near that 4 million mark (hence, the nickname “Echo Boomers”), which again created a boom the in population. And this growing population is ready to enter the housing market.

There are some things working against this generation, though. They remain the most underemployed age bracket, with some economists putting their employment-to-population ratio at 45 percent, the lowest it’s been in 60 years. It’s hard to peg the employment rate for this group as many have been forced to take part-time jobs when they are qualified for higher work.

In addition, a study released by the Pew Research Center last month shows that Millennials are waiting a while to take those wedding vows: Just 20 percent of those aged 18 to 29 are married. That’s a crucial driver of home ownership: According to an August 2011 study by the University of Chicago study conducted by Jonas D. M. Fisher and Martin Gervais, single people are more likely to rent.

The positive news: With low interest rates and low prices, this generation is eager to buy, according to a study conducted by the University of Michigan’s Survey of Consumer Attitudes, which polled 6,000 households. First-time buyers are critical to housing, as they allow other sellers to move to the upper ranges of the market. The study also said that the recession has done little to affect Americans’ overall attitude toward buying a home.

Of course, many Millennials are looking to rent. As NAR Chief Economist Lawrence Yun points out in his November 2011 column, a stronger rental market will lead to a stronger housing market. As rents increase, more will consider the cost of owning vs. renting, and may tip some to buying. Also as investors enter the market to buy rental units, they are helping to drive prices up, such as in the Miami market, which finally saw prices rise last year. Yun estimates that Miami could see 10 to 12 percent appreciation in 2012, and other markets could follow.

Eventually, though, members of this generation will settle down, and when they do, they’ll need housing. And if the economy continues to improve, 2012 might be the year they start to do just that.

Dave Liniger, the chairman and co-founder of RE/MAX, tells us his top 10 predictions for the 2012 real estate market.  We especially like #1, 3,6, and 9.  Thanks, Dave, for the great information!  The Fiorella Group is excited and ready for a great year of helping our clients buy and sell homes.

To mark the Twelve Working Days until Christmas, I will be counting down twelve fabulous items for the home.  If you've recently purchased a home, these will be great additions to your dwelling to make it truly your own.  If your house is on the market, you could incorporate some of these items for "added value" or just hang on to the ideas for your next house.

Our number 1 fabulous item for the home is something that might scare small children, but I think you're going to like it.  Sharpen up your hedge trimmer to make yourself a Godzilla Christmas Tree!  I don't think you can purchase anything like this, so you'll have to brush up on your geometry and paper mache skills.  You can do it...  just like Edward Scissorhands.

Happy Holidays from the Fiorella Group!

To mark the Twelve Working Days until Christmas, I will be counting down twelve fabulous items for the home.  If you've recently purchased a home, these will be great additions to your dwelling to make it truly your own.  If your house is on the market, you could incorporate some of these items for "added value" or just hang on to the ideas for your next house.

Our number 4 item is truly one of a kind, so it's more the idea of the item rather than the actual item pictured below, which is Michael Jackson's throne.  I can SO imagine having a throne in my house, especially with those sharp-looking things sticking out from the top. 

Wouldn't it be funny next time some stranger randomly stops by your house to talk about whatever...  new windows, sides of beef, the afterlife...  and your assistant (child or spouse) ushers them in to see you sitting on your throne.  Then when you get bored with their conversation, you'll push a button somewhere in all that ornamentation, and oops!  There they go, through a trap door and out of your house and over to the neighbors who doesn't have that kind of passive-aggressive means of dismissal.  They'll have to get rid of them the old-fashioned way.

Yes, I think a throne would be a good thing.

To mark the Twelve Working Days until Christmas, I will be counting down twelve fabulous items for the home.  If you've recently purchased a home, these will be great additions to your dwelling to make it truly your own.  If your house is on the market, you could incorporate some of these items for "added value" or just hang on to the ideas for your next house.

Would you like an aquarium but not sure where you'd put it?  Well, have you considered the bathroom?  In a way it makes perfect sense...the fish would be right at home with all that water.  (Do you think they might be scared with a toilet nearby though?)   Anyway, the number 5 item in our countdown solves the space problem, and I'm sure the Moody's Aquarium Sink would be a conversation piece when you have guests over and they use your powder room.  I guess small fish would be most comfortable and appropriate in there, like the picture shows.  But can you imagine the wicked fun you could have when your friends come over and have to use the bathroom and there's a big old bullhead or carp plastered against the side of the vanity staring out with one eye?  Creepy!

To mark the Twelve Working Days until Christmas, I will be counting down twelve fabulous items for the home.  If you've recently purchased a home, these will be great additions to your dwelling to make it truly your own.  If your house is on the market, you could incorporate some of these items for "added value" or just hang on to the ideas for your next house.

Number 6 is the stri... excuse me, exercise, pole.

If you've decided to give up your gym membership in favor of the newest exercise craze, the pole workout, here's a staging tip from the Fiorella Group:  get rid of the zebra rugs, they're just tacky.

For more staging and selling advice, click here. 

To mark the Twelve Working Days until Christmas, I will be counting down twelve fabulous items for the home.  If you've recently purchased a home, these will be great additions to your dwelling to make it truly your own.  If your house is on the market, you could incorporate some of these items for "added value" or just hang on to the ideas for your next house.

Back in the 80's I lived in northern England.  It was cold, it was damp, but the beer was good and I lived closed to an RAF base.  What more could a 20-year old single American girl ask for?  I'll tell you what a girl could ask for in northern England in the springtime, and that would be some good rain gear and a dry patch of land.  Lucky for me those red phone boxes were everywhere - on the sidewalks, on the beach, in the pub, among the ruins of yet another castle.  They did serve as a nice little dry place to hang out for a moment, call home, or make out with my British-accented RAF boyfriend.

I suppose it's nostalgia that puts this on the Christmas list for me.  For you, it could be a really cool addition to your home.  Think about these options:

• In the mudroom for your coats
• In the kitchen as a unique pantry or dish storage
• Add some racks to make it a wine cellar
• Have kids?  Stick them in there for time-out.
• Step inside and ring the Fiorella Group for any of your real estate needs!

To mark the Twelve Working Days until Christmas, I will be counting down twelve fabulous items for the home.  If you've recently purchased a home, these will be great additions to your dwelling to make it truly your own.  If your house is on the market, you could incorporate some of these items for "added value" or just hang on to the ideas for your next house.

Let's talk about toilets for a minute, shall we?  There's nothing to be embarassed about, we all know what's going on behind those closed doors.  Or do we?  When you have a NUMI toilet by Kohler, you could be listening to music, warming your feet, or maybe you really are going potty.

The features of this toilet are just a bit above and beyond your standard American Standard: 

• hands-free opening and closing of the cover (it knows when you're approaching)
• bidet with multiple spray options
• air dryer, deodorizer, and heated seat
• foot warmer

OK, now it gets crazy:

• a magnetic docking station for the touch-screen remote
• user presets, like in a Cadillac:  "I set mine to the oscillating spray but my husband prefers a gentle wash and the music of Dave Koz"
• pre-programmed audio, FM radio, or you can connect your MP3 player
• mood lighting    (mood lighting?)

I'm sure you can picture the scene...  you haven't run out of toilet paper but you can't find the remote.

My favorite thing about the $6,400 toilet is the sexy ad, which was shot right here at the Fiorella Group Apple Valley high-rise office.  That's me in the hot strappy black sandals. 

To mark the Twelve Working Days until Christmas, I will be counting down twelve fabulous items for the home.  If you've recently purchased a home, these will be great additions to your dwelling to make it truly your own.  If your house is on the market, you could incorporate some of these items for "added value" or just hang on to the ideas for your next house.

I've always thought that upon moving into one's new home, one should immediately undertake to replace certain items:  the toilet seats and the kitchen range.  Perhaps I'm the only one with a grandmother who spread lard on wool socks and heated them in the oven to wrap around my sore-throated neck as a child, but I'm telling you that I'm a little freaked out by the things people put in their ovens.

(The toilet seats I shouldn't have to answer for.)

When it comes to replacing the range, of course you could go to Appliance Smart or Sears and get a good deal on a Whirlpool.  Golly, you might even upgrade to the Whirlpool Gold.  But why stop there when you can have the Grand Palais 180 by LaCornue

The Grand Palais 180 is "the crown jewel... commanding respect and admiration in any kitchen".  Of course you'll probably need to do a complete kitchen remodel to fit this into your new kitchen because it's like 6 feet long.  It's got a gas oven and an electric oven, both vaulted.  They're made to order:  mine is burgundy with four gas burners, a French top, two electric burners, and a reversible griddle (one side is grooved for panini and the other side is smooth for grilled cheese).  Oh, they start at $46,000.  (Really, if you have to ask...)

If you hadn't previoulsy planned on moving into a new house, but now you need to because you need a bigger kitchen to accommodate your LaCornue, you can start your home search right here!  The Fiorella Group is always here to help.

Bon Appetit!