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hi there I'm John Schink from Deerwood Realty and I just wanted to bring this article to you I thought it was kind of interesting you know um what happens when things get really expensive as people I mean prices uh dictate Behavior right so let's let's look at an example like in economics they talk about like taxation policiy so uh a pack of cigarettes for instance if you can make the pack of cigarettes so expensive that people can't afford it they'll stop smoking that doesn't take into account substitution which means they'll find something

else but we're seeing this in the housing market now um I've personally uh seen seen different things going on in the housing market uh different living arrangements and um I think that this is not a positive this is a uh this is an indication that the prices are too high that affordability has gotten out of reach for the mainstream group of people and uh I don't think it's something we should be proud of I think we should be taken aback by the fact that uh people have to make uh these tough decisions in order to be able to afford to live in a home uh so let's get into the article here it was on realtor.com and I'm sorry it's a little bit cut off but that's the way my browser works and the text was really small so the headlight says hopeful home buyers turn to relatives into turn relatives into roommates to save money so what's that all about it says many of today's buyers are feeling fatigued by dwindling home options high prices and elevated mortgage rates as a result some are willing to consider alternative approaches to home ownership including letting family in on the deal now this now that first line isn't unusual I mean of the people buying homes right now do you know how many people that I've worked with that are asking are getting their parents help with either you know help with a down payment assistance or uh maybe they're going to help with some of the expenses going forward um this is not Not Unusual it says would be buyers facing affordability challenges may turn to their parents and other family members to secure a place to call home similarly proximity to family is a leading factor in choosing a place to live as nearby relatives can help relieve child care costs that's true okay but I I I don't like reducing parents or relatives to you know Child Care people like that's the only reason why it would live somewhere it says out of more than 700 respondents planning to buy a home in the next year 29% have already moved in with their parents to save some money and another 22% would consider doing so which I mean I don't think that that's unusual or wrong or bad says perhaps unsurprisingly younger respondents were more likely to consider moving in with their parents well I I mean obviously roughly a third of respondents have moved in with other family members and another 24% would consider doing so an even larger proportion 62% have or would consider moving into a smaller rental unit or moving to a less desirable neighborhood to save some cash for a home purchase and I just I mean I I don't find this great right I don't I don't think this is good at all I mean you I I don't I want you to understand I don't have a problem with people doing it the fact is that they have to do it is what I'm upset with okay and so like here's some of the here's some of the questions they asked so which of the following if any steps have you undertaken or currently considering to help save money in preparation for buying and so on the left in this article is going to be like the questions and then or the answers to the questions and to the right is going to be like the age group and you know me I don't like to um I don't like to segregate people by age I just I just like each person is their own right they have their own thoughts dreams aspirations and I just I I prefer to keep things like that but you know it's so easy to se SE uh separ separate people segregate people these days that it's just it's just the way it is so okay so um you're willing to uh or you did or you're willing to relocate to more affordable area of the country move to a building with fewer amenities move to a cheaper less desirable neighborhood move to a smaller rental unit move in with roommates move in with other family members or move in with parents now let's try to figure this out so are they saying move in with like move into to save money to buy a home or move in with these people because you need to buy a home and that's your best chance so it's it's it's it's not that difficult relocate to a more affordable area in the country it's seems odd like I mean you're going to move to a more affordable place to buy a home in that place I'm guessing uh move to a building with few amenities well so that's something that you're doing to save money to prepare to buy a home okay move to a cheaper less desirable neighborhood um my my thing there is you've got to be renting right you're not just going to go buy a house in a in a less desirable neighborhood then try to sell that house and buy a house in a more desirable neighbor neighborhood given the situation that you're in right now since you don't have enough money to buy the house in the neighborhood you want to be in anyway move to a smaller rental unit obviously that's not buying move in with roommates um I mean that seems like what people have been doing for forever doesn't seem strange move in with other family members and move in with parents kind of interesting that other family members is somehow different than moving in with your parents so moving in with your aunt or your uncle I mean does that really matter the fact that you have to move in with someone just so that you can save up enough money to buy a home that's the problem in my opinion the respondent is looking to buy a home within the next year cited home ownership more space and better access to the outdoors is top reasons for their home search more than a quarter of respondents said that proximity to family factored in their search okay so complete this I'm looking for a new home this year because I want to own my own home that seems pretty obvious right I'm looking for a new home this year like I mean what would the other answer be because I'm I'm I'm looking for a new home this year because I want to not own my own home that mean that would be the alternative it doesn't make any sense a bigger place more space better access to the outdoors to live somewhere more affordable than I do now to be closer to my office to be to live somewhere with good schools to be closer to my family other so it's kind of interesting to be closer to my family is like way low right for home Shoppers looking to move closer to the family roughly half sight giving help with child care is a reason and 444 perc of response are looking for a move closer to family to receive help with child care for their own children in line with this familiar poll almost half the respondents said that siblings have purchased or considered purchasing a home to be nearby and 46% say parents have done or considered doing the same so it's it's odd because they took the like the least percentage wise and then they made it into the the next issue so it says well if anything contributes to your desire to move closer to your family the price and cost of living has become too high where I currently live I like the area I'm going to help care for other children in the family I need affordable help caring for my children health issues where I liked was too expensive see that to me is where I lik was too expensive and prices cost of living have become too high where I currently live are the same thing and then they said you know the pandemic and then nothing in particular it says

um I mean look at the look at the percentages how high do you have family members who are considering purchasing or have purchased a home near you it says my siblings you got 45% have done this my parents 45% have done this my grandparents only 40% and extended family over 40% pretty I mean pretty impressive family is not only a factor in the where but also in the how when it comes to purchasing a home roughly 37% of respondents would consider purchasing a home to live in with a child child 27% would consider doing so with a sibling or cousin from within the same generation and 21% would consider doing so with a grandparent altogether 83% of response were willing to consider buying a home and living with family and friends well I mean I would consider it right I may never do it but I would consider it if I'm making a big financial decision I'm going to try to consider every scenario I can come up with so it's kind of to me an odd an odd way to look at it um so would you consider buying a home as a primary residence with any of the following no I would not buy a home with someone other than a spouse and that's like I don't know 20% and then yes with my child so but does your child want to live with you I mean most kids like when they get to be like 24 25 want nothing to do with their parents I mean I'm just I'm just putting out there yes with a romantic partner that I'm not married or engaged to I mean that's like that's new or something yes with a sibling cousin or other family member from the same

generation what difference does it make if it's not the same generation see that's that doesn't make any sense I mean wouldn't like wouldn't your sibling have to be from your generation unless they've got like a I don't know yes with my parents or in-law yes with a grandparent or other family member from an older generation yes with a friend yes with a niece nephew or other family member from a younger generation yes with a roommate yes with other anyway okay fine and then says why would you consider buying a home with someone other than a spouse we can buy a home in a better location we pull our resource well that makes perfect sense we can buy a more updated home if we pull our research sources which seems to me it's a better home this is a location this is a better nicer house we can buy a bigger home if we pull our resources we're already living together and would prefer to start building equi sooner H I can't afford to buy a home of my own but would like to get into this housing market I this is pretty odd survey eh respondents who stated they're willing to co- buy a home with someone other than a spouse said they would consider doing so because it would enable them to pull resources and buy in a better area or purchase a more updated or larger home well I mean it's odd could you just say I like living with this person like I think it' be fun to live with this person I don't know um it says Creative Solutions such as turning to family for support may seem like the most viable option to make a home purchase happen in the coming year it's really odd to to me like so you're not going to get I mean for what I see people don't have a lot of money okay that like living with someone for a year isn't going to fix their down payment problem right now because houses are that expensive and um what I've seen happen that I I thought was an interesting way to overcome this problem is I have one of my buyers bought a house and then he he lives there and he leased it out to two other people so they're renting the home from him but he lives there live in renters which could be awkward right but I mean it solves the problem of the house payment being so

high but but look there's a there's there's the problem here and that is that things are too expensive inflation has just gotten out of hand relative to wage growth okay and I don't know I mean I know what some of the solutions would be right but don't be surprised if or don't be surprised in just classical economic theory if people their behavior changes when things get too expensive don't don't be surprised by that at all um but anyway I mean I would ask the question you know who amongst us wouldn't consider living with someone to further our situation in the future right I mean who wouldn't doesn't make any sense anyway tell me what you think put a comment down below I I've currently got a video that went viral and people put the dumbest comments on the thing and like they they're not they're clearly not watching the video all the way through okay they just write something and you're like that that was just dumb and I I I don't know if I'm supposed to leave it up there or what but but I know my audience here isn't that dumb they wouldn't do that to me so like I said put something down there maybe share the video I don't know who you'd share it to who else is into real estate news and whatnot but maybe you have friends right with that I'm going to head on out thank you for watching thank you for listening and I'll catch you on the next one