Gen Yers and new homeowners Rob and Kelsey Vandersteen bought their first single-family home this spring.
Low interest rates encouraged Rob and Kelsey Vandersteen to buy a single-family home.
Earlier this week, ForResidentialPros published a Q&A with new homeowner and Gen Yer, Amy Schermetzler providing insight into the purchasing power of this generation. Kelsey and Rob Vandersteen are another couple who recently purchased their first home and says their generation is driving the housing recovery.
ForResidentialPros: Is this your first home?
Kelsey Vandersteen: This is our first single-family home. My husband bought a condo before we met and that's where we live now
FRP: Why did you decide to buy?
KV: We wanted to buy to get more room (our condo is 900 sq. ft.) and to get a backyard for the dog.
FRP: Did you consider waiting to buying? Why or why not?
KV: No, the interest rates are awesome so we didn't want to wait to buy. We are also ready to start a family and need more than this tiny condo.
FRP: What were the incentives to buy?
KV: Incentives to buy are what I listed above: more space, building equity, great interest rates, more ownership and responsibility in the space where you live
FRP: What were your must-haves for your home?
KV: House must-haves were: location on the west side of Madison, Wis., a fenced or fenceable backyard, open layout, at least four bedrooms and at least two bathrooms.
FRP: Does your house have those must-haves? Anything you had to give up?
KV: Yes, the house we bought has all of that and more! We gave on school district a little (we would have preferred not Madison schools) but are happy overall.
FRP: What surprised you about the home buying process?
KV: What surprised me the most is how much middle man there is with the realtor and how much paperwork there is! Everything takes longer than I expected.
"We are definitely driving the market recovery!"
FRP: What did you like about the process? Didn’t like?
KV: I liked how it really brought me and my husband together. We felt like a strong team after looking through so many houses. I didn't like how there are so many houses that are almost right but not quite - and how every house listing makes the house sound so modern and updated and well put together but often they are junky or broken in or falling apart.
FRP: How long did it take for you to buy a home – start to finish? Was this what you expected?
KV: We started looking in January and signed a contract in May. We looked at more than 75 houses before finding this one. It took less time to find a house than I expected but we ended up looking at more than I thought we would.
FRP: Reports say Gen Y will drive the housing market recovery. That’s you! Do you agree or disagree with this statement?
KV: I think most of my friends are buying houses right now or planning to in the next few years. We are definitely driving the market recovery!