This just in: a recent article in The Huffington Post suggests that many Gen Y would-be home buyers are in a position to buy property now. And by property they mean very small condos – some even with balconies! According to a recent poll done by a prominent real estate marketing company (which the article author happens to head), the savings rate of this 20-35 year old demographic is quite respectable.
It’s quite likely this data is skewed since it was collected from potential home buyers attending one of Key Marketing’s projects being offered for sale – InGastown. Yes, these were people already interested in buying a condo in the very short term. Seems to me this would not be a reliable sampling of this entire demographic – just the ones who hope to buy now in a particular project. The InGastownproject does have an interesting gimmick where you can trade your car in towards your down payment.
Finally, within this “article”, the author links to two projects his company is handling the marketing for. In these projects, Gen Y buyers can purchase a home for under $300,000. So, is this an actual news item on Huff Post or a paid marketing piece?
While it may not be a widely known fact, Realtors have been known to use “creative language” to describe properties and their characteristics. Not shocked to hear this you say? Let’s delve into some examples of this phenomenon.
RealtorSpeak: Cozy! Translation: Tiny. You may be able to touch two opposite walls with your body outstretched. You can always meet your friends at a cafe – who needs to entertain at home anyway?
RealtorSpeak: Needs TLC Translation: Needs everything including paint, flooring and all appliances. Maybe even a new roof and perhaps a new foundation due to the large cracks in the existing one.
RealtorSpeak: Not a drive-by. Translation: This thing looks atrocious from outside and we really need to get you inside to have any hope of you buying it. A late night showing would be preferable so you can’t see how awful the exterior is.
RealtorSpeak: Character house. Translation: Most likely quirky and often run-down. It will help if you are keen on a very old structure and don’t mind drafts around windows and sloping floors.
RealtorSpeak: Fixer-upper! Translation: A tear-down and not worth doing any fixing. Please bring thick-soled, steel-toed boots for the showing. Overalls and possibly a gas mask will be beneficial.
There are hundreds more real estate marketing euphemisms not mentioned here. Please let us know if you have some good examples of your own in the comments below.