[Pulse] Housing industry reacts to Gary Vaynerchuck's homeownership slam
Recently, I wrote an article for HousingWire’s Pulse column about a video of Gary Vaynerchuk slamming homeownership during an appearance on the Cannonball Mindset podcast.
The motivational speaker, best-selling author and respected tech entrepreneur called homeownership “bull***t” in the video that eventually went viral.
“I do not think the American dream should be buying a home anymore, I think it’s full of s**t,” Vaynerchuk said. “It’s a bad use of upfront capital, and it ties you up and it’s just not smart. And what is it for?”
Vaynerchuk’s comments sent ripples through the housing industry as professionals working in the real estate and mortgage worlds weighed in on a topic that directly effects their bottom line.
Vaynerchuk's comments upset many, with some taking the chance to shake their fists and post comments condemning his opinion instead of discussing the positives of homeownership.
But I want to take this discussion to the next level.
So I reached out to some of the best in the business to get their opinion on homeownership. Is Vaynerchuk right, or does homeownership represent not only the American Dream, but the American Opportunity?
Here’s what they had to say:
I 100% agree with Casa that the value proposition has changed in the last 20 years and we should learn how to capitalize on that.
Next up, we have Ryan Serhant, the rock star NYC real estate agent, best-selling author of Sell It Like Serhant and star of two Bravo TV shows.
I love Ryan's take, because he approaches this topic as a realist, saying, "Don't liquidate anything to buy a house you can't afford."
Kristy Fercho, president of mortgage at Flagstar Bank, brings her 17 years of expertise and service to our industry to this discussion.
I agree with Kristy 100% that when done right, homeownership can build equity that will give you a lot more financial flexibility than you could ever have as a renter.
Next on the guest list, Casey Crawford, founder and CEO of Movement Mortgage and chairman of Movement Bank. Few are more passionate about what we do than Crawford, which is why I wanted to get his perspective.
Great take by Crawford, because he breaks it down by asking if you want to be a tenant or a landlord. This topic isn't binary, but there are binary reasons why homeownership makes a ton of sense for a lot of people.
Last but not least, Mat Ishbia, president and CEO of United Wholesale Mortgage, whose company has exploded in 2018, brings his perspective.
Like a lot of us, Ishbia is a huge Gary V. fan and still is. This is a perfect example of how to disagree with someone's opinion by turning it into a positive channel for business growth.
Like Casa, Ishbia focuses on the opportunity aspect to educate and grow. It is that type of mindset that wins in business, which is why it is no surprise to me why UWM is crushing it.
You have just heard five expert takes on the topic of homeownership in how it is not only a dream but also an opportunity. I also highly recommend you check out Ryan Staci Hills’ video from the REsource.tv on this topic, as it falls right in line with them.
I hope you noticed that none of their opinions were predicated on the premise that their view was the only way to look at it. Their balanced perspectives lay a foundation for a positive discussion on this topic, which in my opinion has been missing, and will be the only way to move this conversation forward.
Published at Mon, 25 Feb 2019 11:00:00 +0000