Sure Signs That Your Neighborhood is About to Gentrify

The good-vs.-evil debate about gentrification continues to rage, but the juggernaut shows no signs of letting up. It’s the name given to the process in which old, deteriorating neighborhoods are revitalized by younger and higher-income residents. Although gentrification can surely improve the quality of a neighborhood, it can also cause a crisis for those long-time residents who can suddenly no longer afford to live there (often called community displacement). This process often contributes to an imbalance of racial/ethnic makeup; the general perception of people leading the gentrifying include white professionals and Millennial “hipsters.” Landlords and real estate investors take advantage of this ...

How the Housing Inventory Shortage Will Affect Real Estate

If you’re working with sellers in 2018, you may be in luck. The home inventory across the country is in short supply, and may remain that way through much of the year. It’s a sellers’ market. According to the National Association of REALTORS® (NAR), home prices have been on the rise for 69 consecutive months, but available homes for sale were down 9.7 percent from a year ago. It’s the ole supply and demand rule: a shortage of inventory will drive prices up. The only problem with that is first-time homebuyers may be priced out of the market. The situation started with ...

Still Hot: The House Flipping Market

Even with the current short inventory for available homes for sale, house flipping continues to be a lucrative incentive for profits. One of the keys to flipping success is the balance of supply and demand — the market your client chooses has to have a healthy dose of both. Of course, the current lack of inventory affects the rule. According to Money, the average flipped house is getting smaller — only 1,422 square feet, on average. Even so, RealtyTrac reports that, in 2016, gross profits for flipped houses was almost $63,000, with a 49.2 percent gross return on investment. The nation’s ...

Prepare for the Homeownership of Generation Z

Millennials — the name given to the generation born between 1982 and 2004 — have been capturing the American imagination as they come of age, especially with their rejection of many things older generations took for granted: shopping malls, food preservatives and fast food, network television, automobiles, the suburbs, and buying homes. It’s become common knowledge that Millennials prefer urban-like locations, public transportation and bikes, healthy food, phone apps, and renting. However, let’s not overlook Generation Z, born (arguably) between 1995 and 2010 (precise definitions vary). They already consist of 21 percent of the American population, or 66.3 million people, and ...

The Suburbs Are Not Dead — Here’s Proof

We’ve all heard the stories and maybe even began to believe the hype: that Millennials are rejecting communities that depend on automobiles; they’re turning their backs on the suburbs that most of them come from. We’re told that they prefer cities, which offer a walkable live/work/play environment. They gravitate to communities offering public transportation (including light rail), bike trails, and life within walking distance. This is an authentic trend; it’s happening. However, rumors of the death of the suburbs are highly exaggerated. In fact, the only thing Millennials seem to be driving is the suburban resurgence. It turns out that Millennials don’t ...

How to Sell to Millennials

In the next few years, the regular drumbeat of “Millennials don’t buy real estate, they rent” will start to fade, and that common thinking will begin to reverse. You’ll want to be there when that happens, but the same old sales pitch and process is not going to cut it with this generation. As of April 2016, the Pew Research Center reported that Millennials are now the largest living generation in the United States, surpassing Baby Boomers. Millennials, numbering around 80 million, are usually described as being born between the early 1980s and the early 2000s, and they’re now just ...

How to Attract Younger Real Estate Agents to Your Brokerage

The Millennials – born between the early 1980s and the early 2000s – are the largest generation in American history, even outnumbering the Baby Boomers. According to the Pew Research Center, more than one-third of U.S. workers are between the ages of 18 and 34. Yet only 5 percent of realtors are under age 30. According to the National Association of Realtors, the median age of realtors has been trending upward for most of the last decade (average age: 57), but a 2016 Member Profile shows a sharp drop to age 53. Why? The shift may be due ...

Home Sales Pick Up Slightly in September

The real estate sector is still humming along, but has been showing signs of tapering off in recent months. Economists are generally predicting that home prices will continue to rise in 2018, just not quite as fast as they did in 2017. The most recent data from the National Association of REALTORS® shows reasons to be encouraged as well as areas for improvement. Existing-home sales up 0.7% After declines in June, July and August, sales of existing homes inched up in September to a seasonally-adjusted annual rate of 5.39 million. ...

Five Things Millennials Find Important in the Workplace

An abundance of things have been said about how millennials (those born between 1980 and 2000) hold different values compared to their predecessors in the workplace. Some of it is exaggerated (no, they will not want to become the boss of the office on their second day!) and some of it is true. Let’s take a look at some HR practices that will help you win the hearts of millennials! Do good (and talk about it) Millennials want their employer to be a good corporate citizen who tries to change the world for the better. There is more that ...

Five things millennials want in a house

Millennials are now the largest generation in America, representing a whopping 75.4 million of the total population. With such a large number of millennials entering the job market over the next several years, it’s no surprise that their impact is beginning to be felt in real estate. Here’s the thing, while it’s true that millennials make up a majority of first-time homebuyers they tend to wait longer to make the leap into homeownership. Plus, any REALTORS® who have worked with millennials know that their housing preferences are at times a bit different than the preceding generation’s. If you want ...