Health & Fitness
"Deleverging" and Millennials-Trends that Effect the Woodinville Market
Understanding "Deleverging" and Looking for the Client Groups to Fuel the Real Estate Market of the Future - Trends Watched by the Real Estate Professional
- Nationally, consumers have become more careful on spending. They've become stingy with disposable income. Starting in 2008, they've been saving more and reducing debt.
- All this according to Lawrence Yun, chief economist for the National Association of Realtors.
- The process of saving more and reducing debt is known as deleveraging. This cautious pattern dampens home sales. Existing home sales, alone, are down a couple of million units from 2005.
- The good news for the housing market is that many deleveraging households build toward a capacity for home ownership. When will the dam break? Alert real estate professionals keep a weather eye on national economics.
- We also scrutinize the 2010 Census data to determine our next customers. We see that aging boomers, young Millennials and our multi-ethnic population will fuel the real estate business of the future.
- Millennials (or echo boomers), born between 1981 and 2000 will be a force in real estate demand.
- According to Mariwyn Evans, writing for the October issue of Realtor Magazine, minorities now make up roughly one-third of the U.S. population. Multifamily real estate properties benefit first since more minorities are renters. As the economy strengthens, our minority brothers-and-sisters move into a position to acquire the American dream, the single-family residence.
- Your consumate, real estate professional in Woodinville watches the big economic picture for its impact locally. Your broker embraces the adage: think global, act local. Keep an eye on the big picture; keep the client informed.
We’ve removed the ability to reply as we work to make improvements. Learn more here