Spot #14 - "Real Estate Trends I"
Chief Economist Brian Wesbury to Steve Forbes - "We need one and a half million houses per year just to keep up with population growth... and then if you throw in, you know, fires and tear-downs and just worn-out properties, we need 1.6 million or more per year. Right now, we're down to about six and a half, seven months' inventory whether you look at new homes or existing homes."
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Just like the car business, WE HAVE PENT UP DEMAND.
2 Principles that I discussed in this spot:
- KNOW YOUR LOCAL MARKET - Natioinal news is around us 24/7. Continued reports of housing slumps in Las Vegas, Detroit, Palm Springs... can get you down and ultimately cause a lot of reluctancy to purchasing a home. BUT - what really matters is what's happening in your own community. Is there a new business being built in town? Might be smart to buy now, before prices go up. What about construction of a major road, or expansion in Pullman's case, Schweitzer Engineering? Even in a down economy, there's money to be made by people paying attention to the pulse of the local market.
- UNDERSTAND DEMOGRAPHIC TRENDS - For example, 2011 is the first year the BABY BOOMER can officially retire. University enrollment is at an alltime high. Do you know how these trends are creating or changing opportunities in our local market? EXAMPLE - Even though enrollment is up, university housing has remained stagnant. That may spell "OPPORTUNITY" to an investor looking for a good return.
Price Waterhouse has issued 2011 real estate trend report.
I look forward to sharing the third and fourth issues with you on my next spot.
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