Real estate investing strategies require that investors pay attention to Big Trends in Real Estate. They are changing where we live, work and play.
Real estate expert John Wilhoit takes us through three distinct recent lifestyle changes that are shaping the real estate marketplace.
Mobility changed during the recession. Children who would normally leave home after graduating from college, continued to live at home. The lack of employment opportunities forced them to stay in place.
The longer the economy stalled, the go and seek mindset changed for the average American’s mobility. Instead of moving for nonexistent jobs away from home, and starting a new life, they stayed in place.
Now the economy has improved and the jobs have come back to where people live. Help is wanted and you do not have to move to find employment.
How we Shop
The internet has changed retail forever. The younger generations, due to their lack of funds, do not shop for things. They are more interested in an experience. Major retailers are struggling to figure this out. Most are realizing the need to consolidate space to match the decreased demand.
The unforeseen challenge local communities will have to face is how to make up the loss in property tax receipts. If the retail space goes away, or is significantly reduced, this will affect local tax base.
Traditional suburbs were a place where people lived and commuted from Monday through Friday to the city for work.
Some suburbs outside major metro areas have transformed into Hyper-Suburbs. They now provide the ability to work, shop and go to school without leaving.
It can be argued that the big box retailer is responsible for initiating this change. As your need to travel downtown decreases, and employment opportunities grow, you no longer need to leave for what you want.
This transformation provides residents the opportunity to take advantage of all that their community has to offer.
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