Real Estate and the Millennials-What do they want?

Real Estate and the Millennials- What do they want? By Rick Guthrie Thanks for returning back to my blog on Real Estate and the Millennials. Today it’s about, what do they want? We determined, in our blog how will they find us, millennials will find us the old fashioned way. Most of the time by […]

Real Estate and the Millennials- What do they want?
By Rick Guthrie

Thanks for returning back to my blog on Real Estate and the Millennials. Today it’s about, what do they want?

Millennials What do they want?We determined, in our blog how will they find us, millennials will find us the old fashioned way. Most of the time by word of mouth. This certainly holds true to the first time home buyer. They want a trustworthy professional who has been recommended to them. Also, in our last blog, we stated that millennials are looking for value plus opportunity in the work place. They want to do a good job, get paid for it then go home and enjoy life. Hey nothing’s wrong with that. It seems like all of the data and information supports these statements.

In this blog I want to look at what is important to millennials across the board. In short what do they want? I’ve been talking with several groups of millennials and I’ve started a millennial business group. We’re meeting twice a month. In our second get-together I gave them a questionnaire and also sent the questionnaire out to other millennial groups I’ve been talking with. Here are some key points that surprised me about what millennials want.

They want great technology-You would think that millennials are impressed with new technology like the boomers were. Actually they’re not really impressed with it, they expect it. They also expect that technology comes at a higher level backed with streamlined processes.

They want a consumer experience-You would think that millennials would prefer to shop online. Actually millennials are into the experience type of activity. They want a brick and mortar shopping environment that creates a great experience.

They want to involved I thought that millennials we’re more into themselves and not their surroundings. Actually they are more environmentally aware and pro-community than their predecessors.

They want a home – Someday anyway. Most say they want a home in the future but are held back by several things. For the most part, starting a family is not a pressing matter. It seems the ability to pick up and move quickly is very important. Lastly, debt mostly student loans is a factor.

They want to be healthyThey are more heath conscious and want more healthy choices. They are into exercising and are more anti-booze and cigarettes than pre-generations.

So why is this important? Well if you’re involved in any kind of business that deals with a consumer or you employ anyone who deals with consumers, it’s real important. If you’re trying to attract talent that can communicate with our largest population, it’s important.

I saw a report that it is estimated that 22.4% of the population, in my county will be retirees from the DC area in 2040. So how will the millennials effect that? In 25 years some millennials will be approaching retirement. That’s need to know info.

If I’m looking to grow my business and maybe leverage with other businesses inside my community, these are things I should be looking at.

Generational characteristics and attributes are important to understand. With millennials now being the largest population, we need to focus in on their needs. Now I’ve already gotten some push back from some on this subject. “Focusing on the millennial needs is not that important”. All I can say to that is, “Really?” Well the good news is that the millennial will find the product, brand, company and employer who will focus on their needs if you won’t. Blog you soon.

What's Ahead For Mortgage Rates This Week – June 9, 2014

Last week’s economic news was mixed. Construction spending grew, but fell below the expected level. CoreLogic reported that April home prices continued to rise, but did so at their slowest growth rate in more than a year. Employment reports for private sector and government jobs indicated fewer jobs, but the national unemployment rate was steady.

What’s Ahead For Mortgage Rates This Week – June 9, 2014

What’s Ahead For Mortgage Rates This Week – June 9, 2014

By: Rick Guthrie

Last week’s economic news was mixed. Construction spending grew, but fell below the expected level. CoreLogic reported that April home prices continued to rise, but did so at their slowest growth rate in more than a year. Employment reports for private sector and government jobs indicated fewer jobs, but the national unemployment rate was steady. Here are the details:

Construction Spending, Home Price Growth Slows

Construction spending reported by the Department of Commerce reached $953.5 billion annually, and increased by 0.20 percent month-to-month against expectations of an 0.80 percent increase and the March reading of 0.60 percent growth.

According to CoreLogic, the rate of home price growth slowed to 10.50 percent year-over-year in April as compared to the 11.10 year-over-year rate of increase in April 2013. Home prices increased by 2.10 percent over March; these gains in home prices were the slowest posted in more than a year, but there was good news.

No states posted a drop in home prices, and eight states posted new record highs for home prices.

CoreLogic said that although a short supply of available homes has driven home prices up, price gains lost momentum due to affordability; CoreLogic expects home prices to increase at a slower pace and projects that home price growth will reach a pace of 6.30 percent by April 2015.

Mortgage Rates Mixed

Freddie Mac reported that mortgage rates for fixed rate mortgages rose while the average rate for a 5/1 adjustable rate mortgage fell. The average rate for a 30-year fixed rate mortgage increased by two basis points to 4.14 percent; discount points fell to an average of 0.50 percent. The average rate for a 15-year fixed rate mortgage also increased by two basis points to 3.23 percent; discount points were unchanged at 0.50 percent. Rates for a 5/1 adjustable rate mortgage averaged 2.93 percent, a drop of three basis points. Average discount points rose from 0.30 to 0.40 percent.

Jobs, Unemployment Data Suggest Economic Strength

Labor markets impact consumer decisions to buy homes; several labor-related reports released last week indicated that the economy continued to gain strength as more jobs were added and fewer workers filed jobless claims.

ADP reported that 179,000 private-sector jobs were added in May as compared to 215,000 jobs added in April. The Bureau of Labor Statistics released its Non-farm Payrolls report for May; 217,000 jobs were added as compared to projections of 210,000 jobs added and 288,000 jobs added in April.

New weekly jobless claims were reported at 312,000 as compared to expectations of 311,000 new jobless claims and the previous week’s 304,000 new claims. The four-week rolling average of weekly jobless claims fell by 2250 new claims to 310,250; this was the lowest reading since June 2007, and was 10 percent lower than the reading for the same week in April 2013 and was 17 percent lower than for the same week in 2012.

Another sign of economic growth was reported last week. Continuing jobless claims dropped to a seasonally-adjusted annual rate of 2.60 million for the week ended May 24; this was the lowest reading reported since October 2007.

The national unemployment rate for May matched April’s reading of 6.30 percent, and was lower than projections of 6.40 percent for May. The Federal Open Market Committee of the Federal Reserve (FOMC) has repeatedly cited an unemployment rate of 6.50 percent as a benchmark indication of economic recovery; it appears likely that the Fed may continue its tapering of asset purchases as it winds down its quantitative easing program.

What’s Ahead

This week’s scheduled economic news includes Retail Sales, Retail Sales without vehicle sales, and the Producer Price Index. Freddie Mac mortgage rates and Weekly Jobless Claims will be released Thursday, and the University of Michigan will release its Consumer Sentiment Index on Friday.

It's Just Plane thinking…Let Your Mind Play

It’s Just Plane thinking…. Let Your Mind Play By: Rick Guthrie Hey thanks for all the great feedback on my blog, “Plane, Space and Time”. I’ve had a couple of you say, “I want to hear more about that”, which is cool because I want to blog more about that. So I’ve decided I’m going […]

It’s Just Plane thinking…. Let Your Mind Play

By: Rick Guthrie

Hey thanks for all the great feedback on my blog, “Plane, Space and Time”. I’ve had a couple of you say, “I want to hear more about that”, which is cool because I want to blog more about that. So I’ve decided I’m going to break it down or “blog it down” so to speak and talk more about Plane, Space and Time. I’m not trying to change the world I just love sharing my thoughts.

Let’s talk more about Plane:

Remember, by definition, Plane is a level of existence, thought, or development. It really has no boundaries. I know it’s kind of heavy, but I think if we look at this on simpler terms, the question from me to you is, do you let your mind play?

Do you just sit and dream about the “What Ifs”? Do you put yourself in that landscape of this beautiful picture you’ve been painting in your mind? Do you dream about successes that benefit yourself, your family, your lifestyle or your business? Can you create a fantasy that places you and your family right smack dab in the middle? If you don’t do that now, you did when you were a kid. If you can’t remember, go to the park and watch children play. They create a world that they get to be in that’s so magical and fantastic. Where things changed are when we got older with more responsibilities, we let the world create us instead of us creating our world. We just don’t let our mind play as much anymore.

Like everyone else, at a certain point, I stopped allowing my mind to play. I stopped using those colorful brush stokes that defined the canvas of my perfect life. I guess it’s the brush strokes of innocence that are the most vibrant. Do you remember how colorful that world was? Endless possibilities! Now it seems different. But does it have to be?

Did I, or we, lose that plane of endless possibilities completely? No, I don’t think so. For some of us we have learned to use that plane to problem solve. This is great but, for me, not as fun. I’ll find an obstacle in my life or business and enter my plane and dream about a solution to fix it. When I get a possible solution in my plane I move into my space and then that solution becomes real and tangible. Now I’m on the clock and it’s time to plan and implement strategy. We’ll talk more on that later.

I guess the difference between the plane I was in as a child, versus the plane I’m in now is the difference between proactive and reactive. The plane I find myself in now is more of a plane of conflict. As a child I never lost the battle? My fantasy world never crumbled around me. Come to think about it, on the playground, I never had a problem balancing my checkbook. Wait a minute; I didn’t know what a checkbook was. Wow what freedom! Can we get that play time back? I think that we can and probably do only with other outlets

Why do people play the lottery? Have you ever asked yourself that? The odds of winning are millions to one but yet people play knowing that, most likely, they won’t win. Could it be that they’re paying for an outlet that allows them, for a moment, to be able to dream? Dream about the outrageous possibilities if they won? They could buy a 2nd and 3rd house and a yacht or maybe pay of all of their parents and kids bills. Suddenly all of that seems possible.

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Hey how about video games? What a great plane. They’re not for kids anymore. Almost all of them are designed around adult themes and content. They’re addictive! It gives the adult mind exactly what it’s been craving, playtime.

When you get down to it, the individuals that designed the lottery and video games developed them from their personal plane. They basically dreamt them up. However, they saw these dreams as a need that could fill a void for others. That my friend is what is called products and services. In their plane that product was their colorful brush stroke on their personal canvas to fulfill all of their dreams and ambitions. Because of this they get to move their thoughts and dreams into their space or environment and start a process of planning and development. The lottery player and the gamer do not get to do that because their play time doesn’t really contribute to anything or anyone.

So as I move forward in life I’ve started to appreciate playtime again. It’s just Plane thinking. I get to dream up the endless possibilities of thought that makes for a contribution or service. Can I provide the type of product or service that fills a need or a void for others? In short what would it take for me to contribute and from that how wonderfully would I, my family and others benefit. If I can give my mind permission to play again, something will come from that. Eventually that something will allow me to move that dream into my space. Then everything starts.

Blog you soon