Biggest Real Estate Opportunity Of 2017
Q: Gerald, what real estate opportunities should I be looking out for this year. Caleb, Scotch Plains, NJ
A: Great question, Caleb. Let’s take a quick look at some demographic trends. Millennials (generally considered to be people ages 18-35) have recently overtaken Baby Boomers (people of ages 51-69) in sheer numbers. America’s population of people aged 90-and-older has almost tripled since 1980. One new trend is that older households and younger households are competing for housing in many of the same real estate markets. Many millennials still do not have sufficient income and established credit to buy real estate which is why multi-family housing is still a very strong real estate opportunity in 2017.
Multi-family housing can satisfy both Millennials who may not be ready to qualify for mortgages and homeownership as well as Baby Boomers who are looking to retire and downsize, but you must always adhere to the law of supply and demand and monitor the risk of overbuilding, which builders often fall victim to.
Thanks for your question, Caleb. Good luck.
For more real estate tips and information visit my blog at geraldlucas.com.