Today is the first day of Fall, what a great time of year to think of your next move!
DID YOU KNOW?
Sales declined in August from a year before by a seasonally adjusted 1.6% at furniture and home-furnishing stores, and by 5.7% at electronics and appliance stores, fueled by the cutback in home sales as interest rates soar. (realtor.com)
Americans over the age of 55 will take roughly 50% of all new jobs created in the next decade, economists estimate, as the U.S. population ages and more people postpone retirement. What’s more, the biggest jump in labor force-growth in coming years will come from those age 75 and older, where overall employment is projected to nearly double by 2030, according to Labor Department forecasts. (BARRONS)
All-cash home purchases in the US hit 31.4% of all transactions in July 2022, just short of an 8-year high reached in February 2022. (industryintel.com)
Real Estate contributes almost $3 TRILLION worth of GDP with median wages around $41k per year….while Government contributes less – about $2.65 trillion – with median wages around $57k…….over 39% higher! (Construction adds about $900 billion to GDP with wages also higher than in real estate…..a median of $50.5k) (newjerseyreport)
Year-Round Is The New Weekend
Have you noticed how many traditionally weekend, Summer or Winter destinations have now become year-round places for people to live all year round? The locals have known the joys of year-round living in many of these parts for decades, but only recently those who kept second or vacation homes in these areas are discovering the increasingly practical and enjoyable possibility of living there full time.
Think of places like the Hampton’s, Palm Beach, Aspen, etc where the massive seasonal swell of inhabitants has shifted somewhat since 2020 as many people realized the joys of living permanently – or more frequently – in their second (or third) home destinations. Now many are using those homes permanently or year-round. Technology is probably the key driver of this accelerated trend that allows some people to work from anywhere. Another factor could be that many who are doing so are older or closer to retirement, including those who continue working well into their 70’s and 80’s.
Many of the places that are evolving into more year-round usage are growing their numbers of restaurants and stores open 12 months of the year, as well as the addition of certain cultural elements that allow for entertainment outside of the ‘expected’ local attributes. Doug Leibinger in Aspen always reminds me of the joys of Summer in what most think of as a Winter ski resort. Summers in the Rockies – or any mountain environment – are increasingly popular as Summer temperatures soar. Winters by the beach can be divine too.
The way people choose to live is constantly evolving. The wealthier the audience, the more options exist. Generally people want to be where other people/friends and family are so the more people who use these second home locations year-round, the more they should grow in popularity. Which could fuel real estate valuations too…..
~ BY LEONARD STEINBERG
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