Thursday, November 12, 2015

BuilderBytes' MetroIntelligence Economic Update for 11/12/15

Please click here to see the edition of BuilderBytes for 11/12/15 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:
  • Wholesale inventories rose by 0.5 percent in September, for the largest gain in three months
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Tuesday, November 10, 2015

BuilderBytes' MetroIntelligence Economic Update for 11/10/15

Please click here to see the edition of BuilderBytes for 11/10/15 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:
  • Job growth rebounded strongly to 271,000 in October as employment fell to 5.0 percent
  • Consumer credit use soared in September to all-time high, signaling confidence in the economy
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.

Friday, November 6, 2015

Job growth bounced back strongly in October

Some great news on the U.S. economy today!

The Bureau of Labor Statistics is reporting that the U.S. added 271,000 jobs in October, far better than the 181,000 expected by economists. The overall unemployment rate inched lower to 5.0%, which is the lowest it’s been since February 2008, nearly eight years ago.

 
This, coupled with improvement in wages, makes today’s jobs report the best of 2015.

Click here to read the the entire report.

BuilderBytes' MetroIntelligence Economic Update for 11/06/15


Please click here to see the edition of BuilderBytes for 11/06/15 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:
  • Planned job cuts dropped by 14 percent in October but still up 31 percent vs. 2014
  • Productivity rose at 1.6 percent in third quarter of 2015, with hours worked falling for first time since 2009
  • Mortgage applications dip 0.8 percent in latest survey as rates rise slowly
  • Initial unemployment claims rise by 16,000 in latest report
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.

Thursday, November 5, 2015

BuilderBytes' MetroIntelligence Economic Update for 11/5/15

Please click here to see the edition of BuilderBytes for 11/5/15 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:
  • Private sector jobs grew by 182,000 in October
  • Manufacturing sector index remained mostly flat in October
  • Service sector economy growth rose to 2.2 percent for October
  • Factory orders dipped by one percent in September
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.

Tuesday, November 3, 2015

BuilderBytes' MetroIntelligence Economic Update for 11/3/15

Please click here to see the edition of BuilderBytes for 11/3/15 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:
  • Consumer sentiment rebounded in October, YTD 2015 levels highest since 2004
  • Personal income and spending both inched up in September
  • Chicago Business Barometer bounced back strongly in September
  • Construction spending rose 0.6 percent in September to highest level since March 2008
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.

Friday, October 30, 2015

BuilderBytes' MetroIntelligence Economic Update for 10/30/15


Please click here to see the edition of BuilderBytes for 10/30/15 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:
  • Pending home sales dipped in September but still up 3.0 percent year-over-year
  • Third quarter 2015 GDP growth fell to 1.5 percent in advance estimate
  • Mortgage applications fall 3.5 percent in latest survey as rates inched back up
  • Initial unemployment claims rise by 1,000 but 4-week average still at lowest level since Dec. 1973
  • Federal Reserve leaves interest rates unchanged for now
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.

Thursday, October 29, 2015

BuilderBytes' MetroIntelligence Economic Update for 10/29/15

Please click here to see the edition of BuilderBytes for 10/29/15 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:
  • Case-Shiller National Index rose 0.3 percent in August and 4.7 percent year-over-year
  • Durable goods orders fell 1.2 percent in September, but core capital goods orders still rose 0.5 percent
  • Consumer confidence dipped in October after modest gain in September
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.

Tuesday, October 27, 2015

Generational Shifts in Home Buying: A 2015 NAR Report Reveals Interesting Insights

Recently, the National Association of Realtors® released their 2015 Home Buyer and Seller Generational Trends report, which analyses the differences between recent home buyers and sellers of various age groups. The report is chock full of interesting insights, such as the continued importance of partnering up with a real estate agent for younger buyers even after having done considerable research online.

Moreover, as the housing market continues to emerge from the Great Recession, one trend has been made abundantly clear:  Despite the considerable headwinds facing Generation Y as they came of age often saddled with student debts, car loans, stagnant wages and tighter mortgage standards, they have continued to persevere, and in 2015 accounted for the nearly one-third of home buyers.

At the same time, Baby Boomers accounted for almost as many sales (split among 16 percent younger Boomers and 15 percent older Boomers), while Generation Xers followed behind at 27 percent.  The Silent Generation accounted for just 10 percent of recent sales activity.

Lawrence Yun, NAR’s chief economist, believes that the survey once again underscores the still-untapped demand for owning homes among young adults, reporting that over 80 percent of both Gen X and Gen Y buyers view their home purchase as solid investment.  As opposed to renting in today’s market -- in which tenants can expect to see annual increases of three to five percent -- they’re counting on the predictable, fixed payments made available by a traditional mortgage.

Of course selling to these different generations also requires a more customized approach than we might have seen in years past, in which the same traditional sales office, model home complex, well-crafted brochure and robust Web site could market just as effectively to distinct age groups.

For example, although 65 percent of married couples buy today’s homes (with another 8 percent of unmarried couples making the plunge), single women are almost as twice as likely to buy a home than their male counterparts.  However, given that 65 percent of all buyers do not have children, forcing them to choose among resale homes in suburbs originally designed mostly for families can often be a marketing challenge.

In addition, the rising importance of multi-generational homes -- accounting for 13 percent of recent sales -- has seemingly risen in lockstep with a higher share of foreign-born buyers, especially to middle-aged heads of households born in the 1970s.  However, given that 70 percent of buyers continue to choose suburban locations, it seems that many want to leave their options open, whether that means future children, a grown child moving back into the home, or aging parents and in-laws who may need additional supervision from family members.

Today’s buyers also rely much more on the Internet to conduct their own research, ranging from about one-third for older buyers to just over half for those under age 35.  What this means is that by the time a potential buyer visits an open house or a model complex, they’re probably not looking for information they already know -- they’re seeing if the photos and marketing verbiage matches the reality of seeing it in person, as well as how knowledgeable and trustworthy the sales agent seems.

Moreover, given that more than half of both Generation X and Y buyers started their home search on smartphone devices (with about 25 percent ultimately finding that new home in the same way), it is critical for builders and agents to optimize their Web sites for mobile users.

For younger buyers under age 35, they bring their own unique wish list, such as a premium on convenience to their jobs, a desire to avoid renovation headaches (which bodes well for newer homes if they can afford it) and a need for low down payments.   Yet because of that affordability issue, it’s often those same younger buyers opting more for older homes out of necessity.

For older buyers such as Baby Boomers, when they move it’s often to a smaller home, even if they’re not ready for retirement, and if they’re looking for a freer lifestyle with less home maintenance, new homes with community amenities continue to be quite popular, especially if they plan to stay there for 15 to 20 years.

Finally -- and not surprisingly -- the older the buyer, the less they’re willing to compromise in terms of price, size and condition of the home.  And who can blame them?  After a lifetime of catering to family needs and wants, a low-maintenance home with a view seems like a pretty nice reward for a life well lived.

BuilderBytes' MetroIntelligence Economic Update for 10/27/15

Please click here to see the edition of BuilderBytes for 10/27/15 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:
  • Leading Economic Index declined 0.2 percent in September after two months of no changes
  • September new home sales fall 11.5 percent from August but still up 2.0 percent year-over-year
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.