While millennials may be driving much of the commercial real estate market, the Greenville residential market is also feeling the impact of baby boomers downsizing into smaller homes. Joan Herlong, Residential Real Estate expert, says, “You have to view your home as an investment, or else it will be a drain. High net worth individuals that want to downsize need to understand that it is imperative to have recent renovations done on their home if they want to make a profit.”
Buyers are not willing to bid on an old home then proceed with renovations if they cannot get a good deal, which in turn, means the seller will not make any profit. It is a balancing act between minimizing inconvenience and maximizing return, dependent upon each individual’s situation. People often make the mistake of not doing their homework when it comes to buying or selling, and Herlong encourages people to interview more than one agent by asking questions – which means that both the seller and the buyer are making a fully informed decision.
Nachman Norwood & Parrott partners with professionals in the field to make sure we have an informed outlook on the industry. Let us help you determine what questions to ask your agent, and learn more by downloading “Perspectives” today.
Joan Herlong is not affiliated with NNP Wealth or its affiliates. The material presented is not considered an endorsement of the professionals and therefore NNP Wealth gives no assurances as to the quality of their services.
The opinions expressed here reflect the judgement of the author as of the date of the report and are subject to change without notice.
Utilizing your Financial Advisor when it comes to real estate investments can be a powerful tool in your wealth management arsenal, especially knowing what trends are driving the industry. According to Commercial Real Estate expert, Clay Grubb, the latest trend is, “Demand outstripping supply in every component of real estate right now. There is more demand than there is supply being built, and demand will continue to outstrip supply for the foreseeable future.” This trend is due to the largest generation yet — millennials.
Millennials are a huge component of this trend in the sense that the industry has this large demand for apartments that is not able to be met. Eventually, millennials will begin to buy homes, but that will not occur for another several years. The biggest problem is that the criteria to qualify for a home loan have become so burdensome that it is extremely difficult to attain one. People don’t have easy access to home loans, and this is the reality of the regulation pendulum swinging the other way after the housing crisis of 2008.
Learn more about commercial real estate trends and key factors that play an important role by downloading “Perspectives” today.
Clay Grubb is not affiliated with NNP Wealth or its affiliates. The material presented is not considered an endorsement of the professionals and therefore NNP Wealth gives no assurances as to the quality of their services.
The opinions expressed here reflected the judgement of the author as the date of the report and are subject to change without notice.
Too often we see our tax advisor or accountant once a year for tax season and don’t think about that person again until the following year. One of the biggest lessons we gleaned from our thought piece, “Perspectives”, is the need to use a tax advisor strategically.
One of our interview subjects, Kris Gretzschel, CPA, CFP®, First Vice President at Wells Fargo Advisors, offers insight on investments in MLPs, the importance of ownership when it comes to 529s, and other tax-efficient and retirement strategies. For example, certain types of business losses can be used to offset other income or gains, such as Roth conversion income or gain from the sale of real estate.
To learn more about how to better utilize your tax advisor and read more insights from our interviews, download “Perspectives” today.
On Thursday, June 9, Nachman Norwood & Parrott Wealth Management Consultancy (NNP) released a perspective paper highlighting wealth management, tax, legal, real estate and insurance planning insights for high net worth individuals. NNP interviewed the following professionals who offered their expertise to help guide you in the key areas of wealth management:
- Tax professional: Kris Gretzschel, Wells Fargo Advisors, LLC
- Tax law professional: David Merline, Merline & Meacham, P.A.
- Commercial real estate professional: Clay Grubb, Grubb Properties
- Residential real estate professional: Joan Herlong, AugustaRoad.com Realty, LLC
- Insurance professional: Howard Einstein, Rosenfeld Einstein
As an industry leader, NNP understands that perspective is informed by multiple points of view and no decisions are made in a vacuum. Engaging industry professionals to help guide specific areas of wealth management can help one make better informed decisions and help individuals maintain a long-term plan.
To learn more about NNP’s Perspective Paper click here.