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.
Wells Fargo Advisors Financial Network is not a legal or tax advisor.
Published June 29, 2016
In the June 29 issue of the Upstate Business Journal, Nachman Norwood & Parrott’s Managing Director, Bob Nachman, was quoted in an article about Brexit’s effect on the global markets along with professionals from GE, BMW and others. Nachman agreed that the Brexit vote is generating widespread uncertainty, with the Dow falling 610 points following the vote, and with losses continuing.
“If you have a properly diversified portfolio, there’s no reason to panic, said Nachman. “There could be investment opportunities that present themselves because of this. That’s not just stocks. That could be bonds or other type investments.”
Read the full article on the Upstate Business Journal’s website, or call us at (864) 467-9800 if you have questions.
Nachman Norwood & Parrott (NNP) released a perspective paper earlier this June to offer insights from experts in key areas of wealth management. These focus areas are meant to help inform high net worth individuals in tax, legal, real estate and insurance planning — which are all essential factors that play a vital role in wealth management.
Last night, the UK voted to leave the European Union (EU). Although the polls had been tight leading up to the vote, the decision was ultimately a surprise to many and, in particular, the worldwide capital markets. Since the journey ahead is unprecedented for the UK and EU, it is clearly too soon for anyone to fully understand the ramifications. What we do know is that change is a constant in the world and clear-headed, long-term planning is what helps steer our strategy.
It is important to understand the changes that will take place do not happen immediately. It will take the UK two years to negotiate their exit, which will likely result in prolonged uncertainty. We also know that markets typically overreact at the onset of uncertainty. Making long-term financial decisions during the initial reaction phase can be a mistake. For the clients of NNP, the question always relates back to how change affects one’s long-term plan. Having this plan is what helps us properly guide you through good times and bad. It can also lead us to take advantage of opportunities created by uncertainty.
We recognize there will be challenges, and we will be here to see our clients through them. We have much more to learn and consider and will be doing that over the following days, weeks and years. As we do, we will provide the advice we believe to be in our clients’ best long-term interests. We will keep you informed as the situation progresses.
Nachman Norwood & Parrott
Wealth Management Consultancy
Stocks offer long-term growth potential, but may fluctuate more and provide less current income than other investments. An investment in the stock market should be made with an understanding of the risks associated with common stocks, including market fluctuations.
Investing in foreign securities presents certain risks not associated with domestic investments, such as currency fluctuation, political and economic instability, and different accounting standards. This may result in greater share price volatility.
The views expressed by the author are his own and do not necessarily reflect the opinion of Wells Fargo Advisors Financial Network or its affiliates.