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Millennials and Money: Six Trends for 2016

In Buying a Home, Houston Energy Corridor, Houston Real Estate Agent, Parks & Recreation, Real Estate Investment, Selling your home, Social Media, Terry Hershey Park on January 21, 2016 at 6:21 pm

At 75 million strong, Millennials are the country’s largest living generation. This social-savvy and boundary-pushing group is wielding its influence on virtually every industry, including the financial one. Here’s a look at six of the most popular finance trends among Millennials and a preview of what to expect in 2016:

  1. There will be an influx of Millennials in the workforce. According to the Bureau of Labor Statistics, 2016 will see more Millennials in the workforce than ever before, representing the largest segment among all generations. Their increasing presence in the workforce will give them more disposable income as they rise into management positions.
  2. Millennials are choosing socially conscious investment models. These models reflect Millennials’ social values of giving back, which have grown exponentially in just the last decade. In 2001, people invested $3.1 trillion in these models; by 2014 this jumped to $6.6 trillion.
  3. Weddings will become even more expensive. In 2014, the average price of a wedding rose to $31,213, a 4-percent increase from 2013, according to The Knot’s annual survey. If wedding prices continue this trend, 2016 will mark an all-time high for wedding costs. This could also contribute to the shift of Millennials marrying later in life. Many couples already choose to wed later due to student loan debt and unstable financial situations.
  4. The average student loan debt will continue to increase. As of 2015, students carry $1.2 trillion in debt. In 2014, about 70 percent of students graduated with an average loan debt of $28,950, up 2 percent from 2013. Student-loan debt affects the economy in many ways, demonstrated by the number of Millennials living at home and more young adults delaying buying a home.
  5. Millennials will skip the gym, but not the exercise. Wellness remains a top priority for Millennials, with 88 percent of Millennials saying they exercise, but according to a Mintel survey, 72 percent of Millennials say gym memberships are too expensive. Because of this, Millennials have been cutting their gym expenses and instead paying for wellness programs. In 2016, Millennials will pay for community exercise programs, fitness apps, classes and other nontraditional workouts over annual gym memberships.
  6. Millennials will continue to travel, but they will spend less per trip. Unlike older generations, Millennials are willing to make sacrifices, like forgoing hotel stays for hostels, to cut down expenses. According to a Yahoo! Travel Survey, 68 percent of Millennials are more likely to spend less than $1,000 per trip versus 33 percent of the population surveyed who says they would spend $1,000 to $4,999 on a vacation.

“By analyzing these trends, it’s clear that Millennials like to chart their own course when it comes to lifestyle and financial choices,” says Emily Holbrook, director of the young personal market at Northwestern Mutual. She urges Millennials to reflect on their spending habits and plan ahead.

“Millennials handle their finances much differently than previous generations,” says Holbrook. “Their financial decisions are reflective of their personal values, beliefs and lifestyles. It’s important for members of this generation to be smart about their money decisions and create a financial plan, especially since they’ve shown they tend to follow their heart.”

The New Year is a good reminder for Millennials to create a financial plan or consider speaking with a financial advisor. Young professionals can benefit from having a trusted financial representative by staying on top of money trends and seeking ways to be financially savvy.

Sources: Northwestern Mutual, www.TheMintGrad.org

Reprinted with permission from RISMedia. ©2016. All rights reserved.

If you are interested in buying or selling real estate in West Houston, please contact Connie Vallone with First Market Realty at (713) 249-4177  or visit www.houstonenergycorridorhomes.com  or www.vallonehomes.com

 

 

Social Media and Your Real Estate Transaction

In Buying a Home, Houston Energy Corridor, Houston Real Estate Agent, Selling your home, Social Media, Uncategorized, West Houston on May 15, 2013 at 10:49 pm
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LinkedinAnswers

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Buyer or seller beware!   It’s really exciting sometimes frustrating when you finally get or make an offer on your home or a home you want to buy.   So it’s natural to want to share with your friends the exciting news or sometimes vent a frustrating real estate  situation.

What you may not realize is Facebook or any other social media site is NOT the place to do this.   Keep in mind it’s the internet and anyone including the party you are in negotiations with can look you up and find out everything you are sharing.   It’s such a common practice that in my last contract negotiation class the instructor advised us to look up the other parties on Facebook, LinkedIn , Twitter and anywhere else we could find them just see what they are saying.   I can tell from a seller comments how motivated and excited they really are about our offer!

So keep it quiet until after closing and then share with everyone how happy you are and don’t forget refer your agent –

Connie Vallone First Market Realty 713 249 4177 connie@connievallone.com

www.houstonenergycorridorhomes.com   or www.vallonehomes.com