(This is Part 2 of a six-part series. Read Part 1, Part 3, Part 4, Part 5 and Part 6.) The number of "traditional" buyers and sellers is rapidly shrinking. Have you made the necessary shifts to meet the needs of the 21st century consumer? Last week's article looked at three key economic trends that will affect your business in 2007. Today's article examines important demographic influences on your business. #4: The changing face of the 21st century real estate consumer In 2007, 60 percent of all transactions will be with immigrants and minorities. This demographic is more likely to be composed of first-time buyers. A challenge many of these first-time buyers face is lack of a U.S. credit history. Few lenders have programs to address this problem. Consequently, closing these transactions can be difficult unless the purchase is all cash. On the other hand, we are also experiencing a major surge of foreign buyers for our most luxurious properties. Our industry continues to lag behi...
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