Millennials worry about repaying debt
Almost half of American millennials are concerned about their ability to repay debts. That’s according to research by Mintel which found that the 18-34 age group is far more likely to have concerns about servicing debt (48 per cent) compared to all adults (31 per cent). The study found that 77 per cent of Americans have some kind of debt but 53 per cent say that the level of debt they hold impacts their daily lives. Forty-three percent of respondents have a mortgage while 46 per cent have a credit card; this rises to 77 per cent for millennials.
Robyn Kaiserman, Financial Services Analyst at Mintel said that millennials may have student debt and also have a larger proportion of debt compared to income. She says “There is an excellent opportunity for lenders to step in and offer services to help millennial borrowers meet their financial obligations and potentially avoid falling behind or defaulting on loans.”
Other findings include parents (77 per cent) being more likely than overall consumers (71 per cent) to have a primary goal of paying down loans. They are also more likely to know their own credit score and use a financial advisor. Men generally view having debt more positively than women. On credit scores younger women are more likely than man to have a better rating while men over 55 have better average scores than women of the same age.
Builders seize opportunity from 4-legged friends
Builders are working to cater for increasingly pampered pets. Responding to demand from homebuyers for pet friendly properties it is becoming easier to find a touch of luxury for animals as well as human residents. The Washington Post reports that last year Standard Pacific, a developer in California, started offering pet rooms in homes and buyers were keen to take advantage. The firm now offers the facility in 27 of its communities. It seems that America’s 80 million households with a pet are no longer content with a backyard; they want dog parks, exercise and drinking facilities, and pet-friendly picnic areas as part of their neighborhoods. Inside properties there are dog washrooms, electronic feeders and even dedicated rooms for pets.
New York sellers drop below $1 million to attract attention
For New York home sellers dropping their asking price by $1000 can work wonders. That’s assuming they’re selling a property that they might consider listing for a 7-figure sum. There are two reasons for the growing trend. Firstly, psychology. Even those buyers with a million dollars to spend will be attracted to a price like $999,000 rather than a million. But it’s not just about saving $1000 because the city’s 1 per cent surcharge on properties of $1 million or more, introduced as a mansion tax in 1989, means that the $1000 hit for the seller means an $11,000 saving for the buyer. Not that the listing price will necessarily be the selling price, but the attractiveness of the lower figure works as a marketing technique. “Even if we know it’s worth more, we will list at 999 to get more people in the door,” Howard Spiegelman, a broker at Compass told The New York Times.