Gambling, Sin Taxes, Mortgage Rates, and More

Gambling, Sin Taxes, Mortgage Rates, and More

In the dynamic realm of real estate, staying informed about market trends is crucial for making strategic decisions. Let’s dive into some recent developments and insights that can shape your approach to investing in 2024.

1. Gambling Revenue Surges Amid Economic Challenges

The gambling industry continues to thrive, reporting a record revenue of $66.5 billion in 2023, according to the American Gaming Association. While this may seem like a staggering figure, it prompts us to reflect on the broader impact of such activities. Imagine the financial landscape if we redirected the money spent on gambling and luxury items.

2. The Sin Tax Conundrum

Gambling, alongside other vices like alcohol, cigarettes, and marijuana, contributes to what is known as sin taxes. These levies fund government revenue but underscore a concerning trend. With less than 50% of the population paying taxes due to various factors, the reliance on sin taxes raises questions about the sustainability and ethics of such revenue streams.

3. Housing Market Dynamics: A Tale of Two States

Moving beyond the allure of sin taxes, let’s shift our focus to the Pacific and Mountain states. Nevada emerges as a promising player with a projected 3.0% increase in job growth in 2024. The state’s challenges, such as a 5.4% unemployment rate and a shortage of residents, present both opportunities and considerations for real estate investors.

4. Hotel Industry Staffing Woes

The hotel industry is grappling with acute staffing shortages, offering $23.91 per hour as a starting wage. This dilemma underscores the ongoing challenges in the labor market and prompts us to reflect on the value of work-life balance and job satisfaction.

5. Real Estate Opportunities: Ground-Up Construction and Speculative Housing

As we anticipate the spring home selling season, it’s essential to consider the trends that will shape the real estate landscape. Forbes emphasizes the importance of focusing on ground-up construction on infill lots and major renovation projects in 2024. With housing stock near historic lows, these strategies offer promising opportunities for investors.

6. Strategic Pricing for Faster Sales

To navigate the evolving market, investors are advised to target a retail sales price at 60% of the FHA cap. This approach ensures properties are more likely to sell quickly, providing a practical solution for investors aiming to build a successful real estate portfolio.

7. Future Mortgage Rate Predictions

Mortgage rates are expected to hover around 7% in 2024, with a potential dip to 6%. The market dynamics suggest that rates won’t fall significantly, reinforcing the need for strategic investment decisions. Buyers should act swiftly in the competitive market, fueled by a tight inventory.

8. New Home Sales and Existing Home Sales

Intriguingly, 2024 is expected to witness a surge in new home sales, constituting 10% of the market. However, the spotlight shifts to 2025, where existing home sales are projected to account for 12% of the market. This emphasizes the importance of owning property as we move into a phase of increased housing market activity.

In conclusion, the real estate landscape is evolving, presenting a mix of challenges and opportunities. By staying attuned to market trends and adopting strategic investment approaches, investors can position themselves for success in the dynamic and competitive world of real estate.

Learn how to take advantage of shifting market conditions using real estate to target stability and returns inside your portfolio.   Book a quick call with one of our Investor Relations team members to learn more today.  Book now!

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