Brian: Is there anything that an investor should be concerned about with the real estate market’s slowing down over this past month?
Kevin: Well, I don’t think so. I think, this right now is a very natural slowdown that we’re seeing in the market. We emerged from the recession where, again, jobs were low during the recession. People couldn’t afford to buy, they had to rent. Now, jobs have picked up. So both pools of renters and buyers have gotten bigger. We saw a nice run in prices nationally as we’ve recovered out of the recession. But I think right now we’re starting to see prices – the rate of price increases start to flatten out; which is healthy because it’s not sustainable if you’re seeing six, eight or 10% year-over-year increases in prices. So I think that the pace of price increases is really going to slow down.
But as an investor, because there is such a large pool of renters as the millennials are in the marketplace, and now we’re starting to see the centennials – the really young ones graduating from college now and they need a place to live. So I think that’s going to keep demand for rental property out there. And I think people who own real estate for cash flow are going to be very, very pleased. Even though prices are a little higher. Rents have also arisen.
Brain: You dropped the Centennial bomb on me. I haven’t heard that one.
Kevin Conlon – Principal & Co-Founder || Brian Conlon – Business Development
