In order to analyze the market value of owned homes by race we have broken the national population into the following categories:
When we look at this national data we find that homes owned by folks who are classfied as White & Other races have actually gone down in value by 1.8% from 2009 to 2013. There has also been a drop in the value of black owned homes during that same period by a rate of 3.5%. We feel that this can be attributed to the fact that the greater real estate maket nationally is still in the process of getting its feet back after the severe drop in real estate values during the recession that began in 2007.
What is interesting to note in this analysis is the fact that home owned by Asians have actually been able to hold on to their values. In 2009 the average value of homes owned by Asians nationally was $217,275. By 2013 the value of these homes on average stood at $220,763 resulting in a modest 1.6% increase.
Business owners like Andy and Jose who are in the electrical contractor industry that caters to home ownersr need to be cognizant of these national trends and ensure that they recognize the trends in their local target markets and adjust their service offerings and positioning accordingly.
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