In order to conduct this analysis we take in data on market value of home at a national level, for 6 age categories over a 10 year period:
When we look at the change in the market value of homes over the course of a decade for any age group of homeowners nationally, we expect there to be a some increase in the value of all homes owned - this is not the case. The analysis reveals that the largest increases in home values from 2004 to 2013 have been in the value of homes for folks who are over the age of 65. The homes owned by homeowners in this group showed an increase of 19.5%. The values of homes of for folks in the 45 to 54 year age group showed no appreciation and besides that the value of homes in every other age group have actually declined as follows:
The market value of homes for folks between 55 and 64 years old have declined 13.4% between 2005 and 2014.The market value of homes for folks between 34 and 44 years old have declined 9.7% between 2005 and 2014.Folks who are between 25 and 34 years of age have seen a 24.3% decline in the value of their homes.And finally, young first time home owners below the age of 25 have seen a decline of a almost 46% of the value of their homes nationally.
All this of course has certain implications for Frank and Peter when they go about targeting their advertising and promotions. They have to consider these national trends in the values of homes and overlay that with what is happening in their target market to then develop more focused and targeted marketing material. Folks whose homes are under water in terms of valuation tend not to have the financial resources to be able to perform anything else but the very basic landscape maintenance work. With these homeowners if may be better to simply offer spring, summer and fall cleaning specials rather than long year round maintenance contracts.
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