Did you know that 1 in 6 Americans currently live in a multigenerational household?
According to Generations United, the number of multigenerational households rose from 42.4 million in 2000 to 64 million in 2016. The 2018 Profile of Home Buyers and Sellers from the National Association of Realtors shows that 12% of all buyers have a multigenerational household. Why Are Many Americans Choosing to Live in a Multigenerational Household? The benefits to multigenerational living are significant. According to Toll Brothers, “In recent years, there’s been a steady rise in the number of multigenerational homes in America. Homeowners and their families are discovering new ways to get the most out of home with choices that fit the many facets of their lives.” The piece continues to explain the top 5 benefits of multigenerational living. Here is the list, and a small excerpt from their article: 1. Shared Expenses “…Maintaining two households is undeniably costlier and more rigorous than sharing the responsibilities of one. By bringing family members and resources together under one roof, families can collectively address their expenses and allocate finances accordingly.” 2. Shared Responsibilities “Distributing chores and age-appropriate responsibilities amongst family members is a tremendous way of ensuring that everyone does their part. For younger, more able-bodied members, physical work such as mowing the lawn or moving furniture is a nice trade-off so that the older generation can focus on less physically demanding tasks.” 3. Strengthened Family Bond “While most families come together on special occasions, multigenerational families have the luxury of seeing each other every day. By living under one roof, these families develop a high level of attachment and closeness.” 4. Ensured Family Safety “With multiple generations under one roof, a home is rarely ever left unoccupied for long, and living with other family members increases the chances that someone is present to assist elderly family members should they have an accident.” 5. Privacy “One of the primary trepidations families face when shifting their lifestyle is the fear of losing privacy. With so many heads under one roof, it can feel like there’s no place to turn for solitude. Yet, these floor plans are designed to ensure that every family member can have quiet time… [and] allow for complete separation between the generations within the household.” Bottom Line The trend of multigenerational living is growing, and the benefits to families who choose this option are significant. If you’re considering a multigenerational home, reach out to a local real estate professional to learn more about the options available in your area. SOURCE KCM #SeniorMarket #GenerationX #Millennials #SimardRealtyGroup #eXpRealty
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Homes are selling quickly, in an average of 31 days, and interest rates are still historically low. If you're thinking of buying or selling a home, let's connect and make these numbers work for you.
#GranbyHomes #Homesforsale #Realestate #Simsburyhomes #HomeValues #RealEstateAdvise #RealtorGranby #RealEstateSimsbury #StephenSimard #eXpRealty For Sale! 37 Salmon Brook St, Granby, CT priced @ $224,950!
"Come see this value priced cape set on an open 1.6 acre level lot. Inside find a generous sized eat in kitchen with center island, pantry, bay window, and ample cabinet space. Hardwood floors throughout. Newer roof, vinyl siding, & energy efficient windows. " View photos and property info here: https://37salmonbrookst.thebestlisting.com/ #ForSale #Granby #SellingCT #SimardRealtyGroup #joineXpRealty To understand today’s complex real estate market, it is critical to have a local, trusted advisor on your side – for more reasons than you may think.
In real estate today, there are essentially three different price points in the market: the starter-home market, the middle-home market, and the premium or luxury market. Each one is unique, and depending on the city, the price point in these categories will vary. For example, a starter or lower-end home in San Francisco, California is much more expensive than almost any other part of the country. Let’s explore what you need to know about each of these tiers. Starter-Home Market: This market varies by price, and these homes are typically purchased by first-time home buyers or investors looking to flip them for a profit. Across the country, homes in this space currently have less than 6 months of inventory for sale. That means there aren’t enough homes on the lower end of the market for the number of people who want to buy them. A low supply like this generally increases competition, drives bidding wars, and sets up an environment where homes sell above the listing price. According to data from the National Association of Realtors (NAR) on realtor.com, “The desire for affordability continues to push down the inventory for homes listed for less than $200,000.00.” Middle-Home Market: This segment is often thought of as the move-up market. Typically, the buyer in this market is moving up to a larger, more custom home with more features, all coming at a higher price. Across the country, this market is looking more balanced than the lower end of the market, meaning it has closer to a 6-month supply of inventory for sale. This market is more neutral, but leaning towards a seller’s market. Premium & Luxury Home Market: This is the top end of the market with larger homes that have even more custom features and upgrades. Nationwide, this market is growing in the number of homes for sale. In the same realtor.com article, we can see that year-over-year inventory of homes in this tier has grown by 4.7%. Today, there are more homes available in the premium and luxury space, leading to more of a buyer’s market at this end. Bottom Line Depending on the segment of the market and the price point you’re looking at, you’re going to need the advice of a true local market expert to help you successfully navigate the home-buying or selling process. SOURCE KCM #Pricing #LuxuryMarket #ForSellers #ForBuyers #SimardRealtyGroup #eXpRealty For Sale! 41 Orchard Hill Dr, South Windsor, CT @ $449k!
"ORCHARD HILL NEIGHBORHOOD! So many updates to this luxurious 5 bedroom 4 bath colonial ready for the next lucky owner. A flexible floor plan offers the perfect setting for entertaining and casual living. In the kitchen find beautiful custom white cabinetry, black granite countertops, double oven, stainless appliances, new lighting, tile backsplash, and center island." View more photos and info here: https://41orchardhilldr.thebestlisting.com/ #ForSale #OrchardHill #SouthWindsor #SimardRealtyGroup #joineXpRealty In today’s market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. Here are five tips from realtor.com’s article, “How to Find Your Dream Home—Without Losing Your Mind.”
1. Get Pre-Approved for a Mortgage Before You Start Your Search One way to show you’re serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage. Even if you’re in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach. This will help you avoid the disappointment of falling in love with a home well outside your price range. 2. Know the Difference Between Your ‘Must-Haves’ and ‘Would-Like-To-Haves’ Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Before you start your search, list all the features of a home you would like. Qualify them as ‘must-haves’, ‘should-haves’, or ‘absolute-wish list’ items. This will help you stay focused on what’s most important. 3. Research and Choose a Neighborhood Where You Want to Live Every neighborhood has unique charm. Before you commit to a home based solely on the house itself, take a test-drive of the area. Make sure it meets your needs for “amenities, commute, school district, etc. and then spend a weekend exploring before you commit.” 4. Pick a House Style You Love and Stick to It Evaluate your family’s needs and settle on a style of home that will best serve those needs. Just because you’ve narrowed your search to a zip code doesn’t mean you need to tour every listing in that vicinity. An example from the article says, “if you have several younger kids and don’t want your bedroom on a different level, steer clear of Cape Cod–style homes, which typically feature two or more bedrooms on the upper level and the master on the main.” 5. Document Your Home Visits Once you start touring homes, the features of each individual home will start to blur together. The article suggests keeping your camera handy and making notes on the listing sheet to document what you love and don’t love about each property you visit. Bottom Line In a high-paced, competitive environment, any advantage you can give yourself will help you on your path to buying your dream home. SOURCE KCM #ForBuyers #DreamHome #RealEstateProfessional #SimardRealtyGroup #eXpRealty Some Highlights:
SOURCE KCM #infographics #HousingMarketUpdates #SimardRealtyGroup #eXpRealty No one knows for sure when the next recession will occur. What is known, however, is that the upcoming economic slowdown will not be caused by a housing market crash, as was the case in 2008. There are those who disagree and are comparing today’s real estate market to the market in 2005-2006, which preceded the crash. In many ways, however, the market is very different now. Here are three suppositions being put forward by some, and why they don’t hold up.
SUPPOSITION #1 A critical warning sign last time was the surging gap between the growth in home prices and household income. Today, home values have also outpaced wage gains. As in 2006, a lack of affordability will kill the market. Counterpoint The “gap” between wages and home price growth has existed since 2012. If that is a sign of a recession, why didn’t we have one sometime in the last seven years? Also, a buyer’s purchasing power is MUCH GREATER today than it was thirteen years ago. The equation to determine affordability has three elements: home prices, wages, AND MORTGAGE INTEREST RATES. Today, the mortgage rate is about 3.5% versus 6.41% in 2006. SUPPOSITION #2 In 2018, as in 2005, housing-price growth began slowing, with significant price drops occurring in some major markets. Look at Manhattan where home prices are in a “near free-fall.” Counterpoint The only major market showing true depreciation is Seattle, and it looks like home values in that city are about to reverse and start appreciating again. CoreLogic is projecting home price appreciation to reaccelerate across the country over the next twelve months. Regarding Manhattan, home prices are dropping because the city’s new “mansion tax” is sapping demand. Additionally, the new federal tax code that went into effect last year continues to impact the market, capping deductions for state and local taxes, known as SALT, at $10,000. That had the effect of making it more expensive to own homes in states like New York. SUPPOSITION #3 Prices will crash because that is what happened during the last recession. Counterpoint It is true that home values sank by almost 20% during the 2008 recession. However, it is also true that in the four previous recessions, home values depreciated only once (by less than 2%). In the other three, residential real estate values increased by 3.5%, 6.1%, and 6.6%. Price is determined by supply and demand. In 2008, there was an overabundance of housing inventory (a 9-month supply). Today, housing inventory is less than half of that (a 4-month supply). Bottom Line We need to realize that today’s real estate market is nothing like the 2008 market. Therefore, when a recession occurs, it won’t resemble the last one. SOURCE KCM #HousingMarketUpdates #MoveUpBuyers #SimardRealtyGroup #eXpRealty Price Improved! 4 Randall Ave, East Granby now @ $275k!
Want a like new home? Come see 4 Randall Ave East Granby. This fabulous home has undergone a complete remodel and awaits a new lucky owner. Neutral fresh paint in all rooms. Great open floor plan with the kitchen open to the dining area and living room. Want more photos and info about this gorgeous property? Click the link below: https://4randallave.thebestlisting.com/ #PriceReduced #4RandallAve #SellingCT #SimardRealtyGroup #eXpRealty OPEN HOUSE SUNDAY! 258 Hartford Ave, East Granby, CT priced @ $217,500!
Drop by on Sunday, October 20, on 258 Hartford Ave, East Granby for an amazing Open House - starts at 12:30PM-2:00PM. Hope to see you! "Come home to this well cared for ranch set on the East Granby/Granby line. On the main level find the eat-in kitchen with ample cabinet space, tiled backsplash, and stainless appliances. The first floor is complete with a dining room, full bath, and three good sized bedrooms. " Read full property info here: https://258hartfordave.thebestlisting.com/ #OpenHouse #Hartford #SellingCT #SimardRealtyGroup #eXpRealty |
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