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Multigenerational Homes Are on the Rise

As loved ones start to get older, we start to wonder: how long will they be able to live alone? Will they need someone there to help them with daily life? There’s a reason to ask those questions now more than ever, as the average life expectancy in the U.S. is 78 years old!  As a result, 41% of Americans in the market are searching for a home that can accommodate a multigenerational family. The graph below shows the number of people by generation that [...]

By |2019-05-29T04:00:04-06:00May 29th, 2019|Baby Boomers, Demographics, First Time Home Buyers, For Buyers, For Sellers, Generation X, Housing Market Updates, Millennials, Move-Up Buyers, Senior Market|Comments Off on Multigenerational Homes Are on the Rise

Are Older Generations Really Not Selling Their Homes?

Many studies suggest one of the main reasons for the inventory shortage in today’s market of homes for sale is that older generations have chosen to “age in place” over moving. The 2019 Home Buyers & Sellers Generational Trend Report by NAR clarifies this point! NAR’s findings show that Baby Boomers (43%) and the Silent Generation (12%) made up 56% of sellers in 2018! This means the majority of sellers last year were over the age of 54. This also shows these generations ARE moving! [...]

By |2019-05-21T04:00:07-06:00May 21st, 2019|Baby Boomers, Demographics, For Buyers, For Sellers, Housing Market Updates, Senior Market|Comments Off on Are Older Generations Really Not Selling Their Homes?

What Would Make You Sell Your House?

There are many reasons why a homeowner decides to sell their house and move. The latest Generational Trends Report from the National Association of Realtors asked recent home sellers to share their reason for moving. The younger the respondents, the more likely their top response centered around needing a larger home (ages 29 to 53). Relocating for a job was the top reason for those ages 54 to 63 and the second most popular response for those under 53. The chart below shows the breakdown [...]

By |2019-04-30T04:00:31-06:00April 30th, 2019|Baby Boomers, Demographics, First Time Home Buyers, For Buyers, For Sellers, Generation X, Housing Market Updates, Millennials, Move-Up Buyers, Senior Market|Comments Off on What Would Make You Sell Your House?

New Study Reveals One Surprising Reason for the Inventory Shortage

There has been a great amount written on millennials and their impact on the housing market. However, the headlines often contradict each other. Some claim this generation is becoming the largest share of first-time home buyers, while others claim millennials don’t want to own a home, blaming them for the dip in homeownership rate. While it is true that millennials have achieved milestones like getting married, having kids, and buying homes later in life than their parents and grandparents did, they are not solely to [...]

By |2019-04-24T04:00:53-06:00April 24th, 2019|Baby Boomers, Demographics, First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Millennials, Move-Up Buyers, Senior Market|Comments Off on New Study Reveals One Surprising Reason for the Inventory Shortage

Why Homeownership Matters Now More Than Ever

Study after study shows that no matter what generation Americans belong to, the vast majority believe that homeownership is an important part of their American Dream. The benefits of homeownership can be broken into two main categories: financial and non-financial (often referred to as emotional or social reasons.) For Americans approaching retirement age, one of the greatest benefits to homeownership is the added net worth they have been able to achieve simply by paying their mortgage! The Joint Center for Housing Studies at Harvard University [...]

By |2019-02-13T05:00:22-06:00February 13th, 2019|Baby Boomers, First Time Home Buyers, For Buyers, Move-Up Buyers, Rent vs. Buy, Senior Market|Comments Off on Why Homeownership Matters Now More Than Ever

Buying A Vacation Property? Now Is A Good Time!

Every year around this time, many homeowners begin the process of preparing their homes in case of extreme winter weather. Some others skip winter all together by escaping to their vacation homes in a warmer climate. For those homeowners staying at their first residence, AccuWeather warns: “The late-week cold shot should fade next week, but this is a warning shot for winter’s return late in the month and early February.” Given this, it’s time to go and stock up on winter weather supplies! However, if [...]

By |2019-01-08T05:00:36-06:00January 8th, 2019|Baby Boomers, For Buyers, Move-Up Buyers, Senior Market|Comments Off on Buying A Vacation Property? Now Is A Good Time!

Homeowners Aged 65+ Have 48x More Net Worth Than Renters

Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. Their latest survey data covers responses from 2013-2016. The study revealed that the median net worth of a homeowner was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013). These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a [...]

By |2018-12-04T05:00:16-06:00December 4th, 2018|First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers, Rent vs. Buy, Senior Market|Comments Off on Homeowners Aged 65+ Have 48x More Net Worth Than Renters