Housing News
As Predicted, Multiple Generations Sharing Homes on the Rise
Multi-generational housing
Over the last 12 months, 37% of Coldwell Banker Real Estate real estate sales professionals noted an increase in buyers looking to purchase homes to suite more than one generation of their family, according to a recent Coldwell Banker survey of its network of professionals.
Southern New Hampshire Realtor, Monika McGillicuddy said, “I am seeing the same thing. My adult son lives in an in law apartment attached to my house and my brother in law lives with my mom in law. I think it’s a sign of the times and brings back stories I was told by my parents when they were young and the family all lived together. My grandfather, Uncle & family and Aunt & her family all shared a three family home. Combining resources, helping to baby sit and sharing in the day to day activates. My sister built her home with an in-law in mind.”
The report shows taht 70% of the surveyed agents believe that this trend will continue this year as demand for multi-generational homes rise with financial drivers as the primary reason for families sharing a home. Interestingly, only 29% of agents surveyed said they believe the driving factor to be health care issues.
McGillicuddy also noted, “I’m not sure it will impact vacancy rates here [locally,] as I work in a country setting where apartments are not easy to find. I do think it is getting back to when life was simpler and about saving money more than anything else.”
“While saving money is certainly an incentive for buying a home that accommodates multiple generations, the benefits go beyond just financial reasons,” said Diann Patton, Coldwell Banker Real Estate Consumer Specialist. “With two or three generations living under one roof, families often experience more flexible schedules, quality time with one another and can better juggle childcare and eldercare.”
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Housing News
Average age of houses on the rise, so is it now better or worse to buy new?
With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.
The average home age is higher than ever
(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.
With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.
Prices of new homes on the rise
Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.
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Housing News
Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?
The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.
Why Realtors are vulnerable to these rapid changes
(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub, Realtor.com, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.
Note: We’ll let you decide which company plays which role in the image above.
So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.
1. Zillow poaches top talent, Move/NAR sues
It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also Realtor.com’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.
Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.
2. Two major media brands emerge
Last fall, the News Corp. acquisition of Move, Inc. was given the green light by the feds, and this month, Zillow finalized their acquisition of Trulia.
…Click here to continue reading this story…
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jeffrey gordon
February 23, 2010 at 6:31 am
Having watched some close friends and their families in recent years weather the challenges of both the economy and family health issues I felt confident that “Universal” design housing was going to have a bright future as American families join the rest of the world in regards to their use of homes for 2-3 generations vs the single generation and surprisingly often single professional occupancy typical here in the U.S.
A return to a more “normal” housing market and finance options combined with a pro-longed period of slower economic growth would be enough to encourage such a reality, but when combined with an aging boomer generation (facing their parents and their own health issues) whose homes (unlike their parents) are not paid off is very likely to turbocharge the movement towards this “shared generational” housing model.
My sense of it is that it works well for everyone (parents/boomers/gran kids) and thus the reason it has long been adopted around the world and only moved away from in the U.S. because of the unique and unlikely to be repeated economics experienced in the US between the early 1950’s today.
In my mind, any builder not incorporating “Universal” design features ( step less entryways, cabinetry, bathroom accessibility for walkers/chairs, door handles, light switches, and even an elevator shaft rough in ) into a new house design are missing a big market segment.
JG
Kathy Torline
February 23, 2010 at 6:33 am
I’ve also started to see the same trend in the Colorado Springs area. There are definite advantages of having multiple generations live together.
monika
February 23, 2010 at 9:07 am
In Europe you see that a lot, at least I do when talking to relatives that I have in Germany. Family compounds, not huge places but small places. Everyone working together and taking care of the elderly and the young.
Ross Therrien, Prudential Verani
February 23, 2010 at 9:16 am
You used my idea for my first blog. Addressing this happening, from a personal perspective.
Joe
February 24, 2010 at 6:40 pm
This phenomenon has become particularly troublesome for my wife and I. We have several rental properties that we own and manage, and we are having to monitor the number of people living in our rentals. We’ll rent to a couple with 2 kids, then after a month or two, there will be 3-4 cars in the driveway! 🙁