Multigenerational Homes Provide Cost Savings
Multigenerational Households offer Many Benefits
- Proximity provides enhanced bonds or relationships among family members
- Makes it easier to provide care for family members
- Offers an improved financial situation for at least one family member
- Can provide a positive impact on the physical and mental health of family members
- Can make it possible for family members to train for a job or continue education
Making Multigenerational Living Work
- Maintain open communication on feelings and expectations
- Define separate and shared living spaces
- Have respect for one another’s space, time, and rules
- Plan activities for intergenerational bonding
- Setup recharging time for caregivers
Keys to Selling Your Home this Spring
- Price your home at market value
- Make sure your home is in ideal condition
- Provide buyers good access
- Make the first impression count
Price your home at market value
Make sure your home is in ideal condition
Provide buyers good access
Make the first impression count
- Mortgage standards are stricter now than they were in 2008
- There are fewer foreclosures in today’s real estate industry
- There are fewer homes for sale in today’s housing market
Mortgage standards are higher today than during the 2008 housing market crash.
The real estate industry has fewer foreclosures today than the housing market crash of 2008.
Back in 2008, there were far more homes for sale in the housing market compared to the number of buyers.
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Advantage for Buyers in Current Seller’s Market
Advantage for Sellers in Current Seller’s Market
Seller’s Market Sweet Spot
- With less competition, the market sees higher prices and quicker sales
- Sellers have more negotiating power, where you’ll need to make less concessions
- Frequently older homes means premium location and larger lots which leads to more demand and generally higher sale prices
Pros to New Construction Homes
- Customizable Features
- Energy Efficiency
Cons to New Construction Homes
- Higher costs can come in the form higher price per square foot, material cost, and features potentially not included like fences, basements, and sod.
- Limited negotiating power as the builder is frequently the seller and wants to maximize profit.
- Decision fatigue can happen when deciding between all of the customizable features.
Pros to Resale Homes
- Variety of Styles and Floorplans
- Established Neighborhood
- Move in Faster
Things to Remember when looking at New Construction Homes
From the National Association of Realtors, we know that the supply of homes in different in today’s housing market than it was in 2008. Back in 2008, there were too many homes for sale compared to the number of buyers in the market. There was also a wave of short sales, foreclosures, and overbuilding that put the market into a bubble.
Is the housing market going to crash like it did in 2008?
What other key indicators show that today’s market differs from 2008?
- We have a strong labor market today, while the last housing downturn saw, in just a single year, 8 million job losses.
- We are seeing much less risky home loans offered while subprime loans were common during the 2008 housing market bust.
- The rate at which mortgage borrowers were delinquent on their loans was at 10% in 2008 versus 3.6% today.
- We are seeing an historically low foreclosure rate at 0.6% whereas 2008 saw a 4.6% foreclosure rate.
Two key factors will shape the 2023 housing market:
- Mortgage Rates
The big factor in the real estate market in 2023 is inflation.
Remember, 2023 is going to be all about that word “inflation.”
Here is what sellers need to consider in today’s slower real estate market:
Be willing to negotiate when selling your house.
Price your home at market value.
Think about your first impression on buyers.
Here is how new equity in your home can make a big difference in your life. You can use your equity to (source: CoreLogic):
- Buy a home that fits your needs
- Reinvest in your current house
- Pursue your personal goals