Senior Market Archives | Blessings Realty | Colorado Springs and Monument Realtor

Multigenerational Housing Is Gaining Momentum [INFOGRAPHIC]

April 30, 2021 By Claire Garlick Leave a Comment

Some Highlights

If your house is feeling a little cramped with the addition of adult children or aging parents, it might be time to consider a move-up into a multigenerational home that better suits your changing needs.
With benefits that include a combined home-buying budget and shared caregiving duties, an increasing number of households are discovering the value of a multigenerational home.
With such high demand for houses today, now is a great time to sell so you can upgrade to a multigenerational home that may better suit your evolving needs. Contact us today to discuss your needs.

Article source: https://www.keepingcurrentmatters.com/2021/04/09/multigenerational-housing-is-gaining-momentum-infographic/.

What is Important to Boomers when Selling their House?

June 7, 2019 By Claire Garlick Leave a Comment

If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer fits the bill. Taxes are too high. Utilities are too expensive. Cleaning and repair are too difficult. You may be ready to move into a home that better fits your current lifestyle. Many fellow boomers have already made the move you may be considering.
The National Association of Realtors recently released their 2019 Home Buyer and Seller Generational Report. The report revealed many interesting tidbits about both categories of baby boomers: younger boomers (ages 54 to 63) and older boomers (64 to72). Here are a few of the more interesting topics.

Percentage of Buyers who Looked Online First
All Buyers: 44%
Younger Boomers: 46%
Older Boomers: 44%

Where Boomers Found the Home They Purchased
The two major ways buyers found the home they purchased:
All buyers: 50% on the internet, 28% through a real estate agent
Younger Boomers: 46% on the internet, 33% through a real estate agent
Older Boomers: 36% on the internet, 35% through a real estate agent

Distance Seller Moved
The distance between the home they purchased and the home they recently sold was much greater for boomers than the average seller.
All sellers: 20 miles
Younger Boomers: 27 miles
Older Boomers: 50 miles

Tenure in Previous Home of Seller
The percentage of older boomers who lived in their previous home for more than 20 years was almost twice the amount of the average seller.
All sellers: 16%
Younger Boomers: 20%
Older Boomers: 31%

Primary Reason to Sell their Previous Home
Want to move closer to friends or family
Home too large
Retirement

View of Homeownership as a Financial Investment
83% of Younger Boomers see homeownership as a good investment
82% of Older Boomers see homeownership as a good investment

Bottom Line
If you are a boomer and thinking about selling, now might be the time to contact an agent to help determine your options.

Are You Aware of How Much Equity You Have in Your Home? You May Be Surprised!

March 23, 2018 By Claire Garlick Leave a Comment

CoreLogic’s latest Equity Report revealed that 675,000 US homeowners regained positive equity in their homes in 2017. This is great news for the country, as 95.1% of all mortgaged properties are now in a positive equity situation.

“U.S homeowners with mortgages (roughly 63% of all the properties) have seen their equity increase by a total of $908.4 billion since the fourth quarter 2016, an increase of 12.2%, year over year.”

Price Appreciation = Good News for Homeowners

Frank Nothaft, CoreLogic’s Chief Economist, explains:

“Home-price growth has been the primary driver of home-equity wealth creation. The CoreLogic Home Price Index grew 6.2 percent during 2017. The largest calendar-year increase since 2013. Likewise, the average growth in home equity was more than $15,000 during 2017, the most in four years.”

He also believes this is a great sign for the market in 2018, saying:

“Because wealth gains spur additional consumer purchases, the rise in home-equity wealth during 2017 should add more than $50 billion to U.S. consumption spending over the next two to three years.”

This is great news for homeowners! But, do they realize that their equity position has changed?

A study by Fannie Mae suggests that many homeowners are not aware that they have regained equity in their homes as their investment has increased in value. For example, their study showed that 23% of Americans still believe their home is in a negative equity position when, in actuality, CoreLogic’s report shows that only 4.9% of homes are in that position (down from 6.3% in Q4 2016).

The study also revealed that only 37% of Americans believe that they have “significant equity” (greater than 20%) when in actuality, 83% do!

This means that 46% of Americans with a mortgage fail to realize the opportune situation they are in. With a sizeable equity position, many homeowners could easily move into a house (either larger or smaller) that better meets their current needs.

Fannie Mae spoke out on this issue in their report:

“Homeowners who underestimate their homes’ values not only underestimate their home equity, they also likely underestimate 1) how large a down payment they could make with their home equity, 2) their chances of qualifying for mortgages, and, therefore, 3) their opportunities for selling their current homes and for buying different homes.”

Bottom Line

If you are one of the many Americans who is unsure of how much equity you have built in your home, don’t let that be the reason you fail to move on to your dream home in 2018! Let’s get together to evaluate your situation!