Multigenerational Homes Are on the Rise

Article Courtesy of Keeping Current Matters/The KCM Blog

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 78years 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 purchased a multigenerational home because they will either be taking care of an aging parent or they just want to spend time together.

Of those buyers, 26% indicated they will be taking care of an aging parent, and 14% said they want to spend time with an aging parent. These numbers do not come as a surprise. According to Pew Research Center, 64 million Americans (20% of the population) lived in a multigenerational household in 2016 (Last numbers available).

An increasing number of studies affirm the benefits of being part of a multigenerational household. These benefits aren’t just for the grandchildren, but for the grandparents as well. According to these two resources:

The University of Oxford

“Children who are close to their grandparents have fewer emotional and behavioral problems and are better able to cope with traumatic life events, like a divorce or bullying at school”.

Boston College

“Researchers found that emotionally close ties between grandparents and adult grandchildren reduced depressive symptoms in both groups”.

This research gives helpful insight into why 41% of Americans are in the market to buy a multigenerational home.

Bottom Line

If you have a home that could accommodate a multigenerational family and are thinking about selling, now is the perfect time to put it on the market! The number of buyers looking for this type of home will only continue to increase.

MEMORIAL DAY MESSAGE

I have always found it strange to wish someone a Happy Memorial Day and I can never bring myself to say those words.  Yes, we all look forward to the first long weekend that marks the unofficial beginning of summer and the first barbecue of the season, picnic, trip to the lake... or the Indy 500.  But, while all of those things make Memorial Day weekend a fun time, we need to remember the real meaning of Memorial Day.  As we enjoy time with family and friends, let us be sure to take time to honor the memory of those who made the ultimate sacrifice to protect the freedoms we cherish.    

 
MEMORIAL DAY LINKS:
Memorial Day History
American Widow Project
The Origin of Sounding Taps 
Arlington Remembrance by Trace Adkins
Buglers at Arlington National Cemetery
God Bless the USA by the Texas Tenors

As we remember those who died in service to our country, let us give thanks to those who are serving now and to all our Veterans for their past service to our country. 

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On a personal note, in September 2017 my husband and I attended the 50th reunion of his United States Marine Corps Officers Basic School Class.  As we gathered with his Marine Corps brothers, the bond was strong, as memories were shared, and those who are no longer with us were remembered.  Memorial Day has a special meaning for these men and it is with heavy hearts that they remember those who made the ultimate sacrifice.

 

Heat Wave Hazard Issued For Charlotte Region Ahead Of Next Week’s Upper-Ridge Anomaly

 Article Courtesy of Charlotte Stories

A massive new weather pattern, called a ‘heat ridge’, will bring some of the highest temperatures Charlotte has ever seen in the month of May.
The phenomena is being caused by vertically stacked ridges of hot air which sink, compress, and heat up under pressure.

Yesterday, the National Weather Service sent out a hazardous temperature alert for the Southeast, warning our region of possible record-breaking high temperatures over the next 3-7 days.
“Upper-level ridging over the Southern Plains eastward to parts of the Southern Mid-Atlantic/Southeast and with maximum temperature anomalies in a range from +10 to +15 degree range will aid in producing an area of excessive heat over parts of the Southern Mid-Atlantic/Southeast into the Eastern Gulf Coast/Tennessee Valley Saturday into Wednesday.”

According to Weather Nation, weekend temperatures in Charlotte will be higher than Houston and Miami;

The upcoming heat wave could even break some records for our region.  The hottest May temperatures that Charlotte has ever seen was in 1941 when we saw 3 days where the temperature reached 98 degrees.
 
According to Weather Underground, next Tuesday’s high is predicted to be 96 degrees (the hottest May temperature we’ve experienced since 1953) – if actual temperatures climb just a couple of degrees higher, we’ll break the ’41 record;

CLICK HERE for complete article and graphics by Charlotte Stories.
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Graphic courtesy of AdoptaPet.com

As a former desert dweller (having lived in Paradise Valley, Arizona for 38 years), I want to remind everyone to stay inside during the heat of the day. Walk your dogs early or late in the day. Always bring water for yourself and your pet... and drink it frequently! Avoid exertion and stay hydrated. Heatstroke can be DEADLY!


- Pook

Are Older Generations Really Not Selling Their Homes?

Article Courtesy of Keeping Current Matters/The KCM Blog

 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!
The report also shared the reasons why they chose to move. According to the research, the top reason was a desire to be closer to friends and family. Below is a full breakdown:

As we can see, they have plenty of reasons to sell their current home! But what type of homes are they trading in?
Once again, the report demonstrated that older generations are not keeping that 3-bedroom, 2-bath colonial home. Instead, they are putting it on the market and moving on with their lives!

Bottom Line

If you are living in a house that no longer fits your needs, contact a local real estate professional who can help you find a home that will!

What is Really Happening with Home Prices?

 Article Courtesy of Keeping Current Matters/The KCM Blog

Home values have softened over the last twelve months. We are no longer seeing 6-7% annual appreciation levels for the national housing market. The current numbers are closer to 4%. Some have suggested that year-over-year appreciation levels could fall to 3% or less this year.
However, a stronger-than-expected economy and a good spring housing market have changed some opinions. Some analysts are now predicting that home value appreciation may begin to increase as we move forward.

Here are three examples:

Mark Fleming, Chief Economist of First American

“Data on the movement of unadjusted house prices during the early spring home-buying season won’t be available for a few more months, but it’s quite likely that price appreciation will accelerate again.”

CoreLogic’s April “Home Price Insights”

“Home prices nationwide, including distressed sales, increased year over year by 3.7% in March 2019 compared with March 2018…The CoreLogic HPI Forecast indicates that home prices will increase by 4.8% on a year-over-year basis from March 2019 to March 2020.”

Pulsenomics’ Quarterly “Home Price Expectation Survey”

• The 2018 4^th Quarter survey called for 3.8% appreciation for 2019.
• The 2019 1^st Quarter survey raised the appreciation projection for this year to 4.3%.

Bottom Line

Price appreciation has slowed over the past year. However, a strong economy and a good housing market have many experts thinking that home values might re-accelerate moderately throughout the rest of this year.

How Tariffs Could Impact Your Home Renovation

Video courtesy of The Wall Street Journal

Photo:  From WSJ Video

The cost of home renovations could rise by thousands of dollars thanks to the increase in U.S. tariffs on Chinese goods. WSJ’s Jason Bellini takes a look at how consumers will be affected. 

View Wall Street Journal Video

4 Tips for Making a Competetive Offer

Article Courtesy of Keeping Current Matters/The KCM Blog

So, you’ve been searching for that perfect house to call ‘home,’ and you’ve finally found it! The price is right, and in such a competitive market, you want to make sure you make a good offer so that you can guarantee that your dream of making this house yours comes true!
Below are 4 steps provided by Freddie Mac to help buyers make offers, along with some additional information for your consideration:

1. Determine Your Price

“You’ve found the perfect home and you’re ready to buy. Now what? Your real estate agent will be by your side, helping you determine an offer price that is fair.”

Based on your agent’s experience and key considerations (like similar homes recently sold in the same neighborhood or the condition of the house and what you can afford), your agent will help you to determine the offer that you are going to present.
Getting pre-approved will not only show home-sellers that you are serious about buying, but it will also allow you to make your offer with confidence because you’ll know that you have already been approved for a mortgage in that amount.

2. Submit an Offer

“Once you’ve determined your price, your agent will draw up an offer, or purchase agreement, to submit to the seller’s real estate agent. This offer will include the purchase price and terms and conditions of the purchase.”

Talk with your agent to find out if there are any ways in which you can make your offer stand out in this competitive market! A licensed real estate agent who is active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer.

3. Negotiate the Offer

“Oftentimes, the seller will counter the offer, typically asking for a higher purchase price or to adjust the closing date. In these cases, the seller’s agent will submit a counteroffer to your agent, detailing their desired changes, at this time, you can either accept the offer or decide if you want to counter.
Each time changes are made through a counteroffer, you or the seller have the option to accept, reject or counter it again. The contract is considered final when both parties sign the written offer.”

If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.” If the inspector uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller or even cancel the contract altogether.

4. Act Fast

The inventory of homes listed for sale has remained well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.
Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as quickly as possible.

Bottom Line

Whether you’re buying your first home or your fifth, having a local professional on your side who is an expert in his or her market is your best bet in making sure the process goes smoothly. Happy house hunting!

Ronald McDonald House Charlotte is Always An Amazing Experience

Thanks to my amazing friends for doing such an awesome job making dinner at Ronald McDonald House on Saturday!
Looking forward to preparing another meal
with another group of friends on May 31st!

Denise Townsend, Marsha Adams, Donna Sullivan, Pook Bellini, Joan Welch, Mike Welch, Cathy Eaton, Megan Moran

So, how's the market in Sun City Carolina Lakes?

Photo courtesy of Dan Peters

May is off to an amazing start here in SCCL!  

Today is May 10th and already 11 single family homes have gone UNDER CONTRACT! Additionally, five properties have CLOSED this month.  Those properties went UNDER CONTRACT in March and April.

Home Inventory Determines What Kind of Market We Are In
Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale. 

• Less than 6 months of inventory = Seller's Market with upward pressure on prices
• More than 6 months of inventory = Buyer's Market with downward pressure on prices

At the end of April there was a 3.9 month supply of homes.

At that time, there were 45 ACTIVE SFR listings. 

Today there are only 36 ACTIVE single family residential (SFR) homes on the market and, at the current rate of homes going UNDER CONTRACT, that means we're looking at a 3.27 month supply of homes.

5/22/19 UPDATE:  As of today...

• 42 ACTIVE single family (SFR) homes on the market
• 13 SFR homes have gone UNDER CONTRACT this month, including 1 that has already CLOSED. 
• 9 SFR homes have CLOSED this month!
• Current supply:  3.5 months

• 6 ACTIVE Carriage Homes & Villas on the market
• 4 Carriage Homes & Villas have gone UNDER CONTRACT this month!
• 0 Carriage Homes & Villas have CLOSED this month.
• Current supply: 1.5 months

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I update stats for SCCL daily and the interactive charts for various market conditions update monthly.  Please be sure visit the up-to-date stats tab above regularly for the most current information on all homes in SCCL, including Carriage Homes and Villas.

Also, be sure to visit the property search tab above to check out the current listings in SCCL, as well as at TreeTops and Carolina Orchards.  Or, if you'd prefer, contact me for a personalized search with automatic updates.

TreeTops by Lennar continues to have a large collection of inventory homes, many of which have had very significant price reductions.  Lennar is also offering great incentives for homes purchased in May.  Contact me for details.  Remember it is always in your best interest to have your own representation when purchasing a home from a builder.  Please contact me if you are planning to visit TreeTops or Carolina Orchards.

JUST LISTED IN SCCL

UNDER CONTRACT
 
Fabulous Vernon Hill with Basement!

VIRTUAL TOUR

Your Fabulous New Dream Home is Now Available

Article Courtesy of Keeping Current Matters/The KCM Blog

Over the last several years, many “baby boomers” have undergone a metamorphosis. Their children have finally moved out and they can now dream about their own future. For many, a change in lifestyle might necessitate a change in the type of home they live in.
That two-story, four-bedroom colonial with three bathrooms no longer fits the bill. Taxes are too high. Utilities are too expensive. Cleaning and repair are too difficult. When they decide to travel to be with friends and family, locking up the house is too time-consuming and worrisome.
Instead, a nice ranch home with 2-3 bedrooms and two baths might better fulfill their new needs and lifestyle. The challenge many “boomers” have faced when trying to downsize to the perfect new home has been a lack of inventory.
The average number of years a family stays in their home has increased by fifty percent since 2008, causing fewer houses to come to the market. During the same time, new home builders were concentrating most of their efforts on large, luxury, expensive houses.

However, that is starting to change.

According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes rose to a seasonally adjusted annual rate of 692,000 units in March. The great news is that more of those homes were sold at the lower end of the price range.
In a press release last week, the National Association of Home Builders (NAHB) explained that:

“The median sales price was $302,700, with strong gains in homes sold at lower price points. The median price of a new home sale a year earlier was $335,400.”

NAHB Chief Economist Robert Dietz offered further detail:

“We saw a large gain at lower price points where demand is strong. In March of 2019, 50% of new home sales were priced below $300,000, compared to 39% in March of 2018.”

Bottom Line

If you are a “boomer” thinking of selling your old house in order to buy a new home that better fits your current lifestyle, now may be the perfect time!