Existing Home Sales Hit Highest Pace Since Summer Months

Existing home sales increased in October, hitting their highest pace since earlier this summer, however, sales are still down year-over-year, according to the latest report from the National Association of Realtors.

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Millennials vs. Boomers: Tailoring Multifamily Homes To Today’s Twin Targets

What do Millennials, the laidback digital natives dubbed “Generation Me” by social scientists, have in common with the driven, disciplined Baby Boomers who spawned them?

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20 Tips For Marketing Your Brand on Instagram

Beyonce’s infamous pregnancy announcements, Taylor Swift’s make-up flowers from Kanye West, sultry stares from Selena Gomez and enough selfies from Kim Kardashian to make a book — what do all of these images have in common? They live on Instagram.

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Why Are Existing-Home Sales Underperforming?

Existing-home sales as measured by the National Association of Realtors are underperforming the rate supported by current market conditions, according to First American’s latest Potential Homes Sales model.

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Renovation Stories: A Minimalist Mid-Century Modern in Washington, DC

When Dave and Jackie began looking for a home in the Washington, D.C. area, they wanted a modern home with lots of natural light and clean lines.

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All In The Family: Multigenerational Living Makes A Comeback

It was the cycle that defined American life for decades. People got married, bought a house, and started a family. The kids grew up, left the nest, and didn’t come back. The empty nesters then downsized to a smaller place to enjoy their golden years. Their kids eventually started families of their own, and bought their own homes. And so it went. Instead of the circle of life within a household, it was more like a straight line.

 

But in recent years, the line has begun curving again. This entrenched societal pattern is becoming upended in favor of a mode of living that harks back to an earlier era.

 

Fueled by economic and cultural factors, a growing number of people are moving back in with their folks, or opening their homes to their aged parents. It’s a large-scale change making its impact felt in all corners of the real estate market—and American life itself.

 

Nearly 1 in 5 Americans is now living in a multigenerational household—a household with two or more adult generations, or grandparents living with grandchildren—a level that hasn’t been seen in the U.S. since 1950. About 60.6 million adults, or 19% of the population, were residing with their family in 2014, according to the Pew Research Center’s analysis of census data, up from 57 million in 2012.

 

Rising home prices, staggering child care expenses, college debt, longer life expectancies, and the growth of ethnic communities in which extended families traditionally live together are all fueling this shift. And as people become accustomed to this style of living, it’s altering the way they buy and build their homes, and how they plan for the future.

 

Modern homes built for many generations

 

With buyers seeking homes and renovations to suit multigenerational lifestyles, builders and developers are responding to meet the demand—and a lucrative new market.

 

While cottages, casitas, and apartments over garages are still part of the picture, so are fully decked-out homes with ample square footage and a separate wing for the extended family. Many of these homes have modern amenities such as dual thermostat controls so the whole family doesn’t have to swelter when Grandma catches a chill.

 

Tracy Elkins, 39, lives with her husband, their three kids, her mother, and three dogs in one of the Next Gen line of homes from Lennar, the nation’s second-largest homebuilder. In their open and airy 6,100-square-foot home, the in-law suite is no afterthought: It has a separate living room, kitchenette, bedroom, bathroom, laundry, and private garage with a separate entrance. Lennar describes it as “a home within a home.”

 

The Elkins decided to partner with Tracy’s mother to buy the Thornton, CO, home in August 2016, when the Elkins’ landlord decided to sell their rental home. Tracy’s 63-year-old mom was retired, and the purchase seemed like a logical move.

“Even I have to admit I was a little scared,” Elkins says. “You come to a point where living with your parents is not an easy option. It wasn’t something we had to do, but it worked out really well.”

 

“As home prices increase, more families tend to opt for living together,” says Valerie Sheets, a Lennar spokesperson. “Everyone is looking for the perfect home for any number of family situations, such as families who opt to take care of aging parents or grandparents at home, or millennials looking to live with their parents while they attend school or save for a down payment.”

 

Lennar, which builds homes in 19 states, is offering Next Gen homes in 36 key markets. The blueprints vary by market, but they generally offer the main home and an adjacent unit with private living room, bedroom, bath, laundry, and garage.

“It has great benefits. There are some people who can’t live with aging parents in a traditional setup,” Elkins says. “If it wasn’t for this home, I probably wouldn’t want to live with my mother either.”

 

For the complete article, please see the original article on Realtor.com, by clicking HERE.

4 Ways Relocation Experts Aid Out-Of-Town Buyers

In today’s highly competitive job market — where 68 percent of HR professionals are experiencing difficulty recruiting candidates — companies cannot afford to limit their recruitment to local candidates. This is where relocation comes into play.

 

Companies want to ensure that job candidates are sold on every aspect of the organization — including the ZIP code.

 

That’s why HR departments and recruitment firms have started to partner with real estate agencies that specialize in relocation to take on the role of selling their city.

 

I can tell you from experience that the partnership just makes sense. As the owner of a St. Louis-based real estate agency, I know that most candidates from other areas of the country have never been to our city.

 

Other than the occasional national — and sometimes negative — news story, they often have no idea what to expect. It is our job then, as a team of St. Louis experts and advocates, to show them why they would love to live, work and play here.

There are a variety of ways real estate companies and relocation experts can help recruit out-of-town candidates for their partner organizations. Here are five of the most common, and most successful, tactics:

 

  1. Advocate for the community

 

The real estate agent should demonstrate genuine city pride. Great relocation partners not only love and appreciate the city they are selling but also participate in the community.

 

Top-tier candidates are, after all, intelligent individuals who will likely see straight through a phony, rehearsed “here’s what makes our city great” spiel.

 

But when the relocation expert is constantly involved in exciting events throughout the city, it’s impossible for them not to be passionate about it — and that passion is contagious.

 

  1. Know a ton about the area

 

In addition to finding a new home, relocating also means new schools, doctors, hair stylists, childcare, athletic teams, summer camps, grocery stores, etc.

 

Fortunately, real estate agents with a relocation specialty are not only knowledgeable about the homes they are showing and the housing market, but they can also act as incredible resources when it comes to life in the community.

We can guide candidates throughout the various decision-making processes and let them know that they will have a well-informed ally — even after they have committed to the position and made the move.

 

  1. Make personal connections

 

The things that sell one candidate on a city aren’t always guaranteed to appeal to the next. That’s why a critical step in any good relocation specialists’ process is to really get to know the candidate and his or her family.

 

This involves much more than reading their resume or bio; it means taking the time to sit down with them for a meaningful conversation.

 

What is most important to each member of the family? What are their hobbies? Are they in school? Will they need to find new jobs? Are they religious? Do they have any special needs?

 

Here’s an example of why this step is so important: One of our partner organizations once had a candidate whose daughter did not want to move, so we arranged for her to meet a local violin teacher because we knew she was passionate about the instrument.

 

The daughter fell in love with the teacher and was soon in full support of the move, so the candidate took the job. It was a win-win.

 

For the complete article, please see the original article on Inman.com, by clicking HERE.

Home Prices and Buyer Competition Hit New Highs in June As Inventory Drought Dragged Into 21st Consecutive Month

The median home sale price increased 7.3 percent from a year ago to $298,000 in June. This is the highest national median sale price recorded since we began keeping track in 2010. Despite record-high buyer demand during the busy spring market, sales only increased 1.9 percent compared to last year, constrained by a low supply of homes on the market.

 

Market Summary June 2017 Month-Over-Month Year-Over-Year
Median sale price $297,600 3.5% 7.3%
Homes sold 308,800 7.2% 1.9%
New listings 352,500 -2.7% 0.0%
All Homes for sale 786,000 1.6% -10.7%
Median days on market 36 -1 -6
Months of supply 2.5 -0.2 -0.4
Sold above list 26.6% 0.6% 2.4%
Average Sale-to-list 95.5% 0.2% 0.4%

The number of homes for sale fell 10.7 percent, marking seven straight months of double-digit, year-over-year declines. Compared with a year earlier, there was no change in the number of homes newly listed for sale in June. June had a 2.5-month supply of homes–the lowest Redfin has recorded since we began tracking the market in 2010–well below the six months that represents a market balanced between buyers and sellers. San Jose and Seattle each had less than a one-month supply of homes.

 

Every record in market speed and competition that was set in May was broken again in June. The typical home that sold in June went under contract in 36 days, one day faster than in May, setting a new record-fast pace for home sales. Denver, Portland and Seattle were the fastest-moving markets, with the typical home in each market finding a buyer in just seven days.

 

More than a quarter (26.6%) of homes sold above their list price, the highest percentage Redfin has recorded. The average sale-to-list price ratio hit a record high of 95.5 percent in June.

 

“This market is unlike any we’ve ever seen before,” said Redfin chief economist Nela Richardson. “Month after month, new records are set for the pace at which homes are going under contract. Demand continues to swell while supply troughs.  For buyers competing in this market, it’s survival of the fittest. The strongest offers that are most likely to close quickly and smoothly rise to the top of the pile.”

 

For the complete article, please see the original article on Redfin.com, by clicking

71 Percent Of U.S. Homeowners Believe It’s A Good Time To Sell

Yet U.S. Consumer Economic and Financial Confidence Dips

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Should You Post That Client Photo? 4 Common Sense Tips For Realtors

If you’re a real estate broker or agent, your Facebook friends list is probably full of other agents, both in your local market and across the country.

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