by Shawn Boday | Feb 4, 2025 | Business, Shawn Boday, snowboarding
In recent years, multi-generational living has become an increasingly popular housing trend. Families are choosing to live under one roof, whether to care for aging parents, support young adults, or simply share living expenses. This shift is reshaping the real estate market, influencing home designs, and creating new opportunities for homebuyers and developers alike.
Why Multi-Generational Living is on the Rise
Several factors contribute to the growing popularity of multi-generational living:
- Economic Considerations: Rising home prices and living costs make it financially beneficial for families to share expenses rather than maintain separate households.
- Aging Population: As baby boomers age, many families opt to have elderly relatives live with them rather than move to assisted living facilities.
- Cultural Influences: In many cultures, multi-generational living has always been the norm, emphasizing family bonds and shared responsibilities.
- Support for Younger Generations: Many young adults are facing financial challenges, such as student loan debt and high rental costs, making it more practical to stay with family.
How the Real Estate Market is Adapting
Homebuilders and developers have recognized the demand for multi-generational housing and are designing homes with features that cater to extended families. Some key trends include:
1. Homes with Separate Living Spaces
Modern multi-generational homes often include separate entrances, kitchens, and living areas to offer privacy while maintaining a shared household. These features allow families to live together comfortably while still having individual spaces.
2. Accessory Dwelling Units (ADUs)
ADUs, also known as granny flats or in-law suites, are independent living units built on the same property as a primary residence. Many cities are relaxing zoning laws to accommodate ADUs, making it easier for homeowners to add extra living spaces for family members.
3. Open Floor Plans and Flexible Spaces
Homes are being designed with adaptable layouts that can change as family needs evolve. Open-concept designs, dual master suites, and bonus rooms that can serve as additional bedrooms or workspaces are becoming increasingly common.
4. Smart Home Technology
Technology is playing a crucial role in multi-generational living by improving convenience and security. Features such as remote-controlled lighting, security systems, and voice-activated assistants help families manage shared living spaces more efficiently.
Challenges and Considerations
While multi-generational living offers many benefits, it also comes with challenges. Families must establish clear communication, set boundaries, and discuss financial arrangements to ensure a harmonious living environment. Additionally, finding the right property that meets everyone’s needs requires careful planning and consideration.
Final Thoughts
Multi-generational living is more than just a trend—it’s a reflection of changing societal and economic dynamics. As more families embrace this lifestyle, the real estate industry will continue to evolve, offering innovative solutions that support diverse living arrangements. Whether you’re looking for a home with extra space or considering an ADU, understanding these trends can help you make informed real estate decisions that align with your family’s needs.
by Shawn Boday | Jan 4, 2023 | Real Estate, Shawn Boday
Economic predictions for 2023 are uncertain due to the many unknowns influencing the housing market. The Federal Reserve’s ability to bring down inflation and borrowing costs without affecting buyer demand is a factor yet to be seen. While there is some worry, economists and analysts do not expect a recession. Despite this, there is still a concern about high housing prices and rents that may be unaffordable to many.
With the 2023 housing market still up in the air, the issue of affordability continues to be a barrier for many younger buyers, particularly in more expensive markets. This could mean many of them will be stuck renting for the foreseeable future. However, if remote working continues to increase, they may choose to relocate to more cost-effective areas.
In 2023, the housing market will be affected by typical supply, demand, and affordability factors. Provided the nation is able to dodge a recession or experience only a short and shallow one, these are the predictions for the housing market in 2023.
Home prices are projected to decrease.
It is predicted that existing home prices will decrease by 5% nationally in 2023, with potential drops of up to 10% or more in high-priced areas and regions with high home values. In the event of a deeper recession, prices could decrease by 10% or more in areas with a large discrepancy between home prices and local incomes.
Existing Home Sales Will Slow
The low affordability of homes and low mortgage rates will limit the number of transactions; however, those without mortgages may be more likely to sell. Additionally, more homeowners may choose to keep their homes as investments and rent them out rather than accept a lower sale price.
Construction of new single-family homes will decrease.
Homebuilders increased production during the pandemic to meet demand but are now reducing the number of new homes for sale. In 2023, these homes will either be sold to buyers who signed contracts in 2022, converted into rentals, or sold to investors to rent out. Some builders are downsizing and reducing input costs to offer more new homes to first-time buyers. In 2023, the production of new homes to sell and rent will decrease, particularly for single-family homes. However, in areas with unmet demand for affordable homes, construction may still be higher.
Rents will level out, the rise.
Rent increases have been mostly flat in the past few months and are expected to rise slightly in 2023. However, there could be a decrease in rents due to the highest number of multifamily units under construction since the early 1970s likely to hit the market in 2023, as well as new supply from frustrated short-term rental landlords and homeowners entering the rental business.
Building Permits Will Decline
In 2023, residential building permits are expected to drop more than housing starts as developers and builders take a step back to reevaluate risk in the face of uncertainty. Homebuilders will likely use this time to discount unsold homes, divest from unwanted land, and merge with or acquire smaller competitors in preparation for a rebound.
30-year Fixed Mortgage Rates Won’t Fall Substantially
Mortgage rates are expected to stay high in 2023 due to economic uncertainty and inflation, investors demanding higher rates due to the possibility of refinancing when rates drop, and the Federal Reserve’s insistence on forcing inflation down to 2.0%. It is uncertain if this goal will be achievable in 2023.
by ireilly | Aug 23, 2022 | Business, Real Estate, Shawn Boday
So many factors need to be considered when it comes to selling a property, such as a price, the time frame, and the person who will be hired to sell it. One of the most common questions people ask when it comes to selling a home is, “Should I stage it or sell it empty?” This is an excellent question to ask.
There is much conflicting information regarding the pros and cons of home staging. Since so many factors go into making a decision, it is vital to consider each option’s advantages and disadvantages.
Staged Home Considerations
Staging a home can be very beneficial as it allows potential buyers to see the inside of the house and feel like they are in the home. In addition to being able to set the stage for what the buyers see, staging a home also helps boost its value.
Another significant advantage of staging a home is that it can make listing photos look more appealing. This is because potential buyers usually see the pictures of your home when they are first looking at it. Having the photos taken professionally can help make them look better. Some companies also offer virtual staging services, which allow them to add furniture to the images.
One of the most significant disadvantages of staging a home is that it can take time and money to get it done correctly. It can take days for a home stager to bring all necessary materials into the property and then organize it properly.
The cost of staging a home can also be prohibitive. It can be very different depending on the type of work the company will perform and the amount of money you have available. Most home stagers will try to use what they have on hand, but those resources aren’t always a good fit for your house.
Empty Home Considerations
One of the most significant advantages of selling an empty home is that it allows potential buyers to visualize themselves living in the house. However, when the house is staged, these buyers might be unable to visualize how their lives would fit into the picture. Staging a home is also often designed to appeal to the most potential buyers. However, this can lead to it being too generic or too specific to a particular demographic.
On the other hand, having a vacant home can also make it hard to sell. Since potential buyers might not feel welcomed or can’t picture the functional space, they might overlook the house’s charm.
One of the most significant issues when selling an empty home is how the defects can show. Without any help, the small details stand out to potential buyers. This can include the cracks in the wall, the stains on the carpet, and the tilt of the ceiling.
Conclusion
Although staging has disadvantages, it is still important to realize that it does not sell a house. Some real estate agents might try to pressure you into staging. They might be friends with a home stager, or they might be working with a staging business.
An excellent real estate agent can sell an empty home without issues. Besides having the necessary skills to market the property, a successful real estate agent must also have the connections required to attract potential buyers. If you are planning on hiring a real estate agent, make sure they do not insist that staging is the answer. Most of the time, staging is not necessary.
by ireilly | Aug 23, 2022 | Business, Real Estate, Shawn Boday
Before you start looking for a home, there are a lot of factors that must be taken into account. One of these is the type of housing that you want to live in. If you’re a first-time home buyer, you might not be familiar with the terms “condo” and “townhouse.” Most people don’t understand what a townhouse is or how it can be different from a condominium.
If you grew up in a traditional single-family home with a yard, you probably didn’t know that other options are available for purchase. Due to the increasing number of home buyers, the conventional single-family residence is no longer the preferred option. Instead, people are choosing to live in townhouses and condominiums.
Before looking for a home, you must consider the factors that will affect the type of housing you want. For instance, if you’re not spending much money on a home, you might want to consider a condominium or townhouse. However, each comes with its own pros and cons.
Explaining the Differences
A townhouse or condominium is a type of ownership you can enjoy without paying a landlord. However, owning a townhouse or condo can be very different from living in a traditional single-family home. In addition to the type of home you own, the other factors you must consider are the property’s cost and the property maintenance requirements.
Condominiums are typically arranged in a larger complex. Usually, the owners of these units own one or more units within the complex while the property owner maintains the building and grounds. On the other hand, townhouse owners are responsible for the structure and the surrounding land.
Condos
When you think of condominium living, think of apartment-style living. In this type of ownership, the walls of your unit are the only thing you can own. The community holds everything outside your unit, including the land and the building’s exterior.
Although a condominium may differ from an apartment, this ownership principle is the same. You own the unit, but you have nothing around it.
Townhouses
Townhouses are more multileveled than traditional single-family homes and have various features such as backyards and front yards. These types of homes are not typically detached. Instead, they are usually part of a row of narrower houses.
After purchasing a townhouse, the owner of this property is responsible for the exterior and interior of the home. The homeowner is also responsible for the property’s maintenance requirements.
Conclusion
When choosing a home, you must consider the factors that will affect the type of housing you want. For instance, a townhouse or condominium may be the best choice if you’re looking for privacy and affordability.
For first-time home buyers, condominiums may be the ideal choice. However, townhouses are also an excellent choice for families looking for a safe environment and outdoor space. In addition, townhouses offer a variety of features that are ideal for growing families.
If you’re planning on buying a home, you must remember that today’s mortgage rates are very competitive. If you’ve found the perfect home you’re interested in, you can easily apply for a loan through a local mortgage lender, your bank, or even online!
by Shawn Boday | Jun 8, 2021 | Real Estate, Real Estate Investing, Shawn Boday, Uncategorized
The real estate sector is a crucial pillar of the global economy. Whereas it has taken a major hit thanks to the Covid-19 pandemic, the real estate industry is increasingly getting transformed by adopting new trends. There is a wide range of opportunities ahead of us as far as the industry is concerned. Analysts project that the industry’s future is highly likely going to be defined by certain characteristic trends consistent with response to the identified market gaps.
Smart amenities
The future of the real estate industry will undoubtedly focus on adopting technology and integrating it into real estate constructions. The need to have smart homes and offices will drive up the demand for smart homes where technology is integrated into every aspect of home living. This includes home security systems and remote controlling of smart home devices.
Lesser demand for commercial space
The Covid-19 pandemic has taught us one thing – that we can productively work from home. Large businesses are expected to scale down their demand for commercial office space, even as they work towards reducing the number of office workers. As more workers work from home, there is expected to be a gradual decline in the demand for large commercial office rooms. Businesses will leverage the virtual workforce as part of the strategy of reducing overhead costs associated with the ownership of physical office spaces.
Priority in property maintenance
Consumers of the real estate industry are generally more concerned about keeping their spaces in good sanitary conditions. This comes at a time when the pandemic has elaborated the need to keep our environment clean and disinfected. The underlying concept of cleanliness is expected to extend into ensuring that our homes look physically appealing. This is expected to be accompanied by fresh landscaping ideas so as to keep real estate properties attractive to live in.
Changes in property utility
Another of the most remarkable future changes in the real estate industry is expected to touch on the utilization of office spaces. More office space, for example, will go into the adoption of technological tools, such as video conferencing rooms and large television sets to facilitate video conferencing. With the idea of social distancing still fresh in our minds, the number of persons who can live in a specific office space is expected to reduce as part of the maintenance of social distance.
