There are some great insights by Matthew Gardner, Chief Economist, Windermere Real Estate in is most resent. The Gardner Report It is looking like it will continue to be a sellers market for 2018. The question is, just how much of a shift towards a balanced market will it take by years end? It sounds like it could start that shift.
Multi-generational home is a property that can have multiple families living under one roof in separate spaces. A multi-generational home could house a married couple caring for an older parent, a grandparent living with an adult grandchild, or even Baby Boomers living with adult children who have moved back into the home.
This has becoming such a trend that the National Association of REALTORS® has begun to track the buying trends of this type of housing, although it is has likely been a trend since before civilization even began. After World War II, the trend began for families to be more of a self-contained unit, housing just a single generation under one roof. However, the demand for multi-generational homes has risen in the last few years, partially due to the recession and its impact on the nuclear family. Families found it more financially feasible to band together and share resources and now these types of homes are in high demand due to the success of these living arrangements. In their 2015 Home Buyer and Seller Generational Trends Report, The National Association of REALTORS® reported that 13% of all the homes purchased in 2015 was a multi-generational home. Buyers made their purchase for a number of reasons:
Builders are just starting to include floor plans with separate living quarters possibly with their own ensuite, kitchen, and public living space. Another trend in multi-generational housing solutions is to remodel an existing home. Making room for family members that need independent living is a very sought after remodeling request which will continue to grow in the coming years.
In Snohomish county the current inventory for January 2016 over 2015 is down over 7% while at the same time the number of homes accepting offers (pendings), rose by over 17%. How is this possible? Well it has been happening for several consecutive months now. What it means is that now is the time to sell if you want top dollar and lots of competition from buyers. Buyers are “settling” now for that home which has been on the market for a while with the thinking that at least it is available. Other sellers that priced there homes too high last summer & fall now have homes that look promising to a buyer either because they have reduced the price or the market has caught up to that “optimistically” priced home.
While it is not as crazy as the Seattle and Eastside area, Snohomish county is a very busy place.
Buying a home is not as simple as using an app to look at houses and going to some open houses then writing a contract. It is a journey that needs a guide to help navigate potential pitfalls and help keep things grounded even during the good times. Everyone should have a guide they trust to help them along the home buying journey. The same can be said for selling your home. There are a lot of memories in that home and it is not an easy decision to sell and move. I hope you enjoy a little look into Brian & Michelle’s journey to finding their new home.
Click this link to see more about this great property. Price Reduced!!
Don’t miss out on this great opportunity to own a wonderful townhome close in to shopping with 3 bedrooms 2.5 bathrooms and a huge bonus room downstairs that could make a great theater or game room.
Check out my quick video updating the inventory stats for King & Snohomish Counties. Still a sellers market, but there is inventory. There are just a lot of buyers in the market too.
Take a look at my video with a couple of predictions for 2015. Go Hawks!
Available housing inventory is limited in most markets in King & Snohomish counties. Investor opportunities are becoming fewer as prices continue to go up. This great property in Everett offers a home that has been well kept and does not really need anything done to it prior to adding a renter. If you are not an investor that is okay too. This is a great home for a first time home owner just getting started with the idea of building a nice real estate portfolio.