If you are looking for a new home there is a very good chance you are thinking of more than your immediate family. A report from Coldwell Banker shows that 37 percent of new home buyers are looking for a larger home to support multiple generations.
With the economy in rough patch and families not sure of what the future will bring having the extra space to have Mom or Dad move in to help with the bills or give a place for the kids to return if they are out of work is more and more important.
Let’s face it, people are scared. Even if they are confident in their future and are looking to make a move up, they are still worried about their families. If you are selling real estate, especially the larger homes, a great question to ask potential buyers is “Would having some extra space for a family member to move in be of interest?”
If 37 percent of Coldwell Banker agents are seeing this then selling the larger homes in your area may just become a little bit easier.
Thirty-seven percent of the company’s real estate agents polled in January said that in the past year, buyers were increasingly shopping for homes that fit more than one generation. Almost 70 percent of the agents said they expect economic conditions will drive still greater demand for this type of housing over the next year.
“More buyers are pooling investments, considering bringing mom and dad into it,” said Diann Patton, a Coldwell Banker real estate consumer specialist based in Grass Valley, California, in an interview with Reuters.
Buyers were primarily driven by financial concerns when deciding to combine generations in a household, the survey found. Health concerns were the second most common reason and strong family bonds a distant third. via Reuters
{ 2 comments… read them below or add one }
Multi-generational home buying works well for the different generations, but increasingly for the “older” generation. Besides helping the new buyer financially, multi-gnerational home ownership helps with aging family members.
Our society will be undergoing a huge shift as the boomers continue to age and need safe, comfortable living spaces. For some families, it’s cost prohibitive to support assisted living or at-home aides for an aging family member. Multi-generational living helps ease the financial burden and, hopefully, provides a warm, loving, and safe environment for the “older” generation.
Working recently with a son and his mother it was great to see that the son was going to be taking care of the mothers needs as she aged. It took over 9 months to finally win after many bidding wars on many properties but this family will be enjoying their new home with mother in-law quarters. I had no idea that there was such a huge demand for these type of properties till I started working with this family.
Danielle Contreras