2020 changed the way we use our time to where we work, how we socialize and gather together, and our needs at home. This also meant making decisions as to how we can best support and reach out to our extended families.
Some families, with maybe older children who moved back home. While some families, with relatives living in senior facilities, wanted them to move into their home.
These changes led more homebuyers to invest in multi-generational homes to accommodate more long-term plans. According to the 2020 Profile of Home Buyers and Sellers from NAR, a multi-generational home has adult siblings, adult children over the age of 18, parents, and/or grandparents in the household.
Based on a recent study from NAR, there’s been an increase in purchasing trends for homes since the health crisis began. There are many reasons for this uptick in preference toward multi-generational homes. The top reasons show that buyers wanted to safely take care of and spend more time with aging parents.
Contact a real estate professional if you are in a similar situation to learn more about your local options and maybe even have your whole family under one roof by early next year.
The National Association of REALTORS® reported last Tuesday that existing-home sales in November climbed 25.8% compared to last year.
Existing-home sales include completed transactions on single-family homes, townhomes, condos, and co-ops, slightly decreased by 2.5% in November compared to October’s unseasonably high levels. The slight decrease last month ended a five-month streak of month-over-month gains. Still, all four major regions across the country posted significant year-over-year growth.
Buying frenzy continued to press on housing markets in November. NAR reported that home prices are rapidly climbing up due to the high demand, posting double-digit increases compared to a year ago.
NAR’s Chief Economist Lawrence Yun said that circumstances are far from being back to the pre-pandemic normal. However, the latest stimulus package and with the vaccine distribution underway, and a very strong demand for homeownership still prevalent, robust growth is forthcoming for 2021.