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This year challenged us to reprioritize everything – from the way we use our time to where we work, how we socialize and gather together, and our needs at home. For many, this also meant making decisions about how to best support and engage with our extended families, near and far.
In some cases, we weren’t able to see our relatives and loved ones who were living in senior facilities. In others, maybe older children moved back home. Jessica Lautz, Vice President of Demographics and Behavioral Insights for the National Association of Realtors (NAR), says:
“A lot of families have an aging senior relative who was living independently or in senior care and wanted to move them into their home.”
These changes led to more homebuyers to invest in multi-generational homes to accommodate more long-term plans. A multi-generational home, according to the 2020 Profile of Home Buyers and Sellers from NAR, is a home that has adult siblings, adult children over the age of 18, parents, and/or grandparents in the household.
A recent study from NAR shows that since the health crisis began, there’s been an increase in purchasing trends for homes that cater to this dynamic:
“Buyers who purchased after March were more likely to purchase a multi-generational home at 15% compared to 11% who purchased before April.”
There are many reasons for this uptick in preference toward multi-generational homes. The graph below shows the top two reasons and how they’ve increased this year:
Bottom Line
More homeowners are making arrangements to accommodate their loved ones so they can safely take care of them at home. If you’re in a similar situation, let’s connect to discuss your options in our local area and maybe even have your whole family under one roof!
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“If you were to ask any of Vikki’s clients I am sure they would tell you that Vikki is a pleasure to work with and one of the smartest Agents they have ever dealt with. Vikki’s calm and cool demeanor helps her be successful, especially as she continues to grow the commercial end of her Real Estate Business. A very well-known local figure, Vikki is certain to be at the top of the production charts for years to come. Congratulations Vikki! We are very proud to have you as part of our Agency.”
“I am proud to have reached the CAP at the Green Team for many reasons. The obvious and easy answer (perhaps the one we’re not supposed to mention) is the financial benefit of the program which allows agents to keep more of their hard-earned money. This benefit is thanks to Geoff Green (our tireless leader, excellent listener and trusted advisor) and the Green Team New York Realty administrative team (which seems to grow weekly)! Their support and assistance is essential in keeping so many moving parts together. I am fortunate to be part of such an incredible team.
“The year 2020 was a year like no other – both in the real estate industry and in life for most people. So much disruption, change and upheaval in our everyday lives and routines. It was a very good feeling to be able to be out there enduring all the necessary precautions and adjustments we all had to maintain and yet to be able to help sellers and buyers make the moves forward that they desired during this historic time. For many buyers, it was a life changing and very positive and productive move for their families. Being a key instrumental part of that process was so very meaningful to me as a Realtor as it was for so many others. I am always grateful for the opportunity to share my long-standing experience and knowledge of the Hudson Valley. Most importantly, the year 2020 was vivid proof of the ethics, professionalism, character, strength and resilience of so many Realtors. I feel blessed in the knowledge that I have “capped out” in 2020 and also to be a part of such a superb group of professionals for so many years
