Two Surprising Forces Shaping Today’s Retirement Plans: Young People Are Moving To Golf Communities And Owners Are Building ADUs For Their Parents, Says HomeLight
HomeLight’s latest report confirms the value of accessory housing units (ADUs) has increased nearly 40% since pre-COVID, with 61% of agents agreeing the most common use is to house parents of owners ; Meanwhile, property values in the golf community rose 48% thanks to growing interest in the game among 30- and 40-year-olds during the pandemic.
SAN FRANCISCO (PRWEB) October 18, 2021
HomeLight, the real estate technology platform that transforms the home buying and selling process for top real estate agents and their clients, today released its Top Insights Agent 2021 Year-End Report by interviewing over 1,000 top real estate agents about the most critical influences shaping the residential real estate market of tomorrow.
As the market settles into a quieter fall season – 62% of agents say auction wars are down, down from just 3% last quarter – new trends for multigenerational housing, growing popularity secondary housing units (ADUs), and more and more young people moving to golf communities once known for retirees have emerged. The report paints a curious picture of how the pandemic has altered what ‘home’ means for retirees, their families and millennials in the wake of a housing frenzy.
According to HomeLight, more than a third of real estate agents have seen an increase in ADUs in the past year. The value of DSUs has increased 38% nationwide since the pre-COVID era, from $ 47,597 to $ 65,908.
- This trend is most pronounced in the Pacific and mountain regions where ADUs have historically been used as an affordable housing solution and 64% and 47% of agents, respectively, have seen an increase in these units since March 2020. The value of d An ADU is the highest in the Pacific region, adding an average of $ 116,931 to properties.
- Unexpectedly, ADUs are also gaining traction in areas where they haven’t always been so popular, like the Midwest. The ADU value increased the most in the Midwest of all regions of the country, showing an average increase of 54% compared to 38% nationally.
- The two main uses of an ADU nationwide are to house the owner’s parents who live there (a trend cited by 61% of agents) or to support adult children who need temporary accommodation for children. financial reasons (35%). In third position are short-term tenants (tourists or vacationers) with 32% of agents citing these clients as likely to live in ADUs in their market.
- Parents’ accommodation is by far the most common use. This is true in all regions, although it is a particularly prominent trend in the south-central part of the United States, where 67% of agents say local owners often have relatives residing in their ADU.
“We are not seeing an influx of ADUs being used for short-term rental purposes, but we have many buyers who want an ADU for their aging parents,” said one survey participant. Aaron Kinn, one of the top real estate agents in the HomeLight network serving the Dallas Fort Worth Metroplex in Texas. “This has been a common concern for many of our buyers since the pandemic struck in early 2020. They assume the space will be perfect for the in-laws, and if not – it would be perfect for a second office location away. from the rest of the house. “
As the report points out, as more and more near-retirees are returning to live with their children to spur an increase in the popularity of multigenerational housing, the data also highlights a different trend: young people are looking to relocate to communities of low income. golf, areas once known as exclusive havens for the elderly.
- The value of a property inside a golf community has increased 48% nationally since March 2020, from $ 16,174 to $ 24,002.
- The Northeast and Midwest saw the largest increases in value added by a one-property golf community location, at 57% and 55%, respectively.
- Almost a third of officers in the Pacific and Mountain regions also say that over the past year, people in their 30s and 40s were more likely to adopt the country club lifestyle compared to in the pre-COVID era. In the Midwest, about a fifth of agents have also noticed this unexpected trend – and how it has changed buyers’ preferences in their market.
“Young people’s interest in settling near a golf course or in a golf community is on the rise,” said one survey participant. Kim batteriesman, one of the top real estate agents in the HomeLight network in Appleton, Wisconsin. “Years ago, it was mostly semi-retired or retired people wanting this type of property.
Other important findings from HomeLight Top Agent Insights 2021 year-end report:
- 85% of agents say they are optimistic about the state of the real estate market.
- 95% of agents report seller’s market conditions nationwide.
- The percentage of agents who report home prices are on the rise in their market has increased from 95% to 53%.
- Almost 50% of agents say price reductions are now more common in their market.
- Over the past year, 51% of agents have seen more properties listed on platforms such as Airbnb, VRBO, or Homeaway in their market.
- Outdoor fireplaces have increased 72% in value since March 2020, from $ 3,337 to $ 5,753. The Pacific region saw by far the most dramatic increase in the value of outdoor fireplaces, from $ 4,254 to $ 9,497, a whopping 123% increase.
For all results, download the full report.
HomeLight’s 2021 Year-End Report on Best Agent Insight was released between September 1 and September 1. on December 19, 2021, through an online survey of 1,029 top real estate agents across the country. Agents were selected to participate in the survey based on the same performance data HomeLight identifies the best real estate agents for over 1 million buyers and sellers nationwide.
HomeLight is building the future of real estate – today. Our vision is a world where every real estate transaction is simple, safe and satisfying for everyone.
The best real estate agents rely on HomeLight’s platform to deliver better outcomes for buyers and sellers at every stage of the real estate journey, whether it’s enabling a cash offer, freeing up cash from their home. existing home to buy a new one or to create certainty through a modern closing process. Each year, HomeLight facilitates billions of dollars in residential real estate business on its platform for thousands of agents.
Founded in 2012, HomeLight is a privately held company with offices in Scottsdale, San Francisco, New York, Tampa and Seattle, with the support of leading investors such as Zeev Ventures, Menlo Ventures, Group 11, Crosslink Capital, Bullpen Capital , Montage Ventures, STCAP, Citi Ventures, Google Ventures and others.
For more information and images: homelight.com/press
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