The concept of sharing a home with extended family members has gained a lot of traction post pandemic. From grandparents and parents to other relatives, more and more buyers are considering the benefits of multi-generational homes. If you've ever considered this living arrangement, you're not alone. Costs of childcare are high and so are many retirement communities, making homes with capabilities for many generations under one roof are appealing. Here are some of the top drivers for the trend and considerations if you are considering buying for multiple generations in the Triangle.

Embracing Multi-Generational Living

According to the National Association of Realtors (NAR), affordability is a key factor influencing the decision to choose a…

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We have a message for those homebuyers who feel locked in by current mortgage rates, but who are also looking to upsize or consider multigenerational housing, the time is now to consider a new home. There are so many benefits to new homes and we understand that it can be a confusing process, but you are far from alone. With such limited inventory in The Research Triangle Park, we are seeing many new developers offering their own favorable financing structures, good deals, and terms worth moving now for. Here are even more statistics and considerations for moving into a new construction home.

Near-Record Percentage of New Home Inventory:

According to the latest report from the National Association of Home Builders (NAHB):

"Newly built homes…

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Storybook Living is coming to Chatham County. The Disney Company is developing a new home community called Asteria and we are excited to share this groundbreaking community that will is being developed in Pittsboro, along the Haw River between highways 64 and 501. Asteria community will be anchored by "the magic of Walt Disney Imagineering and presented with Disney service that puts you at the center of everything."


 

Asteria will be located on 1500 acres with over 4,000 residential units including single and multifamily homes, in addition to a portion devoted exclusively to 55+ age restricted living. Specific sales details announcements regarding size of homes and their interior amenities have not been announced, but we do know that…

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Where affordability concerns dominate headlines, potential home sellers, especially baby boomers, find themselves at a crossroads. Conventional wisdom suggests that waiting for mortgage rates to drop or prices to decrease is the prudent approach, but if you are downsizing, you stand to gain more than the conventional buyer who is borrowing. Let's explore some of the ways that baby boomers can win by selling now.

Mortgage Rates

Mortgage rates are hovering between 7-8%, which effectively creates a buyer's market for home buyers, who are not financing. A significant portion of potential buyers have been sidelined, providing a unique opportunity for those willing to navigate the challenges. According to a recent report by NAR, repeat buyers & people…

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Primary motivations for buying or selling a home, are infrequently related to mortgage rates, however, so much news reporting on rates can cloud decision-making around moving. If you're contemplating putting your house on the market in the Research Triangle Park area, it's likely due to a change unrelated to the FED. Mortgage rates are a factor that plays a pivotal role in your decision-making process, but they should not overshadow the primary reasons that prompted you to consider a move in the first place.

We cannot ignore that higher mortgage rates impact affordability, leading some homeowners to postpone selling, because they are nervous about securing a new home and borrowing at a higher rate. But there are other lifestyle changes and needs…

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If you are like many baby boomers and considering cashing in on equity and favorable conditions for sellers, questions around whether you will move, or age in place, may be top of mind. Many people making this decision are considering whether they should buy a smaller home or if they should rent. While the answer to this question hinges on your individual circumstances, we have compiled some of the most important factors to weigh.

Rising Rents

Utilizing national census data, the trend clearly illustrates a consistent upward trajectory of rents since 1988. While opting to rent may seem like a good option, you could expose yourself to a higher rental payment over time. This is especially problematic if you are on a fixed income.

Conversely,…

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Many homeowners in The Triangle are choosing to renovate their homes this Spring. Where home prices are still high and inventory is low, making renovations can be a popular alternative to moving. However, home renovations tend to be more costly right now due to still high material and labor costs and not everyone has the disposable income for extensive renovations. Additionally good, dependable contractors may be booked 6-12 months out so it could take longer than you might like to get your renovations completed. Financing home renovations is one way to make necessary renovations, without a large capital outlay upfront. Here are some of the best financing options for home renovations.

Home Equity Loan

Home equity is the difference between the…

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In this Blog we report on the housing options facing one of the largest segments of the population about to retire, the baby boomer generation. Traditionally, there have been two, rather limited, options: move in with extended family or downsize and then move to a facility for aging in place. The Triangle area offers excellent access to healthcare, the climate is moderate, and many generations enjoy the lifestyle here, making it one of the places that multiple generations are calling home. But, when to make the choice to move smaller or move to a facility, is by no means an easy one.

 

According to Jessica Lautz, Deputy Chief Economist and Vice President of Research at the National Association of Realtors (NAR) "As we see the transition of the…

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Are you considering retirement? Are you thinking about downsizing? Is 2023 the year to do it? As we contemplate making these major life decisions, timing can be very important. Depending on the structure of your retirement, if you choose to retire sooner than later, you stand to earn more money through interest and also the time you sell your home. We wanted to go over some current market conditions to help those who are considering making this transition in The Triangle.

Downsizing and Home Selling

Are you ready to downsize? If this feels "too final", consider reframing downsizing. This can feel like a ton of work, but the first step is to clear the clutter, recognize the opportunity in reducing maintenance of homeowning, and considering the…

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Retiring in the Research Triangle

In The Research Triangle we are witnessing a real shift in demographics in the housing market. Many technology companies choose The Triangle because the schools generate so much of the talent that they are looking for. As a result, the market for new homes and and among first-time home buyers is strong, but what may be less obvious is the large uptick in those choosing to retire in The Triangle. There are numerous reasons that make retiring in The Triangle desirable and we are going to list some of the lesser know reasons that The Triangle is an excellent retirement option for those at that stage in their lives. We also have some facts about home equity and retirement.

Healthcare

Whether you are choosing a…

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