WASHINGTON – Dec. 10, 2013 – The number of multi-generational households has risen dramatically, making it a potentially lucrative niche for real estate agents in 2014.
According to National Association of Realtors® studies, 14 percent of 2013 home sales were by multi-generational households. Of those transactions, 25 percent enabled adult children to move back home and save money; 20 percent enabled adult children to care for aging parents; and 10 percent enabled adult children to spend more time with aging parents.
While some experts believe lower incomes and higher jobless rates are responsible for the boost in multi-generational households, others attribute the increase to a jump in the number of foreign-born seniors, who are more likely to live with their children. These families may not choose to live in the same household, but they do want the same condo building or subdivision. Some simply want to have enough space to accommodate relatives making extended visits.
Agents who want to work with multi-generational households should first learn how to identify buyers who prefer this lifestyle and take any cultural expectations into account when marketing to them. Their marketing strategy should involve creating a list of properties suitable for multi-generational families and translate the list into different languages.
Another recommendation: Become a knowledgeable resource for buyers who would consider modifying a property to meet the needs of aging adults.
Source: Inman News (12/09/13) Ross, Bernice
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