The National Association of Realtors survey looked at multiple facets of the home buying process from mid 2013 to mid 2014. Location was a big factor, as expected.

The National Association of Realtors survey looked at multiple facets of the home buying process from mid 2013 to mid 2014. Location was a big factor, as expected.

First-time homebuyers are being squeezed out, and you gotta move fast to buy! And people are hanging on to their houses for the longest time on record, according to a new study by the National Association of Realtors.

Buyers are living in their homes for ten years, up from six years in 2008, and actually expect to live in their home for 12 years. Some of it is by choice, like hanging on to a fantastic rate after remortgaging, and some by necessity, like too much debt to move, as reported by the Dallas Morning News.

The study looked at the demographics of thousands of home purchases around the United States from July 2013 to June 2014, and its findings speak to many trends we’ve noticed in the market here at CandysDirt.

Take multigenerational homes, for example. We’ve seen more builders offering them, like almost every builder on our approved homebuilder list, from Park Cities to Preston Hollow and north. (I swear Mickey Munir at Sharif&Munir invented the jazzed-up mother-in-law suite.) Texas-based builder Darling Homes is selling multigenerational homes in Frisco’s Lawler Park and Houston area’s Lakes of Cypress Forest like hotcakes.

The survey says they’re right on trend: Since 1980, the number of multigenerational households around the country has doubled, with 13 percent of buyers purchasing one of these homes to accommodate aging parents and boomerang kids in a cost-saving way.

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Homefacts App Home Page Homefacts App - School Details Page

We love a good app here at CandysDirt, and when RealtyTrac announced their new Homefacts app, we had to give it a test. We’ve reviewed several good real estate apps before, and some of them are great for just run-of-the-mill home shopping (Realtor.com, Zillow, Trulia, and Redfin), some give you a more visual clue on a property ( Doorsteps App), and there’s even an app to see if you can afford a home before you get pre-approved.

But the Homefacts is a horse of a different color. It’s a much more comprehensive real estate app in that it uses GPS data or an address search to dissect areas not by homes for sale, but by other factors that may affect a neighborhood’s desirability, such as relative proximity to convicted sex offenders and former drug labs, school performance, unemployment, crime risk, median home value, and disaster risk.

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Sachse Home

This is a theme that was repeated over and over at the National Association of Real Estate Editors spring conference. With the Millennial generation becoming the newest cycle of homebuyers, we have to wonder what phase of their lives will influence trends in real estate the most.

This story in the Washington Post really summarizes the issue well. So, when millennials decide to settle down and have a family, where will they settle? Will they make compromises and stay in the urban core, with its dense population and small footprints? Or will they eschew that lifestyle for more open space, a yard, and other typical suburban amenities?

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You know, I was wondering about condo buying demographics last week as I was walking around downtown and the Arts District. I had this little conversation with myself:

“There are lots of great condos in and around downtown. I wonder who’s buying them? They’re outside of a first-time homebuyer’s price range, and not many families buy condos in urban areas … so what demographic are developers targeting?”

Then it hit me — empty nesters are going to look for a luxury property close to culture and amenities. It makes perfect sense. Of course, a lot of homebuyers are going to be Baby Boomers who are downsizing, looking for a home that is close to the things they love.

And then I saw this article in Inman News that affirmed my deduction:

The vast majority of luxury homebuyers used an agent, are willing to give up square footage for an amenity they want and wouldn’t live in a home that isn’t tech-friendly, according to a survey commissioned by Better Homes and Gardens Real Estate.

The online survey of 500 affluent homebuyers, conducted by Wakefield Research between May 20 and June 4, also showed that most luxury homebuyers believe homeownership is a more sound investment than the stock market, would rather live in a “smart” home than a “green” home, and would rather have an upgraded home than more square footage.

I’m thinking homebuyers in the 45-plus age range will definitely fall into this set of homebuyers. Are there any other demographics you think are a natural fit for luxury condominiums?