"EXTENDED FAMILY" BUYERS....Had Any Of Those Lately???

Reblogger Jill Sackler
Real Estate Agent with Charles Rutenberg Realty Inc. 516-575-7500 NRDS ID#641625055

 

Paula wrote a great and really accurate post about changes apparent in home buying. I know multigenerational living started as a means of coping with the economy but is sticking around as part of the modern family fabric. Hi-ranches are especially well suited for this. Read more about this comeback kid...http://activerain.com/blogsview/3344777/the-comeback-kid-the-hi-ranch- and if you're looking on Nassau's south shore, I can help you. Reach me at 516.395.8376.

Original content by Paula Hathaway, REALTOR, LBA 30HA0800896

"EXTENDED FAMILY" BUYERS....had any of those lately??? 

I am speaking of families who have other members of their extended family who must move in with them. It may be because of money concerns, it may be because the family enjoys being together; whatever the reason, there are many families now sharing their homes with grown children, their families and also elderly parents. I have even seen a divorced couple move into a compound just to be able to share custody of their children! 

I believe we are witnessing a major shift in lifestyle happening right now! I don't know if it is happening out there in the "real" world of middle America. But "Extended Family" buyers are everywhere here in The Hamptons and they are making sure they are able to accommodate several additional people along with the immediate family.

Keeping in mind that this is a second home community, there remains a dominant theme in home buying:

  1. More bedrooms with 2 masters, one being a main floor master suite.
  2. Finished lower levels (basements) with sleeping space are always required.
  3. Great rooms with another den or living room.

The explanation? Life has changed in the All-American family:

  • A divorced daughter and her children are part of the extended family
  • An aging adult family member needs to be able to sleep on the main level of the home
  • With extended family comes the need for more than one gathering spot

NEW INTEREST IN 4-5 BEDROOM HOMES WITH FINISHED BASEMENTS. In the past, the most sought after homes had 3 bedrooms and 2 baths. It was a given that the buyer and their relatively small family (3 or 4 members) only needed the 3 bedrooms.

  • Now, with adult children moving back home in some cases and an extended family member needing care as they age, the whole demographic of what makes up a "single family" residence has changed. Now the average home buyer is looking for a 4 bedroom home and if they can find the 5th bedroom, all the better!  and that would leave an extra room for Grandma or an adult sibling as an occasional visitor.
  • There are a total of 301,225,855* households in the US according to the last census--The breakdown of those members of the over 300 million households is as follows:
  • 114,931,864 Head of household
  • 56,115,309   Spouses
  • 91,921,935   Children
  • 21,154,322   Other relatives
  • 17,102,425   Non-relatives

Is this trend affecting your businesses? If so please comment below with the best guess as to just how it is affecting you and why.

 

 

 

 

*Source:Pew Research Social & Demographic Trends

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                                     **ALL INFORMATION AND CONTENT IN THIS BLOG IS ORIGINAL TO PAULA I. HATHAWAY.  The views expressed herein are my personal views and do not reflect the views of Douglas Elliman Real Estate

 

Paula I. Hathaway, Senior Broker Associate, Douglas Elliman Real Estate

Southamtpon Village Real Estate Specialist since 1995;  Also Specializes in North Sea, Noyac, Water Mill and Bridgehampton, New York

Diamond , Gold and Chairman's Circle Awards; Top Producer since 2005

 

Click here to see my Hampton's website to see all my listings; please email me or call me for all your real estate needs in Southampton, Bridgehampton and Watermill:  http://www.elliman.com/paulahathaway

 http://www.hathawayhamptonhomes.com

MY REAL ESTATE SHOWS:

http://www.realestateshows.com/671362

http://www.realestateshows.com/671345

http://www.realestateshows.com/651587

http://www.realestateshows.com/flyer.php?id=654265

 

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Ralph Gorgoglione
Maui Life Homes / Metro Life Homes - Kihei, HI
Hawaii and California Real Estate (310) 497-9407

Jill, I'm seeing a little more of that myself.

Interesting post.

All the Best,

The Ralphster

Mar 06, 2014 12:36 AM #1
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Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
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Good choice for a re-blog. She does a great job with her post. I have been in the mortgage business so long that I am working with many second and third generations.

Mar 07, 2014 06:41 AM #2
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Grant Schneider
Performance Development Strategies - Armonk, NY
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Jill -  this does not surprise me at all.  The discussion today revolves around the sandwich generation where Boomers are caring for parents and still caring for the children.  I can see why there is a rise in interest in multi-generational housing.

Mar 08, 2014 12:13 AM #3
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Jill Sackler

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