Younger Folks Transferring to Golf Communities and Owners Constructing ADUs for Their Mother and father, Based on HomeLight

“The interest of younger people in settling near a golf course or in a golf community is increasing. For the past several years, it has been mostly half-boarders or retired people who have wanted this type of property. “- Kim Batterman, a top real estate agent on the HomeLight Network in Appleton, Wisconsin

SAN FRANCISCO (PRWEB)
October 18, 2021

HomeLight, the real estate technology platform that is transforming the home buying and selling process for the top real estate agents and their clients, today released its Top Agent Insights 2021 Year-End Report, surveying over 1,000 top real estate agents on key drivers that will shape tomorrow’s living real estate market.

As the market settles into a quieter fall season – 62% of brokers report bidding wars have decreased compared to just 3% last quarter – new trends in multigenerational housing, the growing popularity of accessory housing (ADUs), and more and more young people, those who move to golf communities once known for retirees have emerged. The report paints a curious picture of how the pandemic has changed the meaning of “home” for retirees, their families and millennials after the home frenzy.

More than a third of real estate agents saw an increase in ADUs in the past year, according to HomeLight. The value of ADUs has increased nationwide by 38% since pre-COVID times, from $ 47,597 to $ 65,908.

• This trend is more 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 an ADU is highest in the Pacific region, adding an average of $ 116,931 to properties.
• Surprisingly, ADUs are also gaining in importance in regions where they have not always been so popular, such as the Midwest. The ADU value rose the most in the Midwest of any region nationwide, showing an average increase of 54% compared to 38% nationwide.
• The two most common uses of an ADU in Germany are to accommodate the owner’s parents living there (a trend cited by 61% of agents) or to support adult children who need temporary accommodation for financial reasons (35%). In third place are short-term tenants (tourists or vacationers). 32% of brokers state that these guests are likely to have ADUs in their market.
• Parent living is by far the most common use. This applies to all regions, although it’s a particularly prominent trend in the southern part of the US, where 67% of agents report that local homeowners often have parents who live in their ADU.

“We’re not seeing an influx of ADUs being used for short-term rentals, but we have many buyers wanting an ADU for their aging parents,” said poll participant Aaron Kinn, a top real estate agent on the HomeLight network that serves the Dallas Fort Worth Metroplex in Texas. “This has been a common concern of many of our buyers since the outbreak of the pandemic in early 2020. They assume the room will be perfect for in-laws, and if not – it would be perfect for a second office location away from the others “of the house.”

As the report shows, an increasing number of near-retirees are withdrawing with their children in an effort to increase the popularity of multi-generational homes exclusively for older adults.

• The value of a property in a golf community has increased nationwide by 48% since March 2020, from $ 16,174 to $ 24,002.
• The Northeast and Midwest saw the highest increases in value that a Gulf community location adds to a property at 57% and 55%, respectively.
• Nearly a third of agents in the Pacific and mountain regions also say that in the past year, people in their thirties and forties were more likely to adopt the country club lifestyle than they did before COVID. Around a fifth of brokers in the Midwest have also noticed this unexpected trend – and how buyer preferences in their market have changed.

“There is an increasing interest among younger people to settle near a golf course or golf community,” said survey participant Kim Batterman, a top real estate agent on the HomeLight network in Appleton, Wisconsin. “In the past few years it was mainly people in partial retirement or retirement who wanted this type of property.”

Other important findings from the HomeLight Top Agent Insights annual report 2021:

• 85% of real estate agents say they are optimistic about the state of the real estate market.
• 95% of agents nationwide report the seller’s market conditions.
• The proportion of brokers who say property prices are rising in their market fell from 95% to 53%.
• Almost 50% of agents say price cuts are now more common in their market.
• In the past year, 51% of real estate agents saw that more properties were listed in their market on platforms such as Airbnb, VRBO or Homeaway.
• The value of outdoor fireplaces has increased 72% from $ 3,337 to $ 5,753 since March 2020. 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.

Survey methodology

HomeLight’s Top Agent Insights 2021 full year report was released between September 1st and September 1st. January 2021 through an online survey of 1,029 top real estate agents across the country. Realtors were selected to participate in the survey based on the same performance data HomeLight uses to identify top real estate agents for over a million home buyers and sellers across the country.

About HomeLight

HomeLight is building the future of real estate – today. Our vision is a world where every real estate transaction is easy, safe and satisfactory for everyone.

The best real estate agents rely on HomeLight’s platform to deliver better results to home buyers and sellers at every step of the real estate journey, whether it be to enable a cash-only offer to free up the liquidity of their existing home to buy a new one, or to create security through a modern locking process. Every year, HomeLight enables thousands of brokers to sell billions of dollars in residential real estate on its platform.

Founded in 2012, HomeLight is a privately held company with offices in Scottsdale, San Francisco, New York, Tampa and Seattle, backed by prominent investors including Zeev Ventures, Menlo Ventures, Group 11, Crosslink Capital, Bullpen Capital, Montage Ventures , STCAP, Citi Ventures, Google Ventures and others.

Further information and images: homelight.com/press

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