What Will Replace Golf Course Communities?

What Will Replace Golf Course Communities?

More than 800 golf courses have closed nationwide in the last 10 years, as interest wanes in the sport. Even if their particular course it still open, some home owners who paid a premium to live nearby may be finding their property values slip. And others are fearful of what will happen if the golf course they paid to live on closes.

The golf industry boomed in the 1990s and early 2000s, prompting developers to use golf course as amenities to sell homes. But participation in golf has dropped 20 percent since 2003, according to National Golf Foundation data. Home builders are moving on to new types of recreational amenities to lure buyers – such as man made lakes and agricultural communities.

As such, some developers are now looking for a way out of the golf courses they built. Some are donating the land to nature trusts and local parks. Others have sold their land to builders for the construction of new homes.

Home owners who paid to live on a golf course are often upset to learn about new plans that include replacing a nearby course. One such feud is brewing in Phoenix’s Ahwatukee Lakes Golf Course. The golf course was closed down several years ago and barbed-wire fences were placed around it, prompting home owners to complain it was becoming an eyesore. A fire at the golf clubhouse made matters worse, and led to accusations that the fire was intentionally set. Police continue to investigate. The golf course owner sold the property to True Life Companies, which recently unveiled plans to redevelop the golf course into an agricultural community with a community garden, Montessori school, and a few hundred homes.

“They’re going to do whatever they can do to convince owners that they’d be better off with housing,” Linda Swain, one of the home owners suing to reopen the course, told Bloomberg. To get the new plan moving, more than 2,600 residents will have to approve it – or 50 percent of the local homeowner association.

But home owners who have faced years of a closed golf course near their lots may eventually warm to the plan, says David Sabow, managing director at True Life Companies.

“We spent a lot of time and effort to come up with a plan that the community would welcome,” Sabow told Bloomberg. “As far as I’m concerned, the property will never be a golf course again. … People don’t like change. But the golf industry is in even worse shape today than it was in 2013 when I closed the course.”

Source: “America’s Golf Courses Are Burning,” National Real Estate Investor (Aug. 15, 2016)

Idea of an Empty Nest Is Fading

Idea of an Empty Nest Is Fading

So-called empty nesters are finding their homes aren’t so empty anymore. While the kids may have gone off to college, they’re coming back. Also, aging parents are moving in. It’s a full nest as multigenerational households soar.

About 19 percent of all Americans – or about 60.6 million – lived in a multigenerational household in 2014, according to a newly released Pew Research Center report. Multigenerational households may be comprised of parents, adult children, and grandchildren.

“We’re getting back to the way human beings have always lived in – extended families,” says John Graham, co-author of “Together Again: A Creative Guide to Successful Multigenerational Living.”

Part of the surge behind multigenerational households is an increase in ethnic minorities, who are more likely to have more generations sharing a roof. About 28 percent of Asians and 25 percent of both Hispanics and blacks shared a household with extended families in 2014 compared to just 15 percent of whites, according to the Pew report.

“As the face of America is changing, so are family structures,” says Donna Butts, executive director of Generations United, an advocacy group for intergenerational programs and housing. “It shouldn’t be a taboo or looked down upon if grown children are living with their families or older adults are living with their grown children.”

Builders are paying close attention to the shift. More builders are putting a suite on the first floor, which sometimes also has a separate entrance and kitchenette. They’re also finding more clients asking for a detached suite with a separate walkway that connects to the main house.

Source: “Bye-Bye, Empty Nests: Multigenerational Living Is on the Rise,” realtor.com® (Aug. 15, 2016)

Parent Buyers Need You More Than Ever

Parent Buyers Need You More Than Ever

The home search for many households with school-aged children is still going strong into the fall, as many buyers are faced with low inventory and rising prices. In fact, a new survey from NAR revealed that finding the right property was the hardest task for 53 percent of buyers with children.

With increased competition and the clock ticking for families to find the right property, it’s important for agents to know how to assist this demographic of buyers.

“In a fast-moving market with fewer homes for sale and rising prices, more buyers find themselves in need of a real estate professional to help them find the right home and guide them through each step of the process,” says NAR President Tom Salomone. “Despite recent industry reports to the contrary, busy families require hands on attention and unparalleled transaction and local market knowledge and regularly turn to full-service agents, who provide a broad range of services and manage most aspects of a home purchase and sale.”

A major factor influencing this type of buyer, not surprisingly, is having quality school options nearby. Fifty percent listed school quality as the most important neighborhood factor when buying, and 46 percent said that convenience to good schools was the most important thing when choosing a neighborhood.

So what do buyers with children want from an agent? First and foremost they want easy access to mobile-friendly real estate information. They also shared these communication preferences:

• Fifty-nine percent of respondents said they want agents to update them with property information via text.
• 56 percent want to communicate with their real estate agent via email.
• Thirty percent of buyers say its important that agents have a mobile-friendly site where they can look at properties.
• Since many buyers are aware of the lack of inventory, they also expect agents to be proactive with property information. 77 percent of respondents said these activity updates were very important to them and wanted to be kept in the loop as much as possible.

For agents working with sellers with children, the top thing to keep in mind is the sense of urgency. A whopping 69 percent said they needed to sell their home somewhat or very urgently. These clients say they needed to sell within a specific timeframe (22 percent) and need help pricing their home competitively (19 percent). When finding their agent, 46 percent of sellers with children preferred to get a recommendation from someone they knew.

Source: NAR

Where Properties Sell the Fastest, Slowest

Where Properties Sell the Fastest, Slowest

Nearly 50 percent of properties nationwide were on the market for less than a month before selling, according to the June 2016 REALTORS® Confidence Index Survey Report.

Only 11 percent of properties were on the market for six months or longer. Homes are tending to sell the fastest in the Midwest and Western regions of the U.S.

In June, properties typically were on the market for 34 days. Short sales were on the market the longest time at 156 days. On the other hand, foreclosed properties tended to stay on the market for about 49 days. Non-distressed properties had the shortest time on the market, averaging 30 days.

Source: “In What States Did Properties Sell Quickly in April-June 2016?” National Association of REALTORS® Economists’ Outlook blog (Aug. 11, 2016)

Consumers Love Looking for Homes Online

Consumers Love Looking for Homes Online

Americans spend an average of 55 minutes per online visit with real estate apps on their phones, according to new research unveiled by Google.

Basically, “customers roll over in the morning and start looking at real estate listings [on their phone],” John Thornton, a partner in Google’s real estate business, said about the study’s findings.

Sixty-nine percent of respondents Google surveyed call “shopping for real estate fun” from their phone and online. In fact, Americans are so addicted to home shopping online that 64 percent say they keep checking out houses and home values even after they purchase a home.

The Google study also finds that people start hunting on real estate sites three years before they buy on average. Also, one in five of the people checking out homes on real estate apps and websites are actually in the current market to purchase a home, the study found.

Source: “Phoning Homes: Google Says We’re Wild About Real Estate Apps,” The Republic/AZcentral.com (Aug. 7, 2016)

Help Clients Get to Know the Neighborhood

Help Clients Get to Know the Neighborhood

During a house hunt, helping your clients find a neighborhood where they can feel comfortable and satisfied long-term can be just as important as helping them find them a home with the right features.

This is particularly important for younger buyers, who still want traditional single-family homes but are increasingly choosing neighborhoods that reflect their personality and lifestyle. Besides finding a neighborhood that reflects their interests, your clients will want to assess the neighborhood’s proximity to their jobs, its safety, and if it has decent school options.

Here are steps your clients can take to properly assess a potential neighborhood:

Walk, Don’t Drive

As more buyers are interested in living in neighborhoods with entertainment and outdoor amenities within walking or biking distance, the days of driving clients around the neighborhood in a car may be over. Also, as a recent blog post from Classic American Homes points out, getting out and walking around the neighborhood is also key in terms of assessing the noise and smell of a neighborhood.

Don’t Be Afraid to Knock on Some Doors

Your clients can gain a lot of insight into a property by just asking the neighbors about the home’s condition, how the homes in the area handle bad weather, and even find out more information about the homeowner’s association, if there is one. If the buyers get a bad vibe from the neighbors, it might also be a sign that the area isn’t the best fit for them.

Visit Multiple Times

Checking out a neighborhood at different times and during the week and also on the weekend can not be stressed enough. While a place might seem relaxed and quiet during the work-week, it could be party central on the weekend. Going at different times can also help assess if the area is kid-friendly and if the neighbors spend a lot of time outside.

Imagining Life There

Finally, your clients need to be able to picture themselves living in the neighborhood long-term. As Classic American Homes suggests, have them ask themselves these questions: How does it feel being there? Can they envision a happy life? What will it be like to relax in the yard? Is it close to plenty of amenities?

Source: “What to look for in a new neighborhood,” American Classic Homes  (July 28, 2016)